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Korean tire maker supplies high-quality products to BMW, Audi, Mercedes
Hankook Tire Co. has stepped up its overseas marketing to wage competition with Continental, a German player dominating Europe in the supply of tire products to premium car brands.
Following contracts with BMW and Audi, Hankook Tire became an auto parts supplier for Mercedes-Benz this year.
The company, the No. 1 tire manufacturer in Korea first tapped in to the German luxury market five years ago.
The firm forged a supply contract with Audi in 2007 and BMW in 2011. Daimler Group, the parent automaker of Mercedes-Benz, selected the company’s products several weeks ago.
Auto research analysts say Hankook’s advancement into the German luxury brand market will be an opportunity for it to differentiate itself from inexpensive, low-quality Chinese products on the global stage.
The tire maker is striving to narrow its market share gap with global players such as Bridgestone, Michelin, Goodyear, Continental and Pirelli.
It has been operating a large-scale manufacturing plant in Dunaujvaros, Hungary, 68 kilometers south of Budapest since 2010.
The company is aiming to become the world’s fifth-largest tire producer as its global production is approaching 100 million tires per annum with its European plant now rolling out tires.
Aside from the three German brands, Hankook Tire is currently offering products to several foreign firms such as Nissan, Ford, Chrysler and General Motors.
“We are vying to become an entity that is second to none. Our time-honored initiative seems to be bearing fruit as our goods have been bought by global carmakers of late,” a company spokesman said.
It has more than 80 branches across the world and exports to more than 180 countries.
It has also positioned itself to compete with its international rivals rather than just taking advantage of local opportunities.
The spokesman said that Hankook Tire is one of the world’s largest and fastest-growing producers of radial tires for passenger cars, light trucks, trucks and buses.
It also develops cutting-edge technologies to upgrade customer satisfaction through high-quality products. Based on sales in 185 countries across the world, Hankook Tire is ranked seventh in global sales revenue.
It has more than 14,000 employees in four regional headquarters, over 20 overseas subsidiaries and five research and development centers around the world and makes 70 percent of its revenue in overseas markets.
Hankook has also been active in developing environmentally friendly products.
The Enfren was the first eco-friendly tire in Korea. It can help increase the fuel economy of a car by about 16 percent, which according to the company’s calculations can cut fuel costs by around 410,000 won ($355) a year.
That efficiency means Enfren tires can reduce carbon dioxide emissions by 4.1 grams per kilometer, which equates to 820 kilograms over a distance of 200,000 kilometers.
According to the company, 820 kilograms of carbon dioxide is equivalent to the amount of the gas absorbed by 146 trees in one year.
Although tires with special features are available, the practical functions of a tire have generally been limited to enabling a car to move along the road without slipping.
“However, as technologies evolve, the nation’s tire makers including Hankook are also evolving and developing tires with additional practical functions and even products that may alter automobile designs altogether,” an analyst said.
By Kim Yon-se (kys@heraldcorp.com)
Hankook Tire Co. has stepped up its overseas marketing to wage competition with Continental, a German player dominating Europe in the supply of tire products to premium car brands.
Following contracts with BMW and Audi, Hankook Tire became an auto parts supplier for Mercedes-Benz this year.
The company, the No. 1 tire manufacturer in Korea first tapped in to the German luxury market five years ago.
The firm forged a supply contract with Audi in 2007 and BMW in 2011. Daimler Group, the parent automaker of Mercedes-Benz, selected the company’s products several weeks ago.
Auto research analysts say Hankook’s advancement into the German luxury brand market will be an opportunity for it to differentiate itself from inexpensive, low-quality Chinese products on the global stage.
The tire maker is striving to narrow its market share gap with global players such as Bridgestone, Michelin, Goodyear, Continental and Pirelli.
It has been operating a large-scale manufacturing plant in Dunaujvaros, Hungary, 68 kilometers south of Budapest since 2010.
The company is aiming to become the world’s fifth-largest tire producer as its global production is approaching 100 million tires per annum with its European plant now rolling out tires.
Aside from the three German brands, Hankook Tire is currently offering products to several foreign firms such as Nissan, Ford, Chrysler and General Motors.
“We are vying to become an entity that is second to none. Our time-honored initiative seems to be bearing fruit as our goods have been bought by global carmakers of late,” a company spokesman said.
It has more than 80 branches across the world and exports to more than 180 countries.
It has also positioned itself to compete with its international rivals rather than just taking advantage of local opportunities.
The spokesman said that Hankook Tire is one of the world’s largest and fastest-growing producers of radial tires for passenger cars, light trucks, trucks and buses.
It also develops cutting-edge technologies to upgrade customer satisfaction through high-quality products. Based on sales in 185 countries across the world, Hankook Tire is ranked seventh in global sales revenue.
It has more than 14,000 employees in four regional headquarters, over 20 overseas subsidiaries and five research and development centers around the world and makes 70 percent of its revenue in overseas markets.
Hankook has also been active in developing environmentally friendly products.
The Enfren was the first eco-friendly tire in Korea. It can help increase the fuel economy of a car by about 16 percent, which according to the company’s calculations can cut fuel costs by around 410,000 won ($355) a year.
That efficiency means Enfren tires can reduce carbon dioxide emissions by 4.1 grams per kilometer, which equates to 820 kilograms over a distance of 200,000 kilometers.
According to the company, 820 kilograms of carbon dioxide is equivalent to the amount of the gas absorbed by 146 trees in one year.
Although tires with special features are available, the practical functions of a tire have generally been limited to enabling a car to move along the road without slipping.
“However, as technologies evolve, the nation’s tire makers including Hankook are also evolving and developing tires with additional practical functions and even products that may alter automobile designs altogether,” an analyst said.
By Kim Yon-se (kys@heraldcorp.com)
