HANKOOK SETS SIGHTS ON BECOMING A TOP-FIVE GLOBAL TIRE MANUFACTURER BY 2030: THE COMPANY DETAILS GROWTH ASPIRATIONS, $1.6B TENNESSEE FACTORY EXPANSION AND NEW PRODUCTS FOR 2024 DURING PARTNER'S DAY MEETING.

Hankook Tire executives have announced their goal of becoming one of the top five tire manufacturers globally by 2030. The company currently ranks seventh in global tire sales and has a production capacity of 102 million units. To achieve their growth aspirations, Hankook plans to invest $1.6 billion in expanding their Tennessee factory, increasing production capacity to 11 million units. They also aim to become a top-tier brand, a leader in EV tires, and achieve a 20% EBITDA margin and 10% operating profit margin by 2030. Additionally, Hankook plans to release four new TBR tires in 2024 and improve their PLT tire strategy. [Extracted from the article]