Hankook announced recently the company’s financial results for Q3 2019 with global sales of KRW 1,833.2 trillion (approx. 1.38 billion Euro) and an operating profit of KRW 180 billion (approx. 135.6 million Euro).
Hankook Announces Third Quarter Results
Driven by top-tier technology and product quality, sales of high inch tyres, over 17 inches, accounted for 55% of passenger car tyres, leading to 3% increase compared to the same period last year. In particular, the steadily growing sales of high inch tyres in major markets such as Korea, Europe, North America, and China have further solidified Hankook’s image as a premium brand.
Following the growing demand in the global SUV market, the tyre maker has further reinforced its line-up for high inch tyres, including original equipment tyre supplies to the 3rd-generation Cayenne SUV of sports car maker Porsche, the new Audi Q8, Audi’s SUV flagship, and to the All-New 2020 Ford Explorer.
On the other hand, weakened consumer confidence caused by the global economic downturn has intensified the tyre market sales competition, slowing demands. This has also affected the supply of original equipment tyres and the demand for replacement tyres in major markets.
Hankook focuses on strengthening the company’s position as a premium brand. For this purpose, the tyre manufacturer is further expanding the competitiveness of its premium products, especially in segments with high growth potential.