Hankook Tire seeks to improve presence in the North American OE business

Hankook will supply its Dynapro HT tyres as original equipment (OE) fitment for the 2016-model-year Toyota Tacoma pick-up in size P245/75R16S, reports industry publication Modern Tire Dealer. The tyres will feature in Tacoma's SR and SR5 variants, which come with steel wheels. "We believe that this new agreement with Toyota is a meaningful step forward for Hankook Tire as we seek to improve our presence in the North American OE business, particularly in the pick-up truck segment," said Seung Hwa Suh, CEO and vice-chair of Hankook Tire. Hankook claims that the tyres feature improved snow traction, lower rolling resistance, and improved handling and noise performance.
 

Significance: Hankook previously supplied Toyota for its 2013-model-year Corolla sedan in North America. Within North America, the United States is an important market for Hankook and the tyre-maker is building its first manufacturing plant in the country, scheduled to begin operations some time in 2016. Hankook launched a new budget brand, Laufenn, in 2014, which made its debut in the United States before entering 10 other strategic markets in due course. The North American market has witnessed a strong recovery in demand for pick-ups, thanks to low global fuel prices. According to IHS Automotive data, there was a 6.6% year-on-year (y/y) increase in pick-up sales in North America in 2014 to 2.78 million units, and we forecast this to rise to nearly 3 million units in 2015. Toyota's Tacoma remains among the top-seven best-selling pick-up models in North America. It recorded sales of 170,659 units in 2014 (down 2.9% y/y), with a predicted increase to 201,152 units for 2015.

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