South Korea – Hankook Tire & Technology of Seongnam-si, South Korea has published its 2024 financials with consolidated global sales of EUR 6,380.7 million, compared to EUR 6,329.5 million in 2023. Operating profit increased by 5.3 percent, to EUR 1,194.6 million (2023: EUR 940.1 million) in 2024. Hankook said the results reflected strong and increased demand for large-diameter tyres, and winning numerous contracts with unnamed OEMs. We remain to see what impact, if any, Trump’s tariffs will have on the international tyre manufacturers in 2025.

CV operational highlights

Possibly the company’s biggest announcement in its CV segment was its EV-specific developed CV tyre prototype, the e-SMaRT AU56 City product, first demonstrated at 2023 Solutrans in Lyon. In 2024 Hankook displayed the finished product at the Tire Cologne 2024 (4 to 6 June) Expo, and announced that the product is now in series production in Rácalmás Hungary. The first tyres to roll off the production line were in size 275/70 R22.5, designed for the urban electric bus market. According to Hankook, this is the first tyre specifically designed for the EV Commercial Vehicle (CV) tyre market. EV tyres are different, due to supporting the added weight from EV batteries as well as an increase in torque, meaning that EV tyres require a higher level of grip. The e-SMaRT tyres have been designed with low rolling resistance in mind, optimising battery life and therefore vehicle mileage. To achieve all of this, a combination of new materials has been used to increase the tyre mileage and reduce the rolling resistance. The 3D printed mould has altered the tread patterns, which delivers much better tyre grip and traction.

Later in the year, The Board of Directors approved a proposal to build a new EUR 540 million commercial vehicle tyre production line at its Hungarian plant in Rácalmás by 2027. This expansion of the plant is set to include a new Truck Bus Radial (TBR) production line which is expected to yield a capacity of 800,000 bus and truck tyres per year. The investment is also expected to create 450 new jobs by 2027.

Finally, the company won a major contract to supply CV tyres to Hino trucks produced in Canada. The company has been contracted to supply its AH37 and DL11 medium and long-distance tyres for Hino’s L-series trucks produced at Hino Motors Canada Ltd in Woodstock, Ontario, Canada, which are sold across the North American market.