Hankook Tire aims to join global top 5 with new EV-only tires

South Korea’s leading tire maker Hankook Tire & Technology Co. is aiming to join the ranks of the global top five tire makers with its latest products for electric vehicles.

The company said on Tuesday it has begun selling EV-only tires for replacement purposes in the domestic market under its new iON brand.

With six tire models, including those for summer, winter and all-season, Hankook Tire now has the full lineup for electric sedans and sport utility vehicles, it said.

The company has already launched iON EV tires such as the iON evo AS and the iON evo AS SUV, in Europe. It also plans to take its tires to the US and other global markets later this year.

Hankook Tire currently supplies its products to seven auto brands – Porsche (Taycan), Audi (e-tron GT, Q4 e-tron and Q4 Sportback e-tron), BMW (i4), Volkswagen (ID.3, ID.4 and GTX), Tesla (Model 3 and Model Y), China’s NIO (ES6 and EC6) and Hyundai Motor Co.'s IONIQ 6.

The Korean company is known to be selling more EV tires for new cars than its rivals such as Japan’s Bridgestone Corp. and US tire manufacturer Goodyear Tire & Rubber Co.

STRONGER, PRICIER THAN GENERAL TIRES

EV-only tires require different technologies than those of general tires.

Unlike internal combustion engine (ICE) vehicles, electric cars don’t produce engine noise, which makes road noise seem louder when tires touch road surfaces. So, noise reduction technology is applied to EV-only tires.

In addition, heavy batteries give 10-20% higher loads to electric cars compared to ICE vehicles, so EV tires must have greater durability.

Hankook Tire said it is using aromatic amide, commonly known as aramid, a ballistic protection material, in its EV tires to strengthen durability.

Hankook Tire, the world's seventh-largest tiremaker by sales, aims to join the world’s top five tire makers with its focus on EV tires.

France’s Michelin is the world’s No. 1 company by sales, followed by Bridgestone, Goodyear, Germany’s Continental, Japan’s Sumitomo and Italy’s Pirelli.

Hankook Tire said it will focus on EV tires, which are up to 20% more expensive and thus more profitable than general tires, to compete with the current global big five tire makers as it seeks a greater share of the global EV-only tire market.

As demand for replacement equipment (RE) tires is growing at a fast pace in line with robust sales of electric cars, Hankook said it will increase its production of EV tires for replacement purposes.

The company, which makes almost two-thirds of its tires at overseas plants, is expanding its facilities, particularly in the US to respond to growing trade protectionism.

Hankook said in August it will invest $1.6 billion to more than double its output in the US – responding to Washington’s decision to provide tax credits only for electric vehicles made in North America.

By Hyung-Kyu Kim

khk@hankyung

In-Soo Nam edited this article.