NASHVILLE, Tenn. — Every week, it seems like Hankook Tire & Technology Co. Ltd. announces another piece of news, be it a product release, sponsorship, expansion or another original equipment fitment.
Taken individually, they are what a tire manufacturer routinely does: share news about the company that keeps its product and brand name current as it seeks to increase market share. Collectively, everything the Seoul, South Korea-based tire maker has done is designed to meet one clear objective: Become a Top 5 global tire maker by 2030.
Hankook states that goal on page 16 of its 2022-23 Sustainable Mobility ESG Report, which was released Aug. 18.
- This article appears in the Aug. 28 print edition of Tire Business.
The goal: Net sales of $13 billion; annual production capacity of 150 million units; No. 1 in EV profitability; EBITDA margin equal to or greater than 20%; operating profit margin equal to or greater than 10%; and Top 5 in global sales.
Today, Hankook sits at No. 7, according to Tire Business' 2023 Global Tire Report. The company had global sales of $6.3 billion in 2022, just behind No. 5 Sumitomo Rubber Industries Ltd.(sales of $7.2 billion) and No. 6 Pirelli Tyre C & S.p.A. ($6.96 billion).
Hankook's goal of $13 billion in sales by 2030 exceeds last year's total global tire sales for No. 4 Continental A.G. ($12.4 billion).
"Obviously to do that, we have to focus on the major markets, like North America and Europe," Rob Williams, Hankook Tire America Corp. president, told Tire Business in an exclusive interview.