The inaugural meeting of the Tire-to-Tire Circular Economy Model consortium took place at Hankook Tire & Technology’s Technodome facility in Daejeon, South Korea on 1 November. The Hankook Tire-initiated consortium aims to create a sustainable business model for end-of-life tyres in Korea by “designing innovative upcycling processes” for turning them into new tyres.
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%.
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.
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.
Half a year after a major fire caused extensive damage to its tyre factory in Daejeon, South Korea, Hankook Tire & Technology has recommenced some tyre production within the facility. In a disclosure to the Korea Exchange (KRX), the company reports that it approved the resumption of production at the site’s Plant 1 facility on 1 September 2023.
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.
Hankook Tire & Technology has published its 2022/23 ESG Report, highlighting the company’s sustainability activities, performance, and mid- and long-term strategies for the year. The report, Innovation for a Sustainable Future, is the 14th report published since 2010 and provides an overview of Hankook Tire’s performance in three primary categories: Eco-Value Chain, Sustainable Product, and Responsible Engagement.
The Science Based Targets initiative (SBTi) has approved Hankook Tire & Technology’s near-term 2030 greenhouse gas (GHG) reduction goals and target of achieving net-zero by 2050. The tyre maker says this approval will help it “gain momentum in the realisation of its 2050 Carbon Neutrality Roadmap.”
Hankook Tire & Technology reports increasing its revenue and operating profit in Q2 2023 despite a difficult business environment. Revenues were up 11 per cent year-on-year to KRW 2.2634 trillion (£1.37 billion, US$1.77 million), and operating profit jumped 41.6 per cent to KRW 248.2 billion (£150.41 million, $194.0 million). At 11.0 per cent, operating margin was 2.4 percentage points higher than in Q2 2022.
Ahead of this weekend’s 2023 Hankook London E-Prix, British Formula E driver Jake Hughes set a new indoor land speed record in a modified Gen3 car. This ‘GenBeta’ prototype generates up to 400 KW and delivers it to the track via modified Hankook iON Race tyres. Hughes called upon this power to clock a new milestone of 135.9 mph on a 346-metre indoor straight.
Further legal issues for Hankook Tire & Technology chairman Cho Hyun-bum, with prosecutors seeking to combine the two charges against him into a single indictment. Cho, who was indicted without detention on 21 July for breach of trust, is already on trial for allegedly embezzling approximately 20 billion won (£12.1 million).
Hankook Tire is expanding its Laufenn portfolio with the LF95, a trailer tyre it has designed to deliver “impressive mileage” in regional haul applications and various road conditions. This latest product from Hankook’s second-line brand is available in a regroovable size 385/65R22.5.
To aid its development of eco-friendly tyres, Hankook Tire & Technology has signed a Memorandum of Understanding (MoU) with petrochemical company Kumho Petrochemical Co., Ltd. (KKPC). Amongst other things, the MoU ensures Hankook Tire is first in line to receive KKPC’s Eco Solution-polymerised Styrene-Butadiene Rubber (Eco-SSBR) at “a fair price” once commercial its production commences in 2026.
Hankook Tire anticipates that tyres for electric vehicles will account for around 20% of its original equipment passenger car and light truck tyre deliveries in 2023. This figure represents a notable increase over prior years: EV tyres accounted for 11% of OEM car and light truck shipments in 2022 and just 5% in 2021.
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