Kumho increases sales

Kumho Tire announced that in the second quarter of 2024, the company's consolidated sales were 1.132 trillion won ($820 million), which is 12.7% more than in the same period last year.

Operating profit was also recorded at 151.5 billion won ($110 million), which increased by 72%, and the operating profit margin was 13.4%. The company emphasizes that this figure has not fallen below 13% for the third quarter in a row, and good profitability is ensured, among other things, due to the growth in sales of high-margin tires with a diameter of 18 inches or more.

In 2024, Kumho aims to achieve revenue of 4.56 trillion won ($3.3 billion), and the share of large-diameter tires is expected to grow from 40.8% in the first half of the year to 42% of sales. In addition, the company plans to increase the share of tires for electric vehicles in supplies to the original equipment sector to more than 16% (currently their share is 12%, and last year it was 9%)

This year, the company is also entering the premium electric vehicle tire market with a new EnnoV line, which already includes the EnnoV Premium all-season model. In the second half of the year, EnnoV Supermile tires with increased mileage and EnnoV Winter winter tires are also expected to go on sale.

"Recently, Kumho Tire has been strengthening the premium image of its brand, receiving recommendations from reputable third-party organizations such as ADAC, Auto Bild, and J.D.Power, which has been made possible by continuous research and development," the company emphasized.