Hankook Tire’s third-quarter revenue and profit fell

According to Hankook Tire’s recent financial report, in the third quarter of 2021, the company’s global consolidated sales were 1.
8294 trillion won (approximately 9.
96 billion yuan), down 3% year-on-year; operating profit reached 180.
8 billion won (approximately 985 million yuan).
), a year-on-year decrease of 19.
5%
.


The company said that global downstream car manufacturers have frequently slowed down production due to semiconductor shortages, which has led to a decline in tire demand, a global supply chain crisis and continuous rise in raw material costs, which are the main reasons for the decline in performance
.


In this quarter, due to the rebound in demand for replacement tires (RE), the company's sales increased by 1.
3% compared with the second quarter.
The global sales of tires of 18 inches and above accounted for 36.
4% of the total sales of passenger car tires, a year-on-year increase of 2.
4%; The proportion of the Chinese market rose to 43.
4%, a year-on-year increase of 9.
8%; the proportion of the European market increased by 3.
6%
.


In major markets such as South Korea, China, Europe, and North America, sales of high-inch tires all increased year-on-year
.
Among them, sales of high-inch tires in China increased by 9.
8% year-on-year, and sales of high-inch tires in Europe increased by 3.
6% year-on-year
.


The company stated that in order to achieve its sales target of 7 trillion won this year, it will continue to focus on promoting the sales of high-inch tires in key markets, expand original tire (OE) partnerships with global high-end automakers, and ensure that it is in electric Leading position in the field of automotive tires
.