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OE Sales Helped Drive Hankook's Third Quarter Gains

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Hankook Tire & Technology posted a year-over-year sales increase of 25.7% - as well as a year-over-year gain in operating profit - during the third quarter of 2022.

"Sales of high value-added tires improved during the quarter, along with original equipment tires in major markets, including the U.S., Europe, China and Korea," say Hankook officials.

Overall demand for replacement tires, however, "slowed slightly" versus the same period in 2021.

Global sales of passenger tires that are 18 inches in diameter and larger accounted for 41.1% of Hankook's total passenger tire sales - up 4.7% from last year.

Hankook saw the most growth in China, with an 8.9% year-over-year jump in replacement passenger tire sales.

The Seoul, South Korea-based company's passenger tire sales grew by 4.4% in Europe, 4.2% in its native country and 3.6% in the U.S.

By the end of this year, Hankook aims to achieve double-digit year-over-year growth, "although market uncertainties are expected to persist, triggered by economic downturn and surging energy prices."

The company "will focus on sustaining increased sales portion of high-inch wheel size tires among total sales of passenger car tires and gaining leadership in the electric vehicle tire segment."

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