Key Stats
Founded: 1941 (as Chosun Tire Company)
Headquarters: Seongnam-si, South Korea
Employees: 20,000+
2024 Revenue: KRW 9.41 trillion (~$6.8 billion USD)
Global Ranking: 7th largest tire manufacturer worldwide
Hankook Tire & Technology is a South Korean tire manufacturer headquartered in Seongnam-si. The company produces approximately 102 million tires annually and distributes them to over 160 countries worldwide.
Originally founded as Chosun Tire Company in 1941, the company has grown from a small domestic producer into one of the world’s top tire makers. Hankook supplies original equipment tires to more than 50 automakers, including Porsche, Mercedes-Benz, BMW, Audi, Tesla, and BYD.
The company operates eight manufacturing facilities across South Korea, China, Hungary, Indonesia, and the United States. Its R&D operations span five technical centers globally, including the Hankook Technodome in Daejeon, South Korea.
Hankook Tire History
1941
Founded as Chosun Tire Company by Cho Hong-jai in Seoul during Japanese colonial rule. Initial production focused on bicycle tires with capacity of 110,000 units annually.
1962
Became the first Korean company to export automobile tires, shipping products to Pakistan. Cho Hong-jae of the Hyosung Group acquired a 49.1% stake.
1968
Renamed to Hankook Tire Manufacturing. The word “Hankook” means Korea, signaling the company’s national identity.
1974
Developed Korea’s first radial passenger tire, improving vehicle performance and safety standards domestically.
2011
Announced $1.1 billion investment to build a factory in West Java, Indonesia. Began tire supply for the Deutsche Tourenwagen Masters (DTM) racing series.
2016
Opened Hankook Technodome R&D center in Daejeon, South Korea. Moved North American headquarters from New Jersey to Nashville, Tennessee.
2017
Opened manufacturing plant in Clarksville, Tennessee, expanding production capacity in North America.
2019
Company renamed to Hankook Tire & Technology Co., Ltd., reflecting expanded focus on mobility technology.
2022
Launched iON EV tire family. Became exclusive tire supplier and technical partner for ABB FIA Formula E World Championship.
2025
Completed acquisition of Hanon Systems, becoming a comprehensive automotive parts company. Began three-year exclusive tire supply for FIA World Rally Championship.
Hankook Tire Revenue
Hankook reported global consolidated sales of KRW 9.41 trillion (approximately $6.8 billion USD) in 2024, a 5.3% increase year-over-year. Operating profit reached KRW 1.76 trillion, up 32.7% from the previous year.
High-value-added products drove profitability. The share of 18-inch and larger tires rose to 46.5% of sales, up 2.3 percentage points from 2023.
Hankook Tire Annual Revenue (USD Billions)
Hankook Tire Co-founders
Cho Hong-jai
Established Chosun Tire Company in 1941 in Seoul. His vision focused on producing domestically made tires during a period of import shortages.
Cho Yang-rae
Second-generation leader who professionalized and globalized the business during the late 20th century. Led the company’s international expansion.
Cho Hyun-bum
Current Chairman of Hankook & Company Group. Appointed CEO in 2018 and led the company’s push into EV tires and the acquisition of Hanon Systems.
Hankook Tire Marketcap
As of late 2025, Hankook Tire & Technology has a market capitalization of approximately $4-6 billion USD. The stock trades on the Korea Exchange under ticker 161390.KS.
Following the Hanon Systems acquisition in January 2025, the Hankook & Company Group’s total global assets reached approximately KRW 27 trillion, placing it among Korea’s top 30 corporations by net assets.
Hankook Tire Market Cap Trend (USD Billions)
Hankook Tire Competitors
Hankook competes with global tire manufacturers across passenger car, commercial truck, and specialty tire segments. The company ranks seventh globally by revenue.
| Company | Headquarters | Global Rank |
|---|---|---|
| Michelin | France | 1 |
| Bridgestone | Japan | 2 |
| Goodyear | United States | 3 |
| Continental | Germany | 4 |
| Sumitomo Rubber | Japan | 5 |
| Pirelli | Italy | 6 |
| Hankook | South Korea | 7 |
| Yokohama | Japan | 8 |
| Kumho Tire | South Korea | 13 |
| Nexen Tire | South Korea | 15 |
Hankook Tire Acquisitions
Hankook & Company Group completed its acquisition of Hanon Systems in January 2025. This deal represents the largest acquisition in Hankook’s history and positions the group as a comprehensive automotive parts manufacturer.
The company first acquired a 19.4% stake in Hanon Systems (then called Halla Visteon Climate Control) in 2014 for approximately $800 million. Over the following decade, Chairman Cho Hyun-bum gradually expanded the investment.
In May 2024, Hankook Tire & Technology signed an agreement to acquire an additional 25% stake from private equity firm Hahn & Company, along with 12.2% of new shares through a capital increase, totaling $1.3 billion. The final acquisition closed in January 2025 when Hankook acquired 144,962,552 new shares through a rights offering, followed by the purchase of shares held by Hahn & Company.
With this acquisition, Hankook & Company Group now holds 54.77% of Hanon Systems, which ranks as the world’s second-largest automotive thermal management solutions provider. The deal completes Hankook’s mobility portfolio of tires, batteries, and thermal management systems. Total investment in Hanon Systems exceeded $2 billion over the ten-year period.
Hanon Systems operates 53 production locations across 21 countries and supplies thermal management systems to major automakers including Hyundai Motor, Ford, Volkswagen, BMW, and Mercedes-Benz. The acquisition brought Hankook & Company Group’s total global assets to approximately KRW 27 trillion.
FAQs
When was Hankook Tire founded?
Hankook Tire was founded in 1941 as Chosun Tire Company in Seoul, South Korea. The company was renamed Hankook Tire Manufacturing in 1968.
What does Hankook mean?
Hankook means “Korea” in the Korean language. The company adopted this name in 1968 to reflect its national identity and origins.
Where are Hankook tires manufactured?
Hankook operates eight manufacturing plants located in South Korea, China, Hungary, Indonesia, and the United States (Clarksville, Tennessee).
Is Hankook a good tire brand?
Hankook ranks as the seventh-largest tire manufacturer globally. The company supplies original equipment tires to premium automakers including Porsche, BMW, Mercedes-Benz, and Tesla.
What is Hankook’s iON tire line?
iON is Hankook’s dedicated electric vehicle tire brand, launched in 2022. The lineup includes reduced rolling resistance, longer tread life, and noise-reduction technology designed specifically for EV performance.
