Hankook’s 2021 Q1 financial results show consolidated global sales rising 12.6 per cent YoY to KRW 1.61 trillion (EUR 1.203 million) and an operating profit of KRW 186 billion (EUR 138 million); an increase of 75.5 per cent YoY. As the global market recovers from the impact of the pandemic, Hankook’s business has also been steadily recovering since the second half of 2020. The company is seeing sales stabilise in several major markets that include Europe, North America, and China, particularly in the high-inch tyre sector (tyres with diameters 18 inches or higher.) Global sales of high-inch tyres accounted for 38 per cent of total tyre sales, which is up 4 percentage points compared to the same period last year.
After missing a year due to its corona-related cancellation, W Series is back in 2021. Returning with it is exclusive tyre partner Hankook, supplying Ventus Race tyres to all entries in the single-seater series.
Hankook’s Ventus S1 evo 3 will be fitted as original equipment on Porsche’s current 718 Boxster and Cayman from spring 2021. The products fitted will be tailor-made Ventus S1 evo 3 tyres in sizes 235/40 ZR19 (92Y) N-0 for the front axle and 265/40 ZR19 (98Y) N-0 for the rear axle. This is in addition to the Porsche Cayenne and Taycan models which Hankook already equips with Ventus S1 evo 3 tyres in SUV and EV specifications, respectively.
Hankook Tyre UK is an official partner to two significant trucking events this year, the Devon Truck Show and Cornwall Truck Gathering. The tyre maker considers the shows, which focus on commercial transport solutions, an excellent opportunity to exhibit products from its truck tyre portfolio and to liaise with new and existing fleet operatives and owners.
Hankook has expanded its involvement in motorsport with the news that it is to be the new and exclusive tyre supplier to various European TCR series, which it will supply with the high-end Ventus Race tyre from this season. Hankook has supported TCR formats with great success in the past and, this year, TCR Europe enters its sixth season and will start on Hankook race tyres in seven different European countries.
Hankook Tire will work together with Hyundai Motor and Kia to develop intelligent services for consumables management based on the three companies’ data and technologies. This collaboration will take place under a Memorandum of Understanding that the companies sealed through a virtual signing ceremony yesterday.
Following last month’s preview of the 2021 report, Brand Finance has released its full Tyres 10 ranking. According to the 2021 table, the tyre sector has taken a hit over the last year, with all 10 brands losing brand value. Brand Finance unsurprisingly puts this decline down to the pandemic-related behavioural changes: “Owing to the lack of travel due to lockdowns, car sales are declining, which means tyre brands are selling less units, resulting in a drop in market equity across the industry. Furthermore, since the economy has been riskier in general over the past year, investor risk has increased, triggering a rise in the cost of capital.”
Cars competing in the DTM race series will race exclusively on Michelin tyres during the 2021 season. As per the agreement signed that Michelin Motorsport signed with DTM management last week, the tyre maker will supply Michelin Pilot Sport GT S9M tyres as well as a range of associated services. Drivers will use the Michelin tyres for the first time at the DTM test drives on 7-8 April at the Hockenheimring and 4-6 May at the Lausitzring in Germany. The season starts on 18 June in Monza, Italy.
Cho Hyun-bum is now the sole head of Hankook & Company, the holding company that oversees Hankook Tire & Technology and seven other affiliates. Older brother Cho Hyun-sik announced his resignation as vice-chairman in a letter to shareholders yesterday
We’ll have to wait another fortnight to learn the winner of this year’s Auto Bild summer tyre test, but the motoring magazine has let the names of the finalists out of the bag. Of the more than 50 tyre brands that Auto Bild looked at – this year in size 205/55 R16 91V – just 20 remain for further, more intensive testing following the qualifying round. Hankook’s candidate tops the shortlist after achieving the best stopping distances in both the wet and dry braking tests.
As far as auto components are concerned, Pirelli has come out on top in the S&P Global Sustainability Yearbook 2021, following the confirmation that it is rated as “Gold Class”. The Sustainability Yearbook 2021, which is published by S&P Global and takes into consideration the sustainability profiles of over 7,000 companies, also mentioned three other tyremakers: Hankook, Nokian and Bridgestone in the ranking.
Hankook is celebrating 80 years in business in 2021. The tyre manufacturer is now firmly within the global top tier, with a strategy to consolidate its position further by increasing sales of larger, UHP tyres in major regions, supplying original equipment tyres for premium cars, and developing its electric vehicle market. In 2020, Hankook tyres performed well in independent tyre tests and expanded its original equipment business with premium car-makers. These included Porsche’s first high-performance electric sports car, Taycan, and Audi’s top models RS6, RS7 as well as Audi RS Q8. Overall, Hankook announced in its full year report for 2020 that it is targeting global sales of 7 trillion South Korean won (£4.6 billion) in 2021.
Until recently, the Guinness World Record for the fastest speed by a vehicle indoors stood at 86 mph. That was until Leh Keen’s Porsche Taycan Turbo S was clocked by independent adjudicators at 102.6 mph inside the New Orleans Convention Center. Keen’s all-electric Taycan Turbo S has a maximum of 750 hp, with four-wheel drive to maximize grip, powerful carbon ceramic brakes and the ability to accelerate to 60 mph from a standstill in just 2.6 seconds. And what’s more the record was set on the Taycan’s standard fitment original equipment (OE) tyres. But what tyres were they?
Hankook will fit its Ventus Race tyre on the FFF Racing Team’s Lamborghini Huracán GT3 EVO at the 49th ADAC Total 24h Race at the Nürburgring on 3-6 June, 2021. The tyre manufacturer has also become the lead sponsor of the team, supported by Lamborghini Squadra Corse. The Hankook FFF Racing Team will compete in races at the 66th ADAC Westfalenfahrt (27 March), the Nimex 45th DMV 4-Hour Race (17 April) and the 62nd Eibach ADAC ACAS Cup (1 May), all of which form part of the Nürburgring Endurance Series. The team says the schedule gives the Lamborghini Huracán GT3 EVO chance to establish itself among the front-runners at the Eifel region’s 24-hour classic.
Hankook Tire’s US subsidiary is working with advanced smart tyre technology and predictive data analytics company Revvo Technologies on a pilot programme that will integrate Hankook SmartFlex tyres with Revvo’s product suite to provide critical tyre-specific data. Data generated, such as real-time alerts, will benefit Junk King, North America’s top-rated eco-friendly junk removal and hauling company.