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Hankook Tire Participates in Russian Tire Show… Paving Way Into Potential Market
Hankook Tire Participates in Russian Tire Show
Paving Way Into Potential Market
■ Participation in local exhibition and establishment of Moscow branch office mark
full-fledged entry into Russian market
■ Introduced Hankook Tire brand through ‘Tires & Rubber 2006’ show in Moscow from March 13~16th
■ Showcased UHP, winter, truck/bus tires
■ “Plan to make full-fledged effort to open potential markets in Russia and Eastern Europe.”
Hankook Tire is gearing up to make inroads into the Russian market.
Hankook Tire introduced its brand and products to the Russian public at the ‘Tires & Rubber 2006’ show which was held from March 13th to 16th at the Expocentr Exhibition Complex in Moscow.
Now in its ninth year, the show is Russia’s biggest and most influential trade show devoted to tires and rubber goods. Some 250 companies from 18 countries, including Germany, Poland and Bulgaria, participated this year.
Russia is emerging as a promising new auto market, with automobile sales recording an annual growth rate of 10~15%. Recently, global car manufacturers including Ford and GM have been rushing to enter the country.
The Russian tire market in 2005 was approximately 48 million units (34 passenger car tires and 14 million truck/bus tires). By 2010, the market is projected to accelerate to 61 million units (45 million passenger car tires and 16 million truck/bus tires).
This was Hankook Tire’s first participation in the Russian show. The company showcased its Ultra High Performance (UHP) tires ‘Ventus R-s2’, ‘Ventus sport K104’and ‘Ventus S1 evo,’ in addition to winter tires ‘Nordik’ and ‘Icebear’ and truck and bus tires ‘AL02’ and ‘AH11.’
Hankook Tire also plans to aggressively target the promising Russian market by establishing a branch office in Moscow this May.
The company made its first public appearance in the Moscow show to expose the Hankook Tire brand ahead of its full-scale entry into Russia and other potential markets in Eastern Europe.
Hankook Tire is currently exporting KRW 10 billion (as of 2005) worth of tires to Russia annually.