Nov 08, 2021
Hankook Tire's global sales in the third quarter of 2021 were € 1.34 billion, slightly below the same period last year (€ 1.36 billion). Operating profit for the quarter reached EUR 131 million.
Worldwide sales of Hankook tires with diameters of 18 inches and above accounted for 36.4% of the company's total passenger car tire sales. According to the company, this is 2.4% more than in the third quarter of 2020.
In particular, sales of large diameter tires increased in Hankook's core markets, including South Korea, China, Europe and North America. In China, Hankook's large-diameter tire sales rose 9.8% year-on-year to a total share of 43.3%. In the European market, sales of tires in this category increased by 3.6% compared to the previous year.
However, Hankook's consolidated global sales and operating profit were down 3% and 19.5%, respectively, compared to the same period last year. According to the company, this is due to a decrease in global car production amid a shortage of key components and microcircuits. Problems have also been exacerbated by the global supply chain crisis and rising raw material prices.