Hankook has recorded first-quarter sales up 12.6% to EUR1.2bn (US$1.4bn), while operating profit rose 75.5% to EUR138m.
The company notes it is seeing sales stabilise in several major markets, including Europe, North America, and China, particularly in the high-inch tyre sector that accounts for tyres of 18 inches or higher.
Global sales of high-inch tyres accounted for 38% of entire tyre sales, which is now up four percentage points compared to the same period last year.
Sales of replacement tyres also increased as the market demand in the US and Europe continued to improve. China likewise showed a rise in the demand of replacement tyres along with sales of original equipment tyres, indicating an upturn in the production of automotive vehicles. High-inch tyres in China increased 13 percentage points to 40% YoY.
“Despite the slowdown last year, Hankook remain [s] highly dedicated to its commitment to strengthen its reputation as a premium brand,” said a Hankook statement. “The company is also continuing to secure partnerships with global carmakers to expand the number of OE contracts, as demonstrated by the recent announcement to supply its ultra-high performance tyre, the Ventus S1 evo 3 for the Porsche 718 Boxster and the Porsche Cayman.
“Hankook is furthermore actively expanding partnerships for EV fitment, as demonstrated by the agreement to supply tyres factory-installed on Porsche’s first high-performance electric sports car, Taycan, as well as the NIO ES6 and EC6, flagship models made by China’s fast-growing electric vehicle brand.”
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