Korean tire maker Hankook Tire just announced its financial results for the year 2022, posting a 17.5% increase in profit.

Consolidated worldwide sales reached a record level of 6.9 billion (US$) while operating profits represented 576.7 million (US$).

These two results show an increase of 17.5% and 9.9% respectively compared to the previous year.

Annual sales were supported by the addition of value-added products and an effective pricing strategy.

This has enabled the company to weather global economic conditions, supply challenges and the rising cost of raw materials used in tire manufacturing.

Sales of large tires, 18 inches and larger, accounted for 40.8% of total sales.

Tires for electric vehicles

The U.S. market consumed 2.5% more tires from this manufacturer in 2022.

The year 2022 also saw a stronger presence of the Korean manufacturer in the specialty tire market for electric vehicles.

Financial targets for 2023 are to achieve 5% revenue growth over 2022, focused on increasing the percentage of large tire sales.

In addition, Hankook aims to increase its share of original equipment tire supply for new electric light vehicles to 20%.

Finally, the Korean manufacturer markets its products in more than 160 countries and has eight production sites and five research centers.

Its radial tires are designed for passenger vehicles, SUVs, light trucks, recreational vehicles and heavy trucks.