Premium tyre manufacturer Hankook Tire & Technology (Hankook) announced its financial results for 2024. The company reported global consolidated sales of KRW 9.4119 trillion (approx. EUR 6,380.7m) and an operating profit of KRW 1.7622 trillion (approx. EUR 1,194.6m) based on the global consolidated financial results for 2024. This represents a 5.3 percent increase in sales and a 32.7 percent rise in operating profit year-on-year.
The company’s record-high profitability, despite the global economic downturn last year, was driven by the expansion of high-value-added product sales. As a result, Hankook achieved its highest-ever annual financial results in its history, reporting fourth-quarter sales of KRW 2.5315 trillion (approx. EUR 1,700.0m) and an operating profit of KRW 473.2 billion (approx. EUR 317.7m).
This performance reflects Hankook & Company Group Chairman Hyunbum Cho’s ‘First Mover’ strategy, which enabled the company to proactively adapt to market dynamics, while maintaining consistent investments in R&D and strengthening its global premium brand positioning. A key driver of qualitative growth was the increasing sales share of 18-inch and larger passenger car tyres, a high-value product category, which rose by 2.3 percentage points year-on-year to reach 46.5 percent.
In 2024, Hankook further strengthened its Original Equipment Tire (OET) supply to global premium automotive brands, securing exclusive fitments for the BMW M5 and Mercedes-AMG GT Coupé. By meeting the stringent performance and quality standards required by high-performance and premium car manufacturers, Hankook reinforced its strategic partnerships and now supplies OETs for over 280 vehicle models across approximately 50 global brands, including Audi, BMW, Mercedes-Benz, Porsche, as well as leading EV manufacturers such as BYD and Tesla.
Further solidifying its leadership in the EV tyre market, Hankook continues to drive innovation with iON, the world’s first full-lineup EV tyre brand. The company began developing core technologies tailored for premium electric vehicles well before EV commercialisation. Hankook remains committed to expanding its EV tyre portfolio and has further strengthened its OET supply to major premium electric vehicles, including the Audi e-tron GT and Q4 e-tron, BMW i4, BYD Song Max and Yuan, Hyundai IONIQ 6, Kia EV3 and EV9, Porsche Taycan, Tesla Model Y and Model 3, and Volkswagen ID.4.
In addition, Hankook has commenced a three-year exclusive supply agreement for racing tyres in the FIA World Rally Championship (WRC), one of the world’s most prestigious motorsports series organised by the Fédération Internationale de l’Automobile (FIA), starting this year. The company is also reinforcing its presence in global motorsports through its continued partnerships with the ABB FIA Formula E World Championship and the Lamborghini Super Trofeo. Hankook aims to leverage performance data and technical insights gained from these premier racing series to advance the development of its ultra-high-performance (UHP) tyre technology.
In 2025, Hankook targets year-on-year sales growth while maintaining an operating profit margin in the 10 percent range and increasing the sales share of 18-inch and larger passenger car tyres to over 50 percent. The company plans to further expand sales of high-value-added products in key strategic markets, strengthen partnerships with global premium car manufacturers, and diversify its portfolio to solidify its leadership in the expanding EV market.
Meanwhile, Hankook operates eight global manufacturing facilities, which drive profitability through enhanced plant operational efficiency and increased regional shipment volumes.