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November 2, 2021

Hankook Tire records Q3 global sales of EUR1.34bn

Challenges escalated by global supply chain crisis.

By Simon Warburton

Hankook Tire has posted third-quarter global sales of EUR1.34bn (US$1.6bn), down from EUR1.36bn, while operating profit was EUR131m.

Global sales of 18 inches and higher tyres accounted for 36.4% of total passenger car tyre sales, a YoY increase of 2.4%p.

In particular, high-inch tyre sales in Hankook’s major markets including South Korea, China, Europe and North America, rose compared to the same period last year.

The company saw a 9.8%p increase YoY in sales of high-inch tyres to reach 43.4% in China. As for the European market, sales of high-inch tyres grew 3.6%p YoY.

Meanwhile, consolidated global sales and operating profit decreased 3% and 19.5% respectively compared to the same period last year as global production of automobiles experienced a slowdown in the midst of key parts shortages, including semiconductors.

Challenges were further escalated by the global supply chain crisis and increased raw materials costs.

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