Kumho gaining ground in Europe

Kumho Tire shares that its performance in the all-important European market has recently shown strong growth. First-quarter sales for 2023 were up 92 per cent on those of the same period last year at €165 million (Q1 2022: €86 million), while the quarter-on-quarter figures rose by a solid 15 per cent (Q4 2022: €143 million). Impressive as these results are, the company views them as “just the first stage” in a period of sustained investment which it anticipates will result in ongoing growth within the region.

The company plans to significantly increase its market share in Europe through improved competitiveness, expansion of its OE sales and major investment in infrastructure.

• Improved competitiveness – Kumho’s European research and development facilities are now well-established, enabling it to design and develop ever more competitive products for the market. Recent proof of this includes ‘good’ ratings in the 2023 summer tyres tests conducted by such influential names as Auto Bild, Sport Auto and the ADAC. The future will see a significant uptick in Kumho products for the burgeoning EV sector, as well as further enlargement of its all-season ranges for passenger cars, SUVs, vans, and trucks

• Expansion of OE business – already an established supplier to European OEMs such as Mercedes-Benz, Renault, SEAT, Škoda and Volkswagen in addition to the leading Korean manufacturers Hyundai and Kia (including for the 2022 European Car of the Year, the Kia EV6), Kumho is poised to expand its portfolio of OE partners in Europe over the next few years through long-term sustainable growth

• Investment in infrastructure and people – Kumho’s ever-growing direct sales operations across the continent have called for increased stock-holding capacity, and its warehousing facilities have already been expanded in Germany and the UK, with more to follow. To sustain the development of its direct sales organisation Kumho is continuously investing in an expansion of its headcount in line with the overall growth of its European business

Moving in the right direction

Commenting on the recent success and plans for the future, Gangseung ‘Tony’ Lee, president of Kumho Tire Europe GmbH, said: “Our latest European sales results are clearly very encouraging, and a firm indication that we are moving our business in the right direction, especially when measured against the backdrop of our global sustainability goals. Our plans for further development within the region are very exciting and we look forward to revealing more about them in the coming months.”