Kumho Tire: New 2025 strategy, moving towards high-quality development
On March 18, 2025, Kumho Tire announced its 2024 financial data, with annual revenue of 453.22 billion won (equivalent to RMB 23.8 billion), a year-on-year increase of 12%; profit of 433.3 billion won (equivalent to RMB 2.28 billion), a year-on-year increase of 91%, a 100% increase in revenue and a 600% increase in profit compared with 2020. In 2024, Kumho Tire focused on key areas such as product innovation, market expansion and capacity layout, achieved steady improvement in operating quality and efficiency, and accelerated the pace of high-quality development.
Kumho Tire continuously optimizes its product structure through in-depth market exploration and innovative layout, seizes the commanding heights of the industry, and injects strong momentum into future development. In 2024, Kumho Tire's large-size tires above 18 inches accounted for 41.8%, an increase of 3.7 percentage points year-on-year, expanding the market share of high-yield products and driving the company's revenue and profit to continue to grow.
In addition, Kumho Tire meets diversified needs through technology upgrades and product optimization. Especially in the emerging new energy vehicle tire market, Kumho Tire will launch the EnnoV series of new energy vehicle tires in the Chinese market in 2024. EnnoV is the industry's first series of products that use high-load capacity design technology and foam silent cotton materials in mass-produced products of all specifications. At the same time, Kumho Tire has also launched high-end, high-value-added new products such as PS72 and TA92, strengthening the product portfolio and providing support for the company's business development.
Kumho Tire has always taken "technical masters" as its mission, and has always won the trust of consumers with high-performance and high-quality products, and continuously improved its brand competitiveness. Therefore, Kumho Tire continues to improve its technological leadership and product competitiveness. Its products ECSTA HS52, WinterCRAFT WP52 and many other products are among the best in the tire evaluation of "Auto Bild" and "ADAC". ECSTA PS71 EV, Majesty X Solus and many other products have won international awards such as the German "Red Dot Design Award", "iF Design Award", and Japan's "Good Design Award".
In terms of localized sales, Kumho Tire conducts in-depth research on consumer preferences in overseas markets, formulates targeted market strategies, and promotes the internationalization of products and services. By seizing the opportunity of growing demand for tires in Europe and North America, significant growth will be achieved in the European, American, and Chinese markets in 2024. Compared with 2020, Kumho Tire's sales in the European market increased by 2.6 times, the US market increased by 1.4 times, and the Chinese market increased by 92%. At the same time, it continues to enhance the brand's international influence through sports event cooperation and other means. In 2024, Kumho Tire cooperated with well-known clubs such as AC Milan and Frankfurt, demonstrating strong brand strength and confidence on the global stage.
Against the backdrop of increasingly fierce competition in the global tire industry, Kumho Tire continues to promote its global production layout to strengthen its international market competitiveness and supply chain resilience. In 2024, while increasing the production capacity of Kumho Vietnam Factory, it will strengthen its collaboration with Doublestar in resource sharing, logistics and transportation, and production capacity layout, and continuously reduce production and operating costs. In the next step, Kumho Tire also plans to increase its sales and influence in the European and American markets by further expanding its overseas production capacity.
2025 is an important year for Kumho Tire's development. Faced with new opportunities and challenges, Kumho Tire will use innovation as an engine to continue to deepen its global strategic layout, move towards a new stage of high-quality development with a more open attitude and steady pace, inject new impetus into the industry, and create greater value for users.
