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Hankook Pulls New Truck Tyre Range Out of the Box

A new Hankook commercial vehicle radial known as the “e-cube” is being rolled out in European markets. And while at first glance the name may seem an unusual choice for a round product, Hankook Tire Europe explains the sense behind the new long-haul tyre’s given moniker: Three developmental directions have gone into the e-cube; namely energy and low rolling resistance, economy and high mileage, and environment (reduced hazardous materials and low rolling noise). These three “e” words are all equally important and thus can be represented by a three-dimensional geometric shape with equal length edges – in other words, a cube.

6th October 2009/by Tyrepress Editors

The Market is Ripe for Korean Tyre Makers

International News, News, UK News

2009 could be a breakthrough year for the Korean tyremakers. A collection of circumstances (some clearly the result of famed Far Eastern forward planning, and others distinctly more fortuitous), mean Kumho, Hankook and Nexen have found themselves poised to sell increasing numbers of replacement tyres in the UK and Europe. In addition, their successful efforts in the OE department – ironically helped along by the shaky macro-economic environment – mean this perfect storm of variables could leave the Korean manufacturers in an even stronger position when the dust settles. In the UK, a market where mid-range and economy tyres make up around 60 per cent of unit sales, official figures show that 4.7 million passenger car tyres of South Korean origin were imported last year. However, this cannot be the complete total because it only includes tyres imported from factories actually situated in South Korea. Owing to the fact that all three have significant manufacturing presences in China, and tyres often enter the market by “indirect routes,” it is likely the true total is a lot more.

30th September 2009/by Tyrepress Editors

Auto Bild Impressed with Hankook Tyre Test Winner

Hankook’s Optimo 4S was named the champion of Auto Bild’s major All-Season Tyre Test, with testers noting the tyre’s “absolutely impressive all-round talent.” The all-weather specialist was named the overall winner, having taken first place in five individual categories, and won the label of “Exemplary” over the rest of the competition. Like last year, the Auto Bild editorial desk confirmed that the Optimo 4S delivers peak performance in categories including braking, traction on wet surfaces and hydroplaning. The tyre also received special praise for having the lowest rolling resistance in the test, beating all of its competitors. The company was keen to stress this aspect of the test most in its press release after the award, saying that, in the vehicle segment tested – exemplified by the Ford Fiesta –fitment of its tyres could lead to average savings of more than 50 litres of fuel and 120 kg of CO2 over the life of the tyre.

29th September 2009/by Tyrepress Editors

Prospect of Toyota Deal Benefits Hankook Share Prices

Shares in Hankook Tire rose 5.94 per cent today after Korean media quoted the company’s vice-president as saying it was negotiating a supply deal with Toyota. “Orders from Japanese such as Toyota could accelerate Hankook's brand image enhancement and we would view the order positively if it were to be finalised,” commented Morgan Stanley in a note.

24th September 2009/by Tyrepress Editors

Shares Fluctuate Sharply Following Obama’s China Tyre Tariffs

International News, News

The Obama administration’s announcement that it is to impose tariffs of up to 35 per cent on Chinese-manufactured imports had a large impact on daily trading in the USA and Seoul, as Goodyear and Cooper shares bumped, and Hankook stock floundered.

14th September 2009/by Tyrepress Editors

Reports: Hankook to Build Indian or Malaysian Factory

Hankook executives are reportedly planning to build a new tyre production facility in either India or Malaysia. The news follows the announcement that Hankook is investing 230 million euros in increasing output at its Dunaujvaros, Hungary factory to 10 million tyres a year. Speaking to the Financial Times, Hankook executive Calvin Pak explained that the company’s next phase of expansion would be in south Asia “for example in India or Malaysia.” There was even talk of a North American plant “in the longer term.” Calvin Pak reportedly explained that Hankook’s competitive advantage over European manufacturers was that it had won quality accolades but remained “more affordable thanks to less of a brand premium.”

11th September 2009/by Tyrepress Editors

Investment News Boosts Hankook Shares

In South Korea, shares in Hankook Tire gained 1.84 per cent after the tyre manufacturer announced that it would invest 230 million euros ($334.9 million) by 2011 to expand its factory in Hungary.

10th September 2009/by Tyrepress Editors

Hankook Tire Invests 230 million euros in Hungary Factory

Hankook Tire is to invest 230 million euros in its Hungary tyre production plant over the next 2 years in a bid to double production output from 5 to 10 million tyres a year by 2011. The latest injection of funds means the company has invested 550 million euros in the project. An official statement from the company said the latest move to ramp up production in Europe was a reflection of increasing demand there. Hankook’s decision to build a manufacturing facility in Hungary has been key to reducing customer delivery times from one month previously to just five days for the Europe-made Hankook tyres. However, the move also positions Hankook for increasing amounts of OE business, with the company openly bidding for the attention of “Audi-level” customers. Last year the company’s Hungary site began supplying OE customers in Europe, first Hyundai’s Czech factory (with tyres destined for the i30-compact car) then to Volkswagen Nutzfahrzeuge in Germany for the popular VW T5.

9th September 2009/by Tyrepress Editors

6% Rise in August Registrations Could Help Korean Tyre Manufacturers

The latest SMMT figures reveal there was 6 per cent rise in new car registrations in August 2009, with the monthly total growing to 67,006 units. The second successive month of growth in new car registrations is widely attributed to the success of the government’s scrappage initiative, with August’s figures building on on a 2.4 per cent gain in July. As you might expect in light of the scrappage scheme, private purchases of small cars grew particularly strongly with this type of sale accounting for 35,694 (53.3 per cent) of August’s sales, compared to 23,717 (37.5 per cent). However, the recent growth disguises the fact that sales are still 15 per cent off the 78,800 total monthly market average between 1999 and 2008.

Ford and Vauxhall continued to dominate sales in August, however it is the surprise success of the Korean car manufacturers that has the potential to re-shape the UK car parc. And as these car manufacturers are almost exclusively supplied by Korean tyre makers, there is also likely to be a positive effect on Korean tyre sales in the UK.

4th September 2009/by Tyrepress Editors

Hankook Issues Statement Regarding Court Finding

In an August 18 news story, it was revealed that Hankook Tire Co. and some of its manufacturing plant managers were found guilty of failing to prevent a series of work-related deaths at Hankook facilities.

20th August 2009/by Tyrepress Editors

Hankook Team Farnbacher Ready for Le Mans Series at the Nürburgring

Hankook Team Farnbacher drivers Pierre Kaffer – this year’s class winner at the Le Mans 24 Hours – and Allan Simonsen in the GT2 class will be on the starting line for the 1000 kilometre race of the Le Mans Series, which is to be held at the Nürburgring on August 23. The Team will be driving a Ferrari F430 GT fitted with Hankook Ventus racing tyres.

19th August 2009/by Tyrepress Editors

Mikkelsen, Hankook Geared Up for Barum Rally

Norwegian rally ace Andreas Mikkelsen has completed a successful test in the Hankook Opel Corsa ahead of the Barum Czech Rally Zlin, to be held later this month. The 20 year old headed to the UK for his first taste of the Hankook-liveried car that is contesting selected rallies this year ahead of a full assault on the Intercontinental Rally Challenge in 2010.

18th August 2009/by Tyrepress Editors

Hankook Ruled Liable for Employee Deaths

A provincial court in Korea has found factory chiefs and senior researchers of Hankook Tire guilty failing to prevent a series of work related deaths. The Korea Times reports that on August 14 the Daejeon District Court sentenced a factory chief, identified as Lee, 52, to eight months imprisonment, which was suspended for two years, and fined him three million won (£1.46 million). Another factory manager, Jung, 47, was given six months in prison, suspended for two years, plus a fine of two million won. The two men worked at Hankook’s Daejeon and Geumsan factories, where 14 workers died within 17 months.

17th August 2009/by Tyrepress Editors

Todd Hershberger Named Hankook Sales VP

Hankook Tire has appointed Todd Hershberger as its new vice president of sales and marketing in the USA.

13th August 2009/by Tyrepress Editors

Asian Tyre Stock Jumps on US Auto Rebate Extension

The possibility of an extension to the US’s “cash for clunkers” auto rebate scheme has led to a bump in Asian stock prices for shares in Bridgestone, Hankook and others, according to Reuters reports. The US senate is mulling over a plan to offer 200 per cent of the original funding for its car sales booster scheme, since the billion dollar pot quickly evaporated. Purchasers can claim a rebate of up to $4,500 when they trade in old models for new, green alternatives.

13th August 2009/by Tyrepress Editors