韩媒综述：韩国三大轮胎厂今年或创新高营业利润，受益中国电动车出海配套，但无新增订单或指引

South Korea's tiremakers are on track to post their highest-ever operating profit this year, lifted by Chinese electric vehicle makers that are expanding aggressively in Europe and Latin America and increasingly choosing Korean tires as original equipment. The trend is not an unmixed blessing, as Chinese EVs pose a growing threat to the broader Korean auto industry, leaving tiremakers reluctant to celebrate too openly.
The combined operating profit of the country's three tiremakers — Hankook Tire & Technology (161390.KS, tire division), Kumho Tire (073240.KS) and Nexen Tire — is forecast at 2.6357 trillion won ($1.8 billion) this year, according to data from FnGuide on the 26th. That would be 8.4% higher than last year's 2.4305 trillion won and would surpass the previous record of 2.523 trillion won set in 2024.
By company, Hankook Tire is expected to earn 1.869 trillion won, Kumho Tire 596.9 billion won and Nexen Tire 169.8 billion won. Combined revenue is projected at 19.6314 trillion won, approaching the 20 trillion won mark.
The industry is nearing a record profit despite raw material cost pressure stemming from the conflict in the Middle East, thanks to major Chinese EV makers such as BYD and Geely that are pushing into Europe, South Korea and Latin America. Through September this year, BYD sold a total of 283,997 vehicles in Europe, a 134.6% increase from the same period last year. Chery's sales grew 255.9% to 260,650 units, while Leapmotor surged 424.2% to 87,922 units.
Hankook Tire supplies tires for the BYD Seal 6 and Atto 3, as well as for Xiaomi and Leapmotor. Kumho Tire counts BYD, Geely and Chery among its customers. Nexen Tire supplies tires for BYD's Seal 6 and Dolphin Surf, along with Leapmotor and Baidu. The models the three companies supply are flagship products exported to Europe, Australia and other overseas markets, creating a structure in which revenue and profit at the three Korean tiremakers rise in step with Chinese EV makers' global sales.
The alliance of convenience between Chinese EVs and Korean tires extends beyond passenger cars into autonomous driving, including robotaxis. Hankook Tire recently expanded its cooperation with Baidu's Apollo Go robotaxi platform from four cities to 10. The company is newly supplying its EV-specific tire, the iON ST AS, in Shanghai, Chengdu and other cities.
Nexen Tire has also been supplying its Roadian GTX sport utility vehicle tire for Baidu's Apollo RT6 robotaxi, commercialized in Wuhan, China, since 2024.
EV tires tend to be more profitable than those for internal combustion engine vehicles. They require higher-specification materials, including sound-absorbing foam, but the additional cost burden is limited while prices are set 15% to 18% higher as premium products.
The industry expects profit growth to continue for some time alongside the expansion of China's EV sector, given that Chinese tiremakers are growing slowly and lag in technology. Zhongce Rubber Group and Sailun Group ranked ninth and 10th globally by revenue last year among Chinese tiremakers, but their low global recognition leaves them dependent on the domestic market.
"Tires are seen as a safety component, so it is difficult to replace them with Chinese tires to cut costs, and the European Union's tariffs on Chinese tires have raised the value of Korean tiremakers further," an industry official said. "If raw material prices stabilize, explosive profit growth will become possible in step with the spread of EVs."