South Korean tiremakers eye EV market for new growth

SEOUL -- South Korean tiremakers are setting their sights on electric vehicles as demand for original and replacement equipment is expected to grow steadily despite a recent EV market slowdown.

In the original equipment sector, Hankook Tire & Technology, the country's largest tiremaker, expects 25% of its total sales this year to be to EV makers, up from 15% last year. Hankook supplies its iON brand EV tires to global automakers including Porsche, Audi, BMW, Volkswagen, Toyota and BYD.