Nexen Tire returned to the black in 2023 with a net income of KRW 110.6 billion (£67.0 million). This result contrasts with the net loss of KRW 27.5 billion recorded a year earlier. Revenue for 2023 amounted to KRW 2,701.1 billion (£1.6 billion), a year-on-year increase of 4.0 per cent. EBITDA rose 173.3 per cent year-on-year, to KRW 388.7 billion (£235.6 million), with a margin of 14.4 per cent.
Nexen Tire lays claim to being the first Korean tyre maker to utilise virtual reality (VR) in the product development process. To strengthen its digital design process capabilities, the tyre maker has developed a VR design simulation system at the Nexen Central Research Institute in Seoul. It says this VR design review system allows users to “appreciate the scale of real tyres in a virtual space.”
Within the framework of a Memorandum of Understanding with the Korea Expressway Corporation’s Road Traffic Research Institute, Nexen Tire intends to reduce the time and expense required to produce tyres for original equipment customers. The two partners signed the MoU on 27 November at the Research Institute’s headquarters in Dongtan, Hwaseong.
An extension to Nexen Tire’s sports advertising in the USA commences today. Visitors to NBA games will see the Nexen Tire logo courtside and on television from 24 October, and this will be followed by brand placement at the NCAA from November 2023 and with a selection of MLB teams from March 2024.
Blackcircles.com is now offering the Roadstone and Dynamo brands. The online retailer describes both as budget tyre brands that “offer great value for money” by giving customers “a cheaper alternative when working within a pricing budget.
Tyre makers such as Michelin and Bridgestone may be preparing to drive on the moon, but Nexen Tire has its sights on Mars. The Korean tyre maker has received recognition in the International Design Excellence Awards (IDEA) 2023 for its Mearth concept tyre.
Nexen Tire has released its latest annual Sustainability Report, detailing progress towards sustainable management performance and other environmental, social and governance (ESG) commitments. The report, the tyre maker’s fourth, highlights ESG developments, progress and focus as well as details expanding a mid-to-long-term roadmap for ESG management.
Colourful big cats are teaming up with tyres in a new collaboration between Nexen Tire and Haitian-American artist Kervin Brisseaux. The tyre maker explains that efforts to establish itself as “a trendy and innovative brand” in the European market are behind the advertising campaign that is based upon Brisseaux’s artwork.
Earlier in the month, Tyrepress.com reported that Kumho Tire has succeeded Nexen Tire as official tyre partner of football club AC Milan. Nexen Tire has now announced a new partnership but remains within Italy’s Serie A championship as partner of Juventus FC. The Korean tyre maker takes over from Linglong Tire, who had partnered with Juventus since 2018.
Nexen Tire has joined the United Nations Global Compact (UNGC), an international initiative for sustainable and responsible corporate management. By signing on to the UNGC, the Korean tyre maker commits to aligning its actions with ten sustainability principles and pledges to contribute to the UNGC’s Sustainable Development Goals.
Nexen Tire has signed a fourth partnership agreement with Manchester City Football Club. If the official photo can be trusted, the latest multi-year deal extends to 2026 and thus covers the two parties’ tenth anniversary together.
Nexen Tire has unveiled a sustainable concept tyre containing 52% renewable & recycled raw materials. This Nexen EcoTech tyre, which according to its sidewall is “for the greenish future,” consists of 44% renewable materials, including natural rubber, bio-based synthetic rubber, rice husk silica and bio-based rubber chemicals. A further 8% is recycled content, including cord made from recycled PET bottles and bead wire sourced from scrap metal.
The Nexen Roadian HTX 2 is an awardee at the iF Design Awards 2023, having gained an accolade in the product design category. This honour for the HTX 2 precedes the tyre’s launch in European markets, which will take place during the course of this year. The HTX 2 will apparently complement the existing HTX range at first, however Nexen Tire has not yet released details about the launch range.
Next Century Ventures (NCV), Nexen Tire’s venture capital arm, has invested in Automotus, a curbside management technology company. Nexen representatives described the investment as a way of meeting “NCV’s goals to revolutionize the mobility industry”. No financial details have been released.
Nexen Tire reports that Audi A3 models sold in Europe are available with factory fitted Nexen N’Fera Sport and N’Blue 4 Season tyres. The fourth generation A3 wears the N’Fera Sport in size 225/40R18 92Y XL and the N’Blue 4 Season in 225/45R17 94V XL.
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Stephen Goodchild / Tyre Industry Publications Ltd