International. Hankook Tire & Technology has recorded a remarkable financial performance in the second quarter of 2024, with global consolidated sales reaching $1.782 billion.
This represents a 69.2% increase in operating profit, which totaled $323 million. These figures reflect a 2.4% year-on-year growth in sales, despite global economic challenges such as high inflation and high interest rates.
Hankook's momentum is attributed to its premium brand strategy, with a focus on research and development (R+D) and its leadership in the electric vehicle (EV) tire market. Under the leadership of Group Chairman Hyunbum Cho, the company has strengthened its position through strategic partnerships with high-performance automakers and the expansion of its distribution infrastructure.
In terms of product, high-inch tires (18 inches or more) accounted for 46.3% of total car and truck tire sales, up 2.8 percentage points from the previous year. The Chinese market led in the adoption of these tires, accounting for 63% of sales, followed by South Korea (55.3%), North America (54.6%) and Europe (37.8%).
Hankook continues to cement its reputation as a supplier of original equipment (OE) tires to luxury and high-performance automotive brands such as Porsche, Mercedes-Benz, BMW, and Audi. In addition, the company has expanded its presence in the electric vehicle sector, supplying tires to iconic models such as the Porsche Taycan, Audi e-tron GT, and Tesla Model Y.
In the area of marketing, Hankook is strengthening its global presence as a premium brand through strategic partnerships, including its role as the exclusive supplier to the ABB FIA Formula E World Championship and the Lamborghini Super Trofeo series.
