Hankook Tire Reports 2024 Sales of KRW 9.4119 Trillion and Operating Profit of KRW 1.7622 Trillion

- Achievement driven by Chairman Hyunbum Cho’s proactive respond to market changes through "First Mover" strategy
- Global consolidated sales for 2024 KRW 9.4119 trillion, with operating profit rising 32.7% year over year (YoY)
- Growth in high-performance tire sales, with the share of 18 inches and larger tires increasing by 2.3 percentage points year-on-year, reaching 46.5%

Seoul, Korea, February 4, 2025 — Global leading tire company Hankook Tire & Technology (Hankook Tire) announced its financial results for 2024. The company reported global consolidated sales of KRW 9.4119 trillion and an operating profit of KRW 1.7622 trillion based on the global consolidated financial results for 2024. This represents a 5.3% increase in sales and a 32.7% rise in operating profit year-over-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 Tire achieved its highest-ever annual financial results in company history, reporting fourth-quarter sales of KRW 2.5315 trillion and an operating profit of KRW 473.2 billion.

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 inches and larger passenger tires, a high-value product category, which rose by 2.3 percentage points year-over-year to reach 46.5%.

In 2024, Hankook Tire further strengthened its Original Equipment Tire (OET) supply to global premium automotive brands, securing exclusive fitments for the Mercedes-AMG GT Coupe and BMW M5. By meeting the stringent performance and quality standards required by high-performance and premium automakers, Hankook reinforced its strategic partnerships and now supplies OETs for over 280 vehicle models across approximately 50 global brands, including Porsche, Mercedes-Benz, BMW, Audi, Audi RS, as well as leading EV manufacturers such as Tesla and BYD.

Further solidifying its leadership in the EV tire market, Hankook Tire continues to drive innovation with its iON, the world's first full-lineup EV tire brand. The company began developing core technologies tailored for premium electric vehicles well before EV commercialization. Hankook remains committed to expanding its EV tire portfolio and has further strengthened its OET supply to major premium electric vehicles, including the Porsche Taycan, Audi e-tron GT and Q4 e-tron, BMW i4, Volkswagen ID.4, Hyundai IONIQ 6, Kia EV3 and EV9, Tesla Model Y and Model 3, and BYD Song Max and Yuan.

In addition, Hankook Tire has commenced a three-year exclusive supply agreement for racing tires in the FIA World Rally Championship (WRC), one of the world's most prestigious motorsports series organized 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) tire technology.

In 2025, Hankook Tire targets year-over-year sales growth while maintaining an operating profit margin in the 10% range and increasing the sales share of 18-inch and larger passenger car tires to over 50%. The company plans to further expand sales of high-value-added products in key strategic markets, strengthen partnerships with global premium automakers, and diversify its portfolio to solidify its leadership in the expanding EV market.

Meanwhile, Hankook Tire operates eight global manufacturing facilities, which drive profitability through enhanced plant operation efficiency and increased regional shipment volumes.

2024 Consolidated Financial Result

*Exchange Rates:

(NOTE: Average exchange rates for the given annual period, obtained from Korea Exchange Bank)

Q4 2024 Consolidated Financial Results

*Exchange Rates:

(NOTE: Average exchange rates for the given period, obtained from Korea Exchange Bank)