Hankook Tire announces 2024 Q3 financial results

- The success of innovative R&D and premium brand strategies driven by Chairman Hyunbum Cho's strategic leadership
- Continued strong performance with sales and operating profit increasing by 4.1% and 18.6% year-on-year
- Expansion of high-performance OE sales and a 1.4 percentage point increase in the share of 18-inch and larger tires compared to the same period last year, reaching 44.8%

Seoul, Korea, November 4, 2024 — Global leading tire company Hankook Tire & Technology (Hankook Tire) announced sales of KRW 2,435.2 billion and an operating profit of KRW 470.2 billion based on its global consolidated financial results for the third quarter of 2024. Sales increased 4.1% year-over-year (YoY), and operating profit increased 18.6%.

Despite economic challenges in Europe, Hankook Tire has maintained steady growth under the strategic leadership of Hyunbum Cho, the chairman of Hankook & Company Group. The company's continued investment in research and development (R&D) and its premium brand strategy have delivered positive results.

In the third quarter, sales of 18-inch and larger passenger car and light truck (PC/LT) tires increased by 1.4 percentage points YoY, reaching 44.8%. Regionally, the largest share of high-inch passenger car tire sales was in China at 66.5%, followed by South Korea at 58%, North America at 52.8%, and Europe at 34.6%.

Hankook Tire has been consistently expanding its supply of original equipment tires for global premium automotive brands, including high-performance vehicles such as the BMW M5 and Mercedes-AMG GT Coupe, showcasing its world-class technological capabilities. Leveraging advanced ultra-ultra-high-performance (UUHP) tire technology developed through ongoing R&D, the company supplies original equipment tires for over 280 models across approximately 50 brands. These include Porsche, Mercedes-Benz, BMW, Audi, and high-performance lines like Mercedes-AMG, BMW M, and Audi RS, along with electric vehicle brands like Tesla and BYD, all of which undergo rigorous testing.

Additionally, Hankook Tire leverages global motorsports events to showcase its top-tier tire technology to consumers worldwide. As the exclusive tire supplier and official partner for the prestigious FIA Formula E World Championship and the Lamborghini Super Trofeo racing series, the company is enhancing its reputation as a global premium tire company.

Even before the widespread adoption of electric vehicles, Hankook Tire began building its core technology for electric vehicle-specific tires, targeting premium electric cars. The company has secured various supercars from different automotive brands for research purposes and conducted real-world testing to optimize its tire technology for high-performance vehicles. By expanding its global sales channels and strengthening its distribution network, Hankook Tire has steadily increased the proportion of products tailored to the specific characteristics of each region worldwide.

In addition, Hankook Tire is leading the electric vehicle tire market with its full lineup of electric vehicle-specific tires under the iON brand. This initiative has significantly enhanced the company’s technology and premium brand value globally. Since its launch in 2022, the iON brand has offered a total of 236 sizes, ranging from 16 to 22 inches.

Q3 2024 Consolidated Financial Result

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(NOTE: Average exchange rates for the given annual period, retrieved from Korea Exchange Bank)