Hankook increases sales volumes
Hankook Tire has released its financial results for the second quarter of 2024, reporting a 2.4% increase in sales to 2.32 billion won (1.7 billion dollars), while operating profit grew by 69.2% to 420 billion won (310 million dollars).
As noted by Hankook, despite ongoing inflation and higher interest rates affecting consumer sentiment worldwide, the company has continued to improve its performance, driven in part by investments in R&D, its leading position in the electric vehicle tire market, and strong relationships with major automakers.
In the second quarter of this year, tires with a diameter of 18 inches or more accounted for 46.3% of Hankook's sales in the passenger and light truck tire market, up 2.8 percentage points from the same period last year. This figure is highest in China (63%), followed by South Korea (55.3%), North America (54.6%), and Europe (37.8%)
Hankook currently supplies tires to renowned automotive brands such as Audi, BMW, Mercedes-Benz, and Porsche, as well as their subsidiaries, including Audi RS, BMW M, and Mercedes-AMG. Additionally, leading global electric vehicle manufacturers such as Tesla and BYD purchase Hankook tires, and the Korean brand currently equips around 280 models from nearly 50 automotive companies.
Hankook was the first company to introduce a full range of tires for electric vehicles. The first iON tires were released in 2022, and there are now 236 different sizes available, ranging from 16 to 22 inches in diameter. The list of electric vehicles that come equipped with Hankook tires as standard includes, for example, the Audi e-tron GT and Q4 e-tron, BMW i4, BYD Song Max and Yuan, Hyundai Ioniq 6, Kia EV3, Porsche Taycan, Tesla Model Y and Model 3, Volkswagen ID.4, and more.
The company continues to expand its marketing activities to "strengthen its position as a premium brand" and, in particular, supplies tires for the Formula E championship, the world's leading electric car racing series, as well as the Lamborghini Super Trofeo one-make series. Additionally, Hankook collaborates with the European Football League and German football club Borussia Dortmund.