Hankook Tire posts Q3 revenue of 5.465 trillion won, marking all-time high for tire division

*This content was translated by AI.View Original

Hankook Tire & Technology recorded global consolidated revenue of 5.465 trillion won and an operating profit of 598.8 billion won in the third quarter of this year, demonstrating solid management performance. Revenue from the tire division totaled 2.8083 trillion won for the quarter, up 3.7% year-on-year, setting a new record for quarterly revenue. Operating profit declined by 2.6% year-on-year to 505.9 billion won due to increased burdens on raw material and logistics costs stemming from geopolitical instability in the Middle East. However, expanded sales centered on high-value-added products largely offset these cost pressures.

The sales strategy focused on high-value-added products served as a key driver of performance growth. On a cumulative basis for the third quarter, high-profile tires (18 inches and above) accounted for 49.4% of revenue from passenger car and light truck tires. Meanwhile, tires dedicated to electric vehicles represented 32.3% of original equipment manufacturer (OEM) tire sales. Hankook Tire continues to expand its OEM tire supply partnerships with global premium brands such as the Porsche 911 Carrera and Panamera, and the Volkswagen Atlas, thereby demonstrating top-tier technological capabilities.

The company’s offensive in the electrification market, led by iON, the world’s first full-lineup brand of tires exclusively for electric vehicles, is also yielding clear results. Hankook Tire is recognized for its innovative technology as it supplies OEM tires to key electrified models such as the Porsche Taycan and the Ford Mustang Mach-E. In addition, the company is expanding its global supply base by advancing capacity expansions at its Tennessee plant in the United States and its Hungary plant. It is also enhancing brand competitiveness through official tire supply for global motorsport events, including the FIA World Rally Championship.

Hankook Tire Chairman Cho Hyun-bum and Chief Executive Officers Ahn Jong-sun and Lee Sang-hoon have strengthened their position in the future mobility market by deepening partnerships with premium brands and developing next-generation tire technologies. The company plans to continue responding flexibly to demand shifts in key markets and increasing sales of high-value-added products, further solidifying its status as a global leading tire company.

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*This content was translated by AI.View Original