Aug 5, 2021

Hankook Tire Announces 2021 Q2 Financial Results

Seoul, Korea, August 4, 2021 – Global leading tire company Hankook Tire & Technology (Hankook Tire) announced the company’s 2021 Q2 financial results with consolidated global sales of KRW 1.80 trillion and operating profit reaching KRW 187.1 billion.

Hankook Tire delivered a strong quarter with sales and operating profit rising 32.4% and 167.1% YoY and 11.7% and 0.6% QoQ respectively. In particular, sales of both original equipment (OE) tires and replacement (RE) tires grew compared to the same period last year. In addition, global sales of 18 inches and higher tires accounted for 38% of total passenger car and light truck tire sales, a YoY increase of 5.4%p.

Hankook Tire is showing continued increase in sales in several major markets including Europe, North America, and China since the second half of last year. In particular, this quarter showed recovery in market demand in Europe and the U.S. The company saw a 6%p increase in sales of 18 inches and higher along with a huge increase in sales of OE and RE tires in Europe. As for the U.S. market, the sales of high-inch, OE, and RE tires showed a strong YoY growth even at a faster pace than that of market demand recovery. China also showed a strong increase in sales of high-inch tires recording 8%p YoY, leading to stability in sales, encouraging continued qualitative growth.

Hankook Tire is strengthening its leadership as a premium brand in supplying electric vehicle (EV)s and high-performance cars. Recently, Hankook announced to equip Ventus S1 evo3 ev to Volkswagen’s first all-electric SUV VW ID.4 and Audi’s first all-electric sports car Audi e-Tron GT. In addition to OE fitment, the company supplied Kinergy AS ev for “Volkswagen ID.4: Great Roadshow through the U.S.”, a cross-country tour which kicked off in July to travel over 36,000 miles across all 48 contiguous US states in all-electric Volkswagen ID.4.

As for the high-performance market, Hankook announced in July that the company is fitting the BMW X3 M and X4 M with Ventus S1 evo Z. The tire was specially developed for the Ultra-Ultra-High-Performance segment for use on particularly sporty high-performance vehicles. …

Source: Hankook Tire

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