Hankook tire sales hit quarterly record as earnings decline

Seoul – Hankook Tire & Technology has reported record third-quarter tire sales, driven by higher volumes and favourable exchange rates.

The South Korean group posted a 3.7% year-on-year increase in tire division sales to KRW2.81 trillion (€1.9 billion) for the three months ended 30 Sept, it was announced 6 Nov.

Operating profit, however, declined 2.6% to KRW506 billion, reflecting higher raw-material and logistics costs linked to geopolitical tensions in the Middle East.

According to Hankook, increased sales of "high-value-added products", including premium and electric vehicle (EV) tires, partially offset the impact of rising costs.

The group said it continued to expand its global OE tire supply, including new applications for premium and electric vehicles.

For the first nine months of 2026, tires measuring 18 inches and above accounted for 49.4% of passenger car and light truck tire sales.

Meanwhile, EV-specific tires represented 32.3% of OE tire sales in the same category.

Hankook said the figures reflected continued growth in its premium and EV tire businesses.

At group level, including automotive thermal management subsidiary Hanon Systems, Hankook reported 1% higher third-quarter consolidated sales of KRW5.47 trillion while operating profit rose 2.2% year-on-year KRW598.8 billion (€366 million).

Hanon Systems, consolidated as a Hankook subsidiary since 2025, reported third-quarter sales of KRW2.66 trillion, down 1.8% year-on-year.

Operating profit at the thermal management business, however, increased 26.6% to KRW120.6 billion.