Hankook Tire Grabs Top Spot in China
Hankook Tire is Korea’s largest tire maker and ranks No. 7 in the global market. Its global production capacity is estimated at 95 million units per year, the largest among Korean tire makers. Hankook Tire also runs seven production bases overseas, including China, Hungary, and Indonesia.
In the new car tire market that accounts for 37 percent of its sales, Hankook Tire has a variety of clients, ranging from premium brands like Audi, BMW, and Lincoln, to popular brands such as GM, Ford, Chrysler, Toyota, and Volkswagen.
Even in terms of financial performance, Hankook Tire is one of the frontrunners in the world. Despite the prolonged economic downturn, the company sees its sales-to-operating profit ratio remain at around 15 percent, higher than those of Michelin, Goodyear, and Bridgestone.
Hankook Tire has been positioned at No. 1 for so long in China, the largest tire market in the world. It has grown into a No. 7 player in the world in terms of production capacity and aims to leapfrog itself into a No. 5 player.
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