Hankook Tire announced the company’s 2019 Q1 financial results with consolidated global sales of KRW 1.64 trillion (1.28 billion Euro) and an operating profit of KRW 140.1 billion (109.6 million Euro).
Driven by Hankook Tire’s global top-tier technology and premium product quality, sales of high inch tyres, starting at 18-inch, accounted for 53.9% of passenger car tyres, leading to a 3.3% increase compared to the same period last year and reinforcing Hankook’s premium brand image.
The slowdown of the global auto industry had a negative impact on sales. The increased sales of high inch tyres and the supply of original equipment tyres for pickup trucks and SUVs led to sales growth of high inch passenger car tyres in North America.
Hankook Tire focuses on strengthening the company’s position as a premium brand by increasing sales of high inch tyres, starting at 18-inch, in major markets, supplying OE tyres for premium cars, and strengthening competitiveness in its premium product lines. Hankook Tire also plans to diversify its OE portfolio to establish a stable growth structure and optimize distribution strategies for each region.
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