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South Korean tire industry is in a "triple hardship"

 Last Update: 2021-12-24
 Source: Internet
 Author: User

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Recently, the South Korean tire industry, which has been plagued by the epidemic, has fallen into the “triple suffering” of rising raw material prices, poor logistics, and tight semiconductor supply

Statistics released by Kumho Tire recently showed that the company’s sales in the third quarter of this year were 648.

The reasons for the sluggish performance of South Korean tire manufacturers are, first of all, rising prices of raw materials such as natural rubber

The continued global logistics chaos has also had an impact on this

An insider in the tire industry said that logistics costs usually account for about 5% of sales, but they have now risen to 10%

Secondly, the tight supply of automotive semiconductors has also become a factor in the decline in performance

Although all Korean tire manufacturers plan to respond by increasing product prices, the situation is not optimistic

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