With sales of KRW 8,939.6 billion (£5.3 billion) and an operating profit of KRW 1,327.9 billion (£783.5 million), in 2023 Hankook Tire & Technology achieved the “best performance since its establishment.” Sales were up 6.5 per cent year-on-year, while operating profit increased 88.1 per cent. According to Hankook Tire, these results “solidify” the company’s position as a “prominent, top-tier global brand.”
Hankook Tire America Corp. has announced two changes to its management team. Kyuwang (Ken) Cho is the business’s new Vice President of U.S. PC/LT Sales, with overall responsibility for the market. K.C. Jensen takes on the role of Vice President of PC/LT Sales, focusing on Hankook Tire America’s West region as well as other strategic initiatives.
The FIA World Motor Sport Council (WMSC) has convened for its final meeting of 2023, and during this meeting the WMSC approved the WRC Commission’s recommendation to appoint Hankook as the official tyre partner and supplier to the FIA World Rally Championship. Hankook will commence in this role in 2025, initially for three years.
With an investment of KRW 758.95 billion (£466.12 million), Hankook Tire & Technology will add truck and bus radial production to its site in Rácalmás, Hungary. The company expects the new production line to be completed by 2027, with an initial capacity to produce around 800,000 tyres annually. The expansion will create approximately 450 new jobs.
Why survey people when you can draw upon all the wisdom of the internet? Hankook Tire & Technology has turned to artificial intelligence to gain insights into consumer attitudes towards electric vehicles, developing a Voice of Customer (VOC) analysis system based upon ChatGPT for this purpose. The Korean firm collaborated with data cloud computing companies Amazon Web Services and Snowflake to build an integrated VOC data analysis system.
The inaugural meeting of the Tire-to-Tire Circular Economy Model consortium took place at Hankook Tire & Technology’s Technodome facility in Daejeon, South Korea on 1 November. The Hankook Tire-initiated consortium aims to create a sustainable business model for end-of-life tyres in Korea by “designing innovative upcycling processes” for turning them into new tyres.
Hankook Tire & Technology reports consolidated sales of KRW 2,340.0 billion (£1.4 billion) and an operating profit of KRW 396.3 billion (£243.9 million) for Q3 2023. These results respectively represent year-on-year increases of 1.8% and 106%.
The first European market Hankook all-season tyre aimed at electric vehicles arrives this month. The Hankook iON FlexClimate is a range for both cars and SUVs and initially comes to market in eight popular sizes. Hankook intends to expand the range in the short term to cover other common dimensions for 17- to 21-inch rim diameters.
Hankook Tire has entered into a partnership with automotive tuning company Brabus, making the tyre maker an official technology partner. While one goal of this cooperation is for Hankook to develop customised tyres for Brabus, the German firm will initially equip its cars with Hankook Ventus S1 evo3 and Ventus S1 evo Z tyres in rim diameters up to 23-inches. For customers specifying winter tyres, Brabus will offer the Hankook Winter i*cept evo 3.
For Hankook Tire, original equipment tyre supply to the BYD T4K one-tonne electric truck is an opportunity to “further enhance its strategic relationship with BYD and solidify its presence in the Chinese market, one of the world’s largest EV markets.” BYD has jointly developed the T4K with GS Global specifically for the South Korean market, where it will wear Hankook RA08 tyres.
Half a year after a major fire caused extensive damage to its tyre factory in Daejeon, South Korea, Hankook Tire & Technology has recommenced some tyre production within the facility. In a disclosure to the Korea Exchange (KRX), the company reports that it approved the resumption of production at the site’s Plant 1 facility on 1 September 2023.
Hankook Tire has given a name to the combined innovations it uses in its iON electric vehicle tyres. It collectively calls these iON Innovative Technology. Hankook Tire says these newly branded technologies not only accelerate efficiencies in the research and development process but will also enhance communication with customers.
Hankook Tire & Technology has published its 2022/23 ESG Report, highlighting the company’s sustainability activities, performance, and mid- and long-term strategies for the year. The report, Innovation for a Sustainable Future, is the 14th report published since 2010 and provides an overview of Hankook Tire’s performance in three primary categories: Eco-Value Chain, Sustainable Product, and Responsible Engagement.
The Science Based Targets initiative (SBTi) has approved Hankook Tire & Technology’s near-term 2030 greenhouse gas (GHG) reduction goals and target of achieving net-zero by 2050. The tyre maker says this approval will help it “gain momentum in the realisation of its 2050 Carbon Neutrality Roadmap.”
Hankook Tire & Technology reports increasing its revenue and operating profit in Q2 2023 despite a difficult business environment. Revenues were up 11 per cent year-on-year to KRW 2.2634 trillion (£1.37 billion, US$1.77 million), and operating profit jumped 41.6 per cent to KRW 248.2 billion (£150.41 million, $194.0 million). At 11.0 per cent, operating margin was 2.4 percentage points higher than in Q2 2022.