European replacement tyres drive Nexen’s Q3 sales of KRW 708.5 billion

Nexen Tire has reported third-quarter 2024 sales of KRW 708.5 billion (£396.595 million; 474.829 million euros; US$514.418 million), up 2.3 per cent on last year. And KRW 52.3 billion in operating profit. Revenue growth in the third quarter was reportedly driven by higher sales in the European market, which grew by 11.9 per cent year-on-year. More specifically, Nexen reported strong winter tyre sales in Europe during the peak seasons of 2Q24 and 3Q24. Despite a slowdown in European original equipment (OE) market, tyre supply there is said to have remained stable “thanks to the company’s expanded supply to premium brands and increased brand recognition through marketing efforts such as the Manchester City partnership.”