Hankook‘s Q3 2024 strong results were driven by strong demand for premium and electric vehicle tyres, alongside strategic R&D investments.
Hankook Now Supplies OE Tyres for More than 50 Brands
Hankook reported a 4.1% year-on-year (YoY) rise in sales and an 18.6% increase in operating profit in its Q3 2024 financial results. The company recorded sales of KRW 2,435.2 billion (approximately EUR 1,632.5 million) and an operating profit of KRW 470.2 billion (around EUR 315.2 million) during this period.
Despite facing economic challenges in Europe, Hankook has demonstrated consistent growth under the leadership of Chairman Hyunbum Cho. The company’s commitment to research and development (R&D) and its focus on a premium brand strategy have been key contributors to its success.
In Q3, sales of 18-inch and larger passenger car and light truck (PC/LT) tyres increased by 1.4 percentage points YoY, reaching 44.8 per cent of total sales. Regionally, China led in high-inch tyre sales with 66.5 per cent, followed by South Korea at 58 per cent, North America at 52.8 per cent, and Europe at 34.6 per cent.
Hankook has been expanding its supply of original equipment tyres for leading global premium automotive brands, including high-performance vehicles such as the BMW M5 and Mercedes-AMG GT Coupé. By leveraging its ultra-ultra-high-performance (UUHP) tyre technology, developed through continuous R&D efforts, Hankook now supplies original equipment tyres for more than 280 models across 50 brands. These include luxury and performance lines from Audi, BMW, Mercedes-Benz, and Porsche, as well as electric vehicle makers such as BYD and Tesla.
The company is also utilizing global motorsports events to showcase its advanced tyre technology. As the exclusive tyre supplier and official partner for high-profile events like the FIA Formula E World Championship and the Lamborghini Super Trofeo series, Hankook continues to solidify its reputation as a premium global tyre brand.
Anticipating the rise of electric vehicles, Hankook began developing EV-specific tyre technology early on, particularly for premium electric cars. The company has secured various supercars for research and real-world testing, refining its tyres to meet the demands of high-performance vehicles. Through the expansion of global sales channels and enhanced distribution networks, Hankook has successfully increased the regional specialization of its product offerings.
Hankook is also leading the electric vehicle tyre market with its iON brand, which features a full range of EV-specific tyres. Since its launch in 2022, the iON brand has grown to offer 236 different sizes, ranging from 16 to 22 inches, strengthening the company’s technological leadership and premium brand value on a global scale.
