Report: Hankook Considering Formula One Supply

Hankook Tyres is reportedly planning to supply its tyres to Formula One racing teams “within a few years.” The Australian Brisbane Times quotes Hankook executive vice president, Hyun Bum Cho, as saying: “In the future we want to have some hefty market share in that [racing] segment. It’s quite profitable…but in order to really leverage from motorsports in terms of brands, you need to participate in either World Rally Championship or a very high segment in Le Mans, or Formula One…So in the future that’s the target that we have, to participate in those segments.”

Referring to the current F1 tyre selection saga, Cho confirmed that Hankook was approached to become part of the series sooner than executives had expected: “Probably all of you know that Mr Bernie Ecclestone has some trouble with tyres this year…I talked to him personally. We decided not to go on with the program [for 2011]. He needed a tyre very, very quick, and we could not prepare it.”

The Brisbane Times quoted Cho as saying that Hankook may “have a shot for next term, or another term”, but “not more than two or three years.”

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