Ford Motor Co. has awarded South Korea's Hankook Tire Manufacturing Co. a multi-year contract to supply tires for Ford's new F-150 pickup truck.
Ford recently launched the 2004 version of the F-150, the single largest selling personal transportation vehicle in North America. Ford projects annual sales of more than 800,000 units for the F-150.
Hankook is making the tires-the DynaPro RH03 and DynaPro AT RF08 in sizes P235/70R17S XL and P235/75R17S-at its plant in Daejeon, South Korea. The contract represents Hankook's first OE supply deal for the road tires on a North American vehicle. Hankook has supplied mini spares to Ford for the compact Focus since 1999 and more recently took over the spare tire contract for Ford's Escape sport-utility vehicle.
The companies did not disclose the value or size of the contract. Besides Ford, Hankook Tire also sells tires to France's Renault S.A., Sweden's Volvo A.B. and Germany's Volkswagen A.G., the tire maker said.
In 2002, Hankook Tire's sales totaled $1.53 billion with exports accounting for about 60 percent of the revenue, it said. First quarter 2003 sales were up 15.5 percent over 2002 to $346 million.