Seoul, Korea / Neu-Isenburg, Germany, 4 November 2024 – Premium tyre manufacturer Hankook announced sales of KRW 2,435.2 billion (approx. EUR 1,632.5m) and an operating profit of KRW 470.2 billion (approx. EUR 315.2m) based on its global consolidated financial results for the third quarter of 2024. Sales increased 4.1 percent year-over-year (YoY), and operating profit increased 18.6 percent.

Despite economic challenges in Europe, Hankook has maintained steady growth under the strategic leadership of Hyunbum Cho, the chairman of Hankook & Company Group. The company's continued investment in research and development (R&D) and its premium brand strategy have delivered positive results.

In the third quarter, sales of 18-inch and larger passenger car and light truck (PC/LT) tyres increased by 1.4 percentage points YoY, reaching 44.8 percent. Regionally, the largest share of high-inch passenger car tyre sales was in China at 66.5 percent, followed by South Korea at 58 percent, North America at 52.8 percent, and Europe at 34.6 percent.

Hankook has been consistently expanding its supply of original equipment tyres for global premium automotive brands, including high-performance vehicles such as the BMW M5 and Mercedes-AMG GT Coupé, showcasing its world-class technological capabilities. Leveraging advanced ultra-ultra-high-performance (UUHP) tyre technology developed through ongoing R&D, the company supplies original equipment tyres for over 280 models across approximately 50 brands. These include Audi, BMW, Mercedes-Benz, Porsche, and high-performance lines like Audi RS, BMW M and Mercedes-AMG, along with electric vehicle brands like BYD and Tesla, all of which undergo rigorous testing.

Additionally, Hankook leverages global motorsports events to showcase its top-tier tyre technology to consumers worldwide. As the exclusive tyre supplier and official partner for the prestigious FIA Formula E World Championship and the Lamborghini Super Trofeo racing series, the company is enhancing its reputation as a global premium tyre company.

Even before the widespread adoption of electric vehicles, Hankook began building its core technology for electric vehicle-specific tyres, targeting premium electric cars. The company has secured various supercars from different automotive brands for research purposes and conducted real-world testing to optimise its tyre technology for high-performance vehicles. By expanding its global sales channels and strengthening its distribution network, Hankook has steadily increased the proportion of products tailored to the specific characteristics of each region worldwide.

In addition, Hankook is leading the electric vehicle tyre market with its full line-up of electric vehicle-specific tyres under the iON brand. This initiative has significantly enhanced the company’s technology and premium brand value globally. Since its launch in 2022, the iON brand has offered a total of 236 sizes, ranging from 16 to 22 inches.

Q3 2024 Consolidated Financial Result

*Exchange Rates:

(NOTE: Average exchange rates for the given annual period, retrieved from Korea Exchange Bank)