Hankook Tire & Technology has become a KRW 3 billion (£1.9 million) pre-Series A investor in South Korean used car e-commerce platform ‘Carmerce’. The tyre maker and start-up signed an investment contract at Hankook & Company’s headquarters on 28 February.
Hankook Tire is set to reduce costs and wastage in its production facilities thanks to a research collaboration with Korea Atomic Energy Research Institute and HM3DP, a 3D printing start-up. Working with these partners, Hankook has developed ‘Damaged Parts Restoration 3D Printing Technology’, which it will use to restore titanium alloy blades that are damaged while cutting tyre rubber during the production process.
Last week, a subsidiary of tyre maker Hankook & Company Group (formerly Hankook Tire Group) became the first Korean prototype company to be listed on the KOSDAQ technology index. Model Solution joined the index with a final issue price of KRW 27,000 (£16.71), which was at the upper end of the announced price range.
The family ownership of Hankook Tire and Technology must pay a fine of KRW 4.59 billion (£2.9 million) after losing a lawsuit related to foreign assets. Seoul-based publication The Korea Herald writes that the Seoul Administrative Court recently ruled against the lawsuit brought by Cho Yang-rae, honorary chairman of Hankook & Co., and his eldest son Cho Hyun-sik.
First presented at the SEMA show in Las Vegas back in 2014 and subsequently launched in Europe and dozens of other markets, Laufenn is Hankook Tire’s second brand. After introducing Laufenn to the world, Hankook is now bringing the brand home and offering it in South Korea for the first time. By debuting Laufenn locally, the tyre maker aims to “further accelerate” its domestic market penetration with a multi-brand strategy that satisfies “the diverse tastes of consumers.”
A memorandum of understanding (MoU) between Michelin and Hyundai Motor Group will facilitate the development of a new generation of tyres optimised for electric vehicles (EVs). The three-year agreement, a follow-up to the partnership of November 2017 that resulted in an exclusive Michelin tyre for the Hyundai Ioniq 5, covers joint work on tyres containing an increased level of eco-friendly materials, tyres optimised for next-generation EVs as well as a real-time tyre monitoring system for autonomous vehicles.
South Korean tyre makers can once again compete head-to-head on the baseball field, with Kumho Tire resuming its sponsorship of the Kia Tigers after a four-year hiatus. It joins Hankook Tire, sponsor of the Doosan Bears, in the top-level KBO League.
Professors from two South Korean universities have collaborated with Nexen Tire to develop a technology that utilises artificial intelligence (AI) technology to predict tyre performance. The resulting application employs machine learning technology during the tyre concept design stage to more quickly and precisely anticipate real-world properties such as fuel efficiency, noise and handling characteristics.
Hankook Tire & Technology is collaborating with Korean sportswear brand Prospecs to release a series of running shoes with enhanced grip in wet and wintry conditions. Prospecs provides this extra traction by utilising the tread pattern from the Hankook Kinergy 4S2 all-season tyre on the trainers’ soles.
According to US government-funded news service Radio Free Asia (RFA), North Korea is facing a shortage of tyres that is forcing many vehicles off the road. RFA explains that the tyre shortage results from the two-year-long border closure and trade ban with China imposed to stop the spread of COVID-19. It adds comments from sources who say domestic tyre production is “negligible” and importing these products has been “almost impossible.”
With the attainment of three additional ‘Certifications of Exemplary Laboratories in Safety Management’, five laboratories within Hankook Tire’s R&D centre in Korea are now officially certified for excellent safety management.
Cho Hyun-bum has been officially inaugurated as chairman of Hankook & Company, holding firm for Hankook Tire & Technology. Hyun-bum is the younger son of former chairman Cho Yang-rai, who becomes the company’s honorary chairman.
Goodyear Tire & Rubber may soon be utilising carbon black produced from methane and/or biomethane in its tyres thanks to a new partnership with US-based clean materials firm Monolith. The two companies have signed a collaboration agreement and letter of intent covering the development and potential use of such products, which are made through a plasma-based methane pyrolysis process.
Ocean freight is in the midst of a predicament. The global shortage of shipping containers, primarily caused by the COVID-19 pandemic, has led to continued port congestion and freight prices at all-time highs. Hankook Tire & Technology has worked with Hapag-Lloyd AG, the world’s fifth largest liner shipping company, for more than 20 years and now aims to strengthen its logistics capabilities through a new partnership.
The 2015-launched Hankook Winter i*cept RS² is still delivering strong performances in comparative tyre tests, such as its ‘good’ rating in Auto Bild’s winter 2021 evaluation, but a successor tyre is already available – in Korea, at least. Hankook Tire & Technology is launching the Winter i*cept RS³ in its domestic market today.
