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Dubai Taxi Signs 9 million dirham Tyre Deal with Al Dobowi

Dubai Taxi Corporation (DTC) and the local Roads & Transport Authority (RTA) recently signed a contract with Al Dobowi Tyre to supply Hankook tyres to its fleet for two years in a deal worth 9 million dirhams (£1.525 million; 1.703 million euros; US$2.450 million). The contract was signed by DTC CEO Abdul Aziz Malik and Al Dobowi CEO Harjeev Singh Kandhari, in the presence of several directors and executives from both parties.

Al Dobowi was selected following a public tender attracting participation from several tyre specialist companies from across the globe. However, following analysis of offers made, Al Dobowi was nominated for submitting the best offer of 8,878,608 UAW dirhams. “…the company has a good record of experience and reputation in the field of tyres" commented Abdul Aziz Malik.

8th January 2010/by Tyrepress Editors

Hankook Updates European Web Presence

Hankook Tire reports its new European website is up and running in cyberspace. The multi-lingual site offers information on both company and product and Hankook notes that, thanks to the site’s flexible structure, news and facts tailored to the European market can be provided on a daily basis.

7th January 2010/by Tyrepress Editors

Analysts: Tyre Makers to Raise Prices in 2010

Financial analysts expect tyre makers to increase prices between 5 and 8 per cent in January 2010, in part due to increased demand and supply shortages in some markets. The Morgan Stanley analysts once again singled out Hankook for particular praise and a “Buy” rating, saying: “After raising tyre prices by an average 7 per cent in the US in mid-October, Hankook is planning to raise average selling by…6 – 7 per cent in other major markets from early next year.”

Yokohama, Continental and Nexen have all announced plans to raise prices by 5-8 per cent from January next year, the analysts explained, adding: “Hankook is also scheduled to begin price negotiations with…OEMs this month and is targeting a 3 per cent average selling price increase. These price hikes should help it offset natural rubber price hike to a large extent.”

8th December 2009/by Tyrepress Editors

Hankook OE on RUF Electric Cayenne

The Porsche Cayenne is possibly not the first vehicle that springs to mind when pondering environmentally friendly transport. Indeed, it is rumoured that some of the more militant green warriors would rather be harpooned by whalers than ensconce themselves within the German off-roader’s two-plus tonne bulk. But rip out the Cayenne’s sizeable petrol or diesel engine and replace it with an electrically driven system and you have another, more ocean friendly kettle of fish – the RUF Stormster. The German Porsche modifier has released a zero emission version of the SUV powered by a Siemens electric drive. Hankook’s UHP Icebear W300A SUV winter tyre in size 295/30 R 22 has been chosen as standard fitment.

8th December 2009/by Tyrepress Editors

Has Pirelli Lost Fifth Place in European TBR Market to Hankook?

Company News, News, UK News

Market share data released by Hankook shows that Michelin remains the undisputed leader in both the car and truck tyre segments. However, the previously exclusive stable of top five tyre manufacturers has gained a new member in 2009. Hankook’s decision to publish its projections of how the land lies, following one of the most tumultuous periods in the market’s history, may only have happened because it was a good year for the South Korean tyre manufacturer, however the fact remains the unusual combination of events experienced in the last 12 months means there are signs that the status quo has been disrupted. Looking forward the question is: will the company be able to sustain this position in the years to come?

Here’s Hankook’s calculation of how the European car tyre market will look at the end of 2009. Michelin remains market leader with a 20 per cent market share, followed by Goodyear Dunlop (18 per cent). Bridgestone are next on the list with a 12 per cent share of the market, followed by Pirelli with 8 per cent. And here’s where things get interesting. Hankook are in sixth place with a 7 per cent market share, snapping at the heels of fifth-placed Pirelli who are only one percentage point ahead with 8 per cent.

4th December 2009/by Tyrepress Editors

Hankook Now ‘Number 6 in Europe’

Career Tracks, UK News

Hankook are now the sixth largest tyre manufacturer in Europe, according to company figures. Speaking during a tour of the South Korean-based tyre manufacturer’s Racalmas, Hungary tyre production plant in November, European PR manager, Felix Kinzer, announced that the company now calculates it is the seventh largest tyre maker in the world in terms of units sales; and not far from sixth. Tyres & Accessories' own data, which calculates the rankings based on the value of sales using the euro as the control currency, puts the company in eighth. Algebraical differences aside, the point is that Hankook is gaining ground on its competitors, something that is even clearer when you look at Hankook's take on the current European leaderboard. The company’s calculation puts Hankook in sixth place in the European passenger car tyre market with a 7 per cent market share, snapping at the heels of fifth-placed Pirelli with 8 per cent. Things are even better in the truck and bus tyre business, where the company’s market share has reportedly grown to nine per cent, putting the company in fifth place after Bridgestone (13 per cent), this time ahead of Pirelli (5 per cent). When you consider the rapid growth rates Hankook' sales are currently experiencing, the company's arguably ambitious calculations deserve further attention.

3rd December 2009/by Tyrepress Editors

Analysts Recommend Korean Tyre Shares

Financial analysts are recommending buying shares in Korean tyremakers (particularly Hankook and Nexen), following their initiation of stock coverage at the end of November. Their view is that internal structural and strategic fundamentals and external conditions are now favouring Korean tyre makers: “The top three global tyre makers continue to lose market share, having lost 10 percentage points in the past 10 years. On the other hand, we expect the global market share of Korea’s three tyre makers to rise to 7.2 per cent by 2010 from 5.5 per cent in 2008 (by revenue),” Deutsche Bank wrote in an investors report dated 21 November.

3rd December 2009/by Tyrepress Editors

Bigger is Dumber

Editorial/Comment

In a recent speech given to the Professional Contractors Group (PCG), legendary tyre retail mogul Sir Tom Farmer warned would-be entrepreneurs against having simplistic, size orientated goals for their businesses. The Kwik-Fit Founder may have sold a 700-branch strong tyre retail chain to Ford for £1 billion in 2001, but for him size isn’t everything. He might not be Warren Buffet yet, but Scotland’s own oracle of Edinburgh had this sage advice: “bigger is dumber.”

PCG is apparently the biggest organisation representing freelancers in Europe, so it sounds like Sir Tom was preaching to the choir with his message of the importance of building businesses on a core group of key employees, and then outsourcing the rest. However, as virtually all the global tyre manufacturers are now demonstrating in their collective quest to make an increasing amount of high-performance tyres in low-cost countries with less human intervention, full-time employees are expensive and an inevitably long-term investment. And, as most national tyre retail chains will concede, running large networks such as theirs is a similarly complicated business.

2nd December 2009/by Tyrepress Editors

Hankook’s Cho Hyun-Shik Appointed Honorary Hungarian Consul

Hungary has named Hankook Tire vice president Cho Hyun-Shik its honorary consul to South Korea in recognition of the company’s contribution to the country’s economic development and growth. Hungarian vice Foreign Minister Laszlo Varkonyi appointed Cho to this position on November 30 during a visit to Seoul in conjunction with Hungarian president Laszlo Solyom's four-day state visit to South Korea.

1st December 2009/by Tyrepress Editors

Hankook Drops Plans for Run-Flat Line at Hungary Plant

Hankook has cancelled plans to include run-flat production in the current phase of expansion at the company's Racalmas, Hungary tyre manufacturing plant. Despite announcing that the company would include run-flat tyre production in this round of expansion as recently as 9 September, executive vice-president and COO of Hankook Tire Jin-Wook Choi told Tyres & Accessories/tyrepress.com that the company is now prioritising standard tyre production due to demand continuing to outstrip supply in Europe, particularly in terms of UHP sizes. Hankook Tire Europe managers conceded that the decision will result in cost savings and that this was a consideration in the discussions leading up to the decision, however they also pointed out that the company is on course to invest as much as 10 per cent more than the 500 million euros initially earmarked for the total project. The current second phase of construction at the Racalmas site, which started production in 2007, will see the company double current capacity from 5 to 10 million passenger car tyres annually over the next 18 months at a cost of around 230 million euros.

25th November 2009/by Tyrepress Editors

New President to Head Up Hankook Tire America

Hankook Tire has given word that, as of December 1, Soo Il Lee will take over from H. Y. (Greg) Pae as president of Hankook Tire America Corp. In addition to his new role, Lee will also serve as COO for the company’s business operations throughout the Americas, and in this capacity will be responsible for the overall growth and marketing strategies for the US, Canada, Mexico, Central and South America. Following several years in the US, Pae will return to the company’s global headquarters in Seoul.

12th November 2009/by Tyrepress Editors

EU-Korea Free Trade Agreement Will Aid Tyre Sales

Editorial/Comment, International News, News

On 15 October EU Trade Commissioner Catherine Ashton and Korean Trade Minister Kim Jong-hoon initialled a free trade agreement (FTA), which the EU calls “the most important ever negotiated between the European Union and a third country.” Estimated to be worth a total of 19 billion euros in new trade for EU exporters, the agreement is designed to remove virtually all tariffs between the two economies.

However, it is a bilateral deal. And European carmakers, apparently fearful of being swamped by imports of more economically priced Korean cars in an already depressed market, were the first to call for a rethink through industry body ACEA. However this appears to have been too little too late and according to the commission, the initialling signals the end of negotiations. The current “stable legal text” will be formally presented to EU Member States in early 2010. So what does this mean for the European tyre (and associated product) markets?

30th October 2009/by Tyrepress Editors

Hankook Evaluates Southeast Asian Sites for New Plant

International News

Hankook Tire intends to build a new factory – its sixth overseas plant – somewhere in Southeast Asia. South Korea’s Yonhap news reports company CEO Suh Seung-hwa as stating on October 23 that Hankook may spend between US$250 million and $300 million building the new facility, which is expected to have an annual capacity of ten million units.

26th October 2009/by Tyrepress Editors

Auto Express Tests SUV Tyres

Auto Express has published the results of its latest tyre test, an evaluation of six big-selling small sports utility vehicle products, fitted in size 235/55R17 to a Toyota RAV4 at Continental’s proving ground in Uvalde, Texas. Goodyear’s Excellence (H), Conti’s CrossContact UHP (H) and Michelin’s Latitude Diamaris (H) took the top three spots respectively in a very closely fought contest.

21st October 2009/by Tyrepress Editors

Third Quarter a Charm for Hankook

(Tire Review) Hankook Tire posted a net profit for the third quarter of the year thanks to increased sales and decreased production costs. For the three months ending 30 September, Hankook posted a net profit of 182.95 billion won (£96 million), up from a net loss of 14.79 billion won a year earlier. Operating profit in the third quarter jumped to 155.94 billion won from 53.86 billion won, while sales rose 14 per cent to 762.09 billion won from 667.75 billion won. Operating profit margin also jumped to 20.5 per cent from 8.1 per cent a year earlier.

20th October 2009/by Tyrepress Editors