Hankook Tire has successfully defended its performance through expanded sales of high-value products.
The company announced on November 6 that it recorded consolidated sales of 5.465 trillion won and an operating profit of 598.8 billion won for the third quarter of this year. These figures represent increases of 1.0% and 2.2%, respectively, compared to the same period last year.
Sales in the tire division reached 2.8083 trillion won, marking a 3.7% increase year-on-year and achieving the highest quarterly sales in the company's history. This growth was driven by increased sales volume and favorable exchange rates.
Operating profit, however, decreased by 2.6% to 505.9 billion won. The rise in raw material and logistics costs due to geopolitical instability increased the cost burden, but the growth in high-value product sales partially offset this impact.
In the third quarter, the proportion of high-performance tires, measuring 18 inches or larger, accounted for 49.4% of total sales in the passenger car and light truck tire segment. Additionally, electric vehicle-specific tires made up 32.3% of sales in the original equipment tire segment for passenger cars and light trucks.
Hankook Tire continues to expand its partnerships with global premium automotive brands for original equipment tire supply. The company is diversifying its supply to models such as the Porsche luxury sports sedan 'Panamera' and the Volkswagen SUV 'Atlas,' strengthening its position in the global OE market.
The company is also accelerating the expansion of its global production and supply base. By 2027, it plans to invest approximately 540 million euros in its Hungary plant to establish a new production line for truck and bus tires. This initiative aims to respond stably to changes in demand in key markets while enhancing its competitiveness through expanded OE supply collaborations with global automotive brands.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.