In an interview with Xinhua News Agency, South Korea's Hankook Tire Specialist and Minister of Research and Development Li Xiang said that Hankook Tire plans to achieve a total production capacity of 100 million pieces in 2015 and achieve the fifth largest market share in the world in 2014.
Hankook Tire is the world’s seventh largest tire manufacturer and currently has a market share of approximately 20% in China. Li Xiangzhou said that after Hantai Tire's new Chongqing plant and Indonesia plant have been completed and put into operation, it is expected that the production capacity will increase by 20 million, and the current production capacity will be 80 million.
According to Li Xiangzhou, the annual investment in technology research and development of Hankook Tire reaches approximately 5% of its annual sales. It provides tires to the world's top events through research and development of high-performance products to increase brand influence.
Hankook Tire entered the Chinese market in 1996. Li Xiangzhou said that the company attaches great importance to the development of the Chinese market. At present, Hankook Tire has 30 million pieces of production and sales in China, accounting for about 1/3 of its total global production and sales. Hankook Tire provides tire support to more than 20 vehicle companies in the Chinese market. As of the end of 2012, Hankook Tire had more than 1,500 branded service franchises in China and plans to add another 300 this year to increase market share.
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