On 17 June 2020 Hankook Technology Group vice chairman and CEO Hyun Shick Cho and Hyundai Motor Group executive vice chairman Euisun Chung hosted a signing ceremony related to construction of the HMG Driving Experience Center at Hankook Tire’s new Taean Proving Ground.
In the USA the United Steelworkers (USW) union has filed antidumping (AD) and countervailing duty (CVD) petitions on dumped and subsidized passenger vehicle and light truck (PVLT) tyres with the Department of Commerce and the International Trade Commission
Hankook Tire won’t be able to call its holding firm “Hankook Technology Group” after a court decided that Hankook Tire used the name for “unfair purposes.” As a result, Hankook Technology Group will no-longer be able to use that name on the Kospi share index either.
Hankook Tire signed a memorandum of understanding (MOU) on 16 April with Korean fleet management service provider UB1st. The cooperative relationship between the two companies focuses on creating a new type of fleet management service by combining Hankook Tire’s offline service capabilities with vehicle data collected by UB1st’s platforms, such as UbiKhan.
Tyre manufacture at Nexen Tire’s Changnyeong plant in South Korea resumed yesterday after a two-day break in production in order to implement “protective measures” against coronavirus. In disclosures submitted to the Korea Exchange (KRX), the tyre maker reported its intention to suspend tyre production in Changnyeong on 1 and 2 March, and resume operations on 3 March.
Hankook Tire chief executive Cho Hyun-bum was arrested in Seoul on allegations including bribery and embezzlement on Thursday 21 November 2019, according to local news sources including The Korea Times and Reuters.
Michael Haupt, formerly a tyre development specialist at Porsche, has been appointed head of the ‘Premium OE’ business sector at the recently-opened Nexen Central Research Institute (Nexen univerCITY). In his new position, Haupt will be responsible for creating premium tyres for OEM customers.
Donghyun Jin has always been a big city lad, but of late he’s downsized. From Seoul and its population of ten million to a village of 3,850 in Germany’s Black Forest. Donghyun Jin, senior director of the Manufacturing division at NICE Holdings (majority shareholder of the BBS Group since 2015) arrived in the village of Schiltach as interim chief executive officer of BBS in order to navigate the alloy wheel manufacturer through the turbulent waters of Dieselgate and the introduction of WLTP.
SK Innovation reports that it is planning to invest just under 1 trillion won (a little less than US$1 billion) in its second car battery plant, this time in Hungary. The company has selected Komaron City in northern Hungary for the investment of 945.2 billion won.
It may not be the best-selling Korean tyre brand worldwide, but at home Kumho outsells its domestic rivals. Data from the Korea Tire Manufacturers Association (KOTMA) indicates that 6.52 million replacement market Kumho tyres were sold in South Korea in 2018. This is more than 40 per cent of all locally-made tyres sold in the country.
The growing strength of the automotive relationship between the UK and South Korea has been highlighted today by the Society of Motor Manufacturers and Traders (SMMT) during its trade mission to the country.
A new owner has arrived on the scene, but it is business as usual for Kumho Tire in Korea. The tyre maker has launched its first new tyre since Doublestar became Kumho Tire’s largest shareholder last month. More than 350 dealers from across South Korea attended the unveiling of the Kumho Majesty 9 Solus TA91 yesterday.
A very small percentage of Kumho Tire’s output in recent years was shipped to the Republic of Korea Air Force for its F-16 fighter and T-50 trainer jet, and this military business was a complicating factor in the sale a 45 per cent stake in the tyre maker to China’s Doublestar Tyre. Following the vote to accept Doublestar’s KRW 646.3 billion (£441.9 million) bid, Kumho Tire has requested that South Korea’s government cancel its designation as a defence-related company. This request is now being reviewed.