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Hankook Tire is limbering up to present product innovations at The Tire Cologne this June, where it will display a new addition to its iON range of EV-oriented tyres as well as well as a product designed specifically for electric buses operating in urban areas.
Hankook Tire & Technology has disclosed its financial performance for the first quarter of 2024, reporting sales of KRW 2,127.2 billion (£1.2 billion) and an operating profit of KRW 398.7 billion (£230.8 million) based on global consolidated financial results. Year over year, sales saw a modest increase of 1.1 per cent, while operating profit surged by 108.8 per cent.
Together with two other South Korean firms, Hankook Tire & Technology has developed the country’s first tyre using cord fibre sourced from chemically recycled PET. The tyre maker partnered with SK chemicals and Hyosung Advanced Materials to develop Hankook iON tyres containing “circular recycled PET fibre tyre cords.” The resulting product is the first tyre to wear the ISCC Plus certification logo.
With sales of KRW 8,939.6 billion (£5.3 billion) and an operating profit of KRW 1,327.9 billion (£783.5 million), in 2023 Hankook Tire & Technology achieved the “best performance since its establishment.” Sales were up 6.5 per cent year-on-year, while operating profit increased 88.1 per cent. According to Hankook Tire, these results “solidify” the company’s position as a “prominent, top-tier global brand.”
Hankook’s comprehensive range of summer, all-season and winter car tyres has received excellent reviews from testers and tyre review platforms over the past year. This acclaim extends to the iON tyre family specially developed to meet the demanding requirements of electric vehicles. The core summer collection comprises Ventus S1 evo Z, Ventus S1 evo 3, Ventus S1 evo 3 SUV, Ventus Prime 4, Kinergy ECO 2, iON evo and iON ST AS both for cars and SUVs. The all-season range includes, the Kinergy 4S2, Kinergy 4S2 X for SUV’s and the iON FlexClimate for cars and SUVs. The core winter collection comprises the Winter i*cept evo 3, Winter i*cept evo 3 X, Winter i*cept RS 3 and the iON i*cept for cars and SUVs.
Hankook enters its second season supporting Formula E, and the tenth of the all-electric single-seater series, with the season opener at Autodromo Hermanos Rodriguez in Mexico City on 12-13 January. The grid of 22 drivers will all compete using the Hankook iON Race tyre. Manfred Sandbichler, Hankook director motorsport, promised the tyre supplier was prepared for faster lap times as teams push the iON Race harder in its second season.
Why survey people when you can draw upon all the wisdom of the internet? Hankook Tire & Technology has turned to artificial intelligence to gain insights into consumer attitudes towards electric vehicles, developing a Voice of Customer (VOC) analysis system based upon ChatGPT for this purpose. The Korean firm collaborated with data cloud computing companies Amazon Web Services and Snowflake to build an integrated VOC data analysis system.
Hankook Tire & Technology reports consolidated sales of KRW 2,340.0 billion (£1.4 billion) and an operating profit of KRW 396.3 billion (£243.9 million) for Q3 2023. These results respectively represent year-on-year increases of 1.8% and 106%.
Hankook has attained ISCC PLUS certification (International Sustainability & Carbon Certification) for its European production plant in Rácalmás (Hungary). According to the company, this is testament to the Hankook’s “unyielding commitment to sustainability, innovation, and environmental responsibility”. The tyre manufacturer reportedly plans to further intensify its activities in the area of long-term carbon neutrality and resource conservation by using sustainable raw materials, for example, in the iON tyre family designed for electric vehicles.
The first European market Hankook all-season tyre aimed at electric vehicles arrives this month. The Hankook iON FlexClimate is a range for both cars and SUVs and initially comes to market in eight popular sizes. Hankook intends to expand the range in the short term to cover other common dimensions for 17- to 21-inch rim diameters.
Hyundai has opted to fit Hankook’s Ventus S1 evo 3 ev tyres to its Ioniq 6 as standard. The tyre is developed specifically for electric cars, featuring low rolling resistance and a lightweight, robust construction to meet the specific requirements of all-electric vehicles, such as the Ioniq 6. The tyre is supplied in size 225/55R18W.
Hankook Tire has entered into a partnership with automotive tuning company Brabus, making the tyre maker an official technology partner. While one goal of this cooperation is for Hankook to develop customised tyres for Brabus, the German firm will initially equip its cars with Hankook Ventus S1 evo3 and Ventus S1 evo Z tyres in rim diameters up to 23-inches. For customers specifying winter tyres, Brabus will offer the Hankook Winter i*cept evo 3.
For Hankook Tire, original equipment tyre supply to the BYD T4K one-tonne electric truck is an opportunity to “further enhance its strategic relationship with BYD and solidify its presence in the Chinese market, one of the world’s largest EV markets.” BYD has jointly developed the T4K with GS Global specifically for the South Korean market, where it will wear Hankook RA08 tyres.
Hankook Tire has given a name to the combined innovations it uses in its iON electric vehicle tyres. It collectively calls these iON Innovative Technology. Hankook Tire says these newly branded technologies not only accelerate efficiencies in the research and development process but will also enhance communication with customers.
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