January-August Hankow China sales trucks and buses tires 650,000

From January to August 2010, Hankook Tire (China) sold a total of 650,000 truck and bus tires, and it is expected that sales will exceed 1 million during the year. From July to August this year, Hankook Tire Co., Ltd. passed a number of sales promotion policies to increase the overall sales of truck and bus tires by more than 10% from the monthly average sales volume in the second quarter.

Hantai Tire, which entered the Chinese market in 1996, has been mass-producing truck and bus tires since 2003. The average annual growth rate has so far remained at around 20%.

Recently, the world’s tire giants announced the first half of 2010 reports, showing that the world’s tire industry has emerged from the downturn after a severe financial crisis last year, and sales revenue and profits have grown in tandem. The global automotive industry is also bottoming out in the context of government stimulus and economic growth, leading to a significant increase in demand for tires. Many domestic and international first-tier tire brands with considerable financial and technical strength have been optimistic about the Chinese car and passenger car tire market, and have started to develop medium- and long-term strategic plans for market share.

According to data from the China Rubber Industry Association, sales of Chinese truck and bus tires will increase by 25% to 30% each year in the next few years, while total tire sales in China will increase by 15% per year. In 2010, Hankook Tire was not only committed to the continued high-end development of the passenger car tire business, but also the passenger car tire business is expecting a higher growth rate.