Another high-performance tire enters the market
Hankook Tire & Technology will launch the high-performance tire 'Ventus evo' of its flagship tire brand 'Ventus' in the Korean domestic market on March 4.
Hankook Tire's 'Ventus Evo' is the fourth-generation model developed as the successor to the existing ultra-high-performance sports tire 'Ventus S1 evo3'. It provides improved braking power and cornering, as well as excellent fuel efficiency and mileage performance compared to previous models.
'Ventus Evo' adopts the best compound using the latest artificial intelligence (AI) technology to achieve a balance of performance and stability.
By applying high-performance drainage design technology to the tire grooves (thick grooves on the tire surface), it improves braking and control performance on wet roads and improves driving stability in the rain compared to the company's previous models. In addition to the tire supply standard for some new cars, most of the replacement models have obtained the first level of wet road braking force in the domestic tire energy efficiency rating.
At the same time, the chamfer design makes the tire edge smooth, evenly distributes the road contact pressure, increases friction when driving, and improves braking performance on dry roads by 6% compared to the previous generation model.
In addition, the optimized tire pattern design maintains balanced tread stiffness while evenly distributing road contact pressure during driving, increasing service life by 2% compared to previous models.
On the other hand, the "Ventus Evo" was launched in Europe last November and in major global base regions such as North America and the Middle East.
Hankook Tire, Fully Open
South Korean tire manufacturer Hankook Tire announced its performance in 2024 - sales increased and profits increased significantly!
For the full year of 2024, Hankook Tire's revenue reached 9.41 trillion won (47.3 billion yuan), an increase of 5.3% from 2023, and operating profit of 1.76 trillion won (8.865 billion yuan), an increase of 32.7% from 2023; the operating profit margin reached 18.7%. Large-size tires boost performance Hankook Tire's long-standing large-size tire sales layout continued to contribute to its overall revenue in 2024.
In 2024, the sales proportion of Hankook Tire's 18-inch tires rose to 46.5%, a year-on-year increase of 2.3%. This also explains why Hankook can achieve a big step-by-step growth in profits in 2024. The high profit margin of high-value tires not only helps Hankook's high profit growth, but also fully guarantees Hankook's long-term development. Especially in the Chinese tire market, Hankook's large-size tire sales performance is particularly good.
In the fourth quarter of 2024, Hankook's sales of 18-inch and above tires accounted for 69.3% in the Chinese market, 7.5% higher than the same period in 2023, and performed best in its major global markets. It can be understood that about 70% of Hankook's products sold in China are large-size high-value tires.
In the first four quarters, Hankook's large-size tire sales in the Chinese market accounted for an average of 65%; the sales of large-size tires of 18 inches and above in the Korean domestic market accounted for an average of about 57%; the North American market was about 55%; and the European market was about 37%.
It can be seen that in the Asian market, Hankook's large-size tires are more popular, and the North American market has also made a strong breakthrough, which is about 9 percentage points higher than the average (the sales share of large-size tires in the North American market in the fourth quarter of 2024 increased by 3.5% year-on-year), and the European market still has growth potential.
Hankook Tire, layout of high-end original equipment market, vigorously develop large-size tires, expand production capacity worldwide to reduce the impact of double anti-dumping, the future is promising!
