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By TT News| May 04, 2021

Hankook Tire Q1 sales, operating profit Up

Tyre major Hankook’s sales and operating profit grew double-digit in the first quarter of 2021 on the steady recovery.

In Q1, 2021, sales up by 12.6 percent to $1.45 billion, while operating profit surged by over 75 percent to $167 million y-o-y.

The company is witnessing a steadily recovery since the second half of 2020, and sales stabilise in several major markets that include Europe, North America, and China, particularly in the high-inch tyre sector that accounts for tyres 18 inches or higher. Global sales of high-inch tyres accounted for 38% of entire tyre sales, which is now up four percentage points compared to the same period last year.

According to Hankook, sales of replacement tyres also increased as the market demand in the U.S. and Europe continued to improve. China likewise showed a rise in the demand of replacement tyres along with healthy sales of original equipment (OE) tyres, indicating an upturn in the production of automotive vehicles. High-inch tyres in China increased 13 percentage points to 40% YoY.

In 2021, Hankook seeks to maintain the growth momentum of its high-inch tyre sales in major markets and add OE partnerships with an already robust portfolio. Growth in the electric vehicle tyre sector will also be one of the primary concentrations. (TT)

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