On February 6, Kumho Tire announced its 2024 performance forecast, with full-year revenue of KRW 4538.1 billion, a year-on-year increase of 12%; profit of KRW 433.9 billion, a year-on-year increase of 91%, a six-fold increase in profit compared to 2020. Industry insiders believe that in 2024, Kumho Tire's performance continued to grow rapidly, mainly due to breakthrough progress in market expansion, product innovation, and capacity layout.
In 2024, while maintaining revenue growth in the original equipment market, Kumho Tire stepped up its sales in the replacement market, especially seizing the opportunity of growing tire demand in Europe and North America, and achieved significant growth in the European, American and Chinese markets.
Compared with 2020, Kumho Tire's sales in the European market increased by 2.6 times, in the U.S. market by 1.4 times, and in the Chinese market by 92%. In the emerging new energy vehicle tire market, Kumho Tire has also achieved impressive results. In 2024, Kumho Tire launched the EnnoV series of new energy vehicle tire brand products in the Chinese market. EnnoV is the industry's first series of products that uses high-load capacity design technology and foam silent sponge materials in all specifications of mass-produced products.
Kumho Tire continues to improve its technological leadership and product competitiveness, winning market share and reputation with high-performance, high-quality products. In 2024, Kumho Tire also launched high-end, high value-added products such as PS72 and TA92. Once these products were launched on the market, they quickly gained acclaim from the market and users, helping to improve the company's performance.
Kumho Tire continues to advance its global production layout. While increasing the production capacity of Kumho Vietnam's factory in 2024, it strengthened collaboration with Doublestar in resource sharing, logistics and transportation, and capacity layout, and continuously reduced production and operating costs.
Kumho Tire stated that in 2025, in the face of new opportunities and challenges, Kumho Tire will continue to strengthen its collaborative development with Doublestar, strengthen market expansion and key technology innovation, continue to create high-value-added products, and bring better products and services to global users and partners.
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