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Hankook Posts First Quarter Sales, Income Gains

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Hankook "continues to expand partnerships with premium car makers while solidifying leadership in the electric vehicle tire sector," say company officials.

Hankook & Co.'s global sales grew by 12.6% during the first quarter of 2021. Its operating profit increased by 75.5% during the same period.

"As the global market recovers from the COVID-19 shock, Hankook’s business is steadily recovering since the second half of 2020," say Hankook officials.

"The company is seeing its sales stabilize in several major markets that include Europe, North America, and China, particularly in the high-inch tire sector that accounts for tires 18 inches or higher. Global sales of high-inch tires accounted for 38% of entire tire sales, which is now up 4%, compared to the same period last year.

"Sales of replacement tires also increased as the market demand in the U.S. and Europe continued its recovery. China likewise showed a rise in the demand of replacement tires along with healthy sales of original equipment tires, indicating an upturn in the production of automotive vehicles."

Hankook officials say the company "continues to remain highly aggressive in its commitment" to building its reputation "as a premium brand" and is actively pursuing more OE fitments, including positions on electric vehicles.

"In 2021, Hankook seeks to maintain the growth momentum of its high-inch tire sales in major markets and add OE partnerships with an already-robust portfolio.

"Growth in the electric vehicle tire sector will also be one of the primary concentrations," say company officials.

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