Hankook Tire to strengthen premium tire market
Porsche's high-end sports vehicle model Cayenne uses Hankook tires in this file photo. / Courtesy of Hankook Tire
By Kim Jae-heun
Hankook Tire & Technology Co. plans to strengthen its position in the tire market to satisfy customers amid intensifying competition, the company said on Tuesday.
The market demands tires for safe and quiet driving, but at the same time, suitable for high-performance power trains. They also have to show quality grip force and brake performance while saving fuel to meet eco-friendly regulations.
Hankook Tire has been consistently investing in research and development to ensure product quality and has formed a strategic partnership with 46 carmakers around the world where it supplies tires for 320 vehicle models.
The company spends a lot of time on the development of one tire model; it takes an average of three years and the procedure involves three stages with five testing levels.
First, it has to review the development of tire and make a sample product to test it. It also has to go through a test by carmakers to get confirmation for a supply deal.
Second, the tire company will reflect some of the feedback it received from carmakers to develop a product. The second edition will go through both the tire company's internal test and the carmaker's external test.
When the final version comes out, it will go through a last testing before it is mass-produced for new cars.
Tires are the only component that has its manufacturer's name exposed in a new car, so when a tire company has low brand value, it can be eliminated in the last stage.
In this sense, Hankook Tire has achieved a grand slam by becoming the first local manufacturer to supply tires for Germany's BMW, Audi and Mercedes Benz. It is also making tires for high-end sports vehicles like Macan and the Porsche Cayenne.
In the American market, Hankook Tire is supplying products for Japanese carmakers' bestselling Honda Accord and Toyota's. Last year, Hankook signed a contract to make tires for Toyota's Corolla.