Kumho Tire cruises toward meeting 2024 sales guidance

Kumho Tire CEO Jung Il-taik poses with the EnnoV electric vehicle tire during a promotion event in Hwaseong, Gyeonggi Province, March 15. Courtesy of Kumho Tire By Nam Hyun-woo Kumho Tire is on track to meet its sales targets for 2024, supported by positive global assessments of its premium tire products, the tire maker said, Monday. Kumho Tire set its 2024 revenue target at 4.

56 trillion won ($3.15 billion), aiming to improve its sales mix for 18-inch or larger tires to 42 percent, as well as securing over 16 percent of its global original equipment (OE) tire sales from electric vehicle (EV) tires. OE tires are the original tires installed in a vehicle when it comes from the factory.



As of the third quarter of this year, the company achieved 72 percent of its revenue target with cumulative sales of 3.29 trillion won. It has also reached 41.

8 percent in large tire sales and 14 percent in supplying OE tires for EVs. The company attributed its solid earnings trajectory to its technologies, which were highly recognized by influential car magazines across the world this year. Earlier this year, Kumho Tire’s ECSTA HS52 ranked third overall with a "Good" rating in a summer tire performance test conducted by German magazine ADAC.

The same tire also secured fourth place with a "Good" rating in a summer tire test organized by the German automotive magazine Auto Bild. The ECSTA PS71 SUV also claimed fourth place in a summer tire test for SUVs conducted by Auto Bild Allrad. In the United States, Kumho Tire ranked third among 18 global tire brands in the passenger vehicle OE tire customer satisfaction study by J.

D. Power. To take the early lead in the growing EV market, the company launched the EV tire brand EnnoV this year as part of its efforts to focus its resources on developing and supplying EV tires.

Beginning with EnnoV Premium, launched in March, premium products such as EnnoV WINTER and EnnoV SUPERMILE made their debut to improve the company’s sales mix. To respond to the future mobility market, Kumho Tire said it is developing advanced “Airborne Tires” for urban air mobility, and is also actively exploring the commercialization of smart tire systems equipped with sensors. Additionally, Kumho Tire has set a goal to transition all its raw materials to sustainable materials by 2045.

Last year, the company successfully developed tires with 80 percent sustainable material. “Through collaborations with prestigious automakers and research and development efforts for advanced products, Kumho Tire aims to provide better mobility experiences for customers, as well as proving the company’s technological competitiveness in the global market,” a Kumho Tire official said..