Hankook would like to participate in Formula 1
Chairman of the Board of Hankook Cho Hyun-bom, known as a passionate fan of auto racing, is expanding the company's presence in motorsports, and although the key goal is participation in Formula 1, the management is concerned about the risks associated with it, reports Chosun Ilbo.
Not so long ago, Cho unexpectedly appeared at the presentation of the new hybrid supercar Lamborghini Temerario in Seoul, where he was invited by the head of the Italian company, Stefan Winkelmann, who discussed with the Chairman of Hankook plans for further cooperation, which may include the supply of tires for equipping new cars.
Cho has long been interested in the supercar market, and since he headed Hankook, investments in the development of racing tires and various sponsorship programs in motorsports have been increased. According to Chosun Ilbo, Cho's favorite championship is Formula 1, which, along with the Olympics and the FIFA World Cup, is considered one of the most important sports competitions in the world. Since 2010, Cho has visited the F1 Grand Prix in Korea four times with his children, and he is known as a long-time fan of the Mercedes team.
Hankook has already achieved great success in world motorsports, and, for example, this year the company became the exclusive supplier of the World Rally Championship (WRC), but no Korean tire company has ever worked in Formula 1. Participation in the main racing championship of the planet could significantly increase the value of the Hankook brand, but it is also associated with significant investments and risks. The tire supplier must spend many millions of dollars on product development and marketing, and if the tires start to fail, the brand image will be damaged, and the return on investment and contract extension will be questioned.
In 2018, Hankook competed with Pirelli for the right to supply tires for F1, but refused its intention at the final stage of the tender. The current contract with Pirelli is valid until the end of 2027 with the possibility of extension.
Photo: FIA