Nexen Tire is consolidating its three European bases -- Czech Republic, Germany, and Italy -- into a single Czech corporation. This initiative aims to streamline business operations by centralizing dispersed bases within Europe. There is keen interest in whether Nexen Tire, which encountered setback
Kumho Tire plans to invest more than 1 trillion won to build its inaugural factory in Europe by 2027. The company intends to evaluate incentives and tax benefits pledged by four countries -- Romania, Serbia, Portugal, and Turkey -- including the size of subsidies, before finalizing the factory’s loc
The author is an analyst for Shinhan Securities. He can be reached at yjjung86@shinhan.com -- Ed.Operating margin to improve from 2.5% in 1Q to 7.6% in 4QNexen Tire recorded sluggish earnings in 1Q23 with sales of KRW639.6bn (+20% YoY, -9% QoQ) and operating profit of KRW16.2bn (positive swing YoY,
The labor union of Nexen Tire’s plant in the Czech Republic announced through a local social network on Jan. 25 that it would go on strike on Jan. 31.The labor union claimed that it had tried to narrow differences with the management over the past year with regard to a pay raise and other working co
The author is an analyst of Shinhan Investment Corp. He can be reached at yjjung86@shinhan.com. -- Ed. Valuations down to global lows with losses continuing on high costsNexen Tire shares have gained 20.6% since the beginning of September, driven by expectations for a return to profit after three qu
Nexen Tire has decided to recall 5,447 units of the Nexen Winguard Snow G3 and the Nexen Winguard Sport 2 tires that were recently produced at its Czech plant, according to the Slovak Trade Inspection (SOI) and industry officials on July 28. The Nexen Winguard Snow G3 is a premium touring winter tir
Saudi Arabia’s Public Investment Fund (PIF) has invested 1 trillion won in Nexon. Recently, a series of big deals has taken place in the global game industry, including Microsoft’s acquisition of Activision Blizzard. PIF has been expanding its investment in game companies and has recognized Nexon’s
South Korean tire manufacturers are facing a triple whammy of rising raw material prices, rising logistics costs and high anti-dumping duties in the United States.On June 23, the United States International Trade Commission drew a conclusion that passenger car and light truck tires imported from Sou
Nexen Tire announced on Feb. 16 that it will supply Enpera Sports, N Blue S, and Wingard Sports 2 Tires for fourth-generation Audi A3 models.Fourth-generation Audi A3 models were first unveiled in 2020 and consist of a premium Sportback model which is produced using Volkswagen Group’s MQB platform a
Hankook Tire announced on Feb. 15 that it was planning to expand its plant in Clarksville, Tennessee of the United States, to double its production capacity from 5.5 million units a year to 11 million units.The company is planning to invest about 100 billion won in plant expansion in 2021 and invest
Nexen Tire announced on Sept. 21 that it will supply tires for a new model of U.S. electric car startup Canoo.Canoo is a Los Angeles-based startup that plans to launch the world’s first subscription-based electric vehicle (EV) plans. It is different from ordinary EV producers as it will use a member
Hyundai Motor Co. announced on Aug. 13 that three KONA Electric vehicles have set a new range record.Over the course of a three-day range mission, the pure electric subcompact SUVs each travelled 1,018.7, 1,024.1 and 1,026.0 kilometers (km), exceeding the goal of 1,000 km on a single battery charge.
Chinese electric bus suppliers and steelmakers are increasing their presence in South Korea. For example, Tsingshan Iron & Steel recently submitted a letter of intent to Busan City to build a stainless steel manufacturing plant. The Chinese company is currently the world’s largest stainless steel ma
Nexen Tire will have four global bases when the Magok Central Research Institute is completed in the first half of 2019. The tire company has moved its research and development (R&D) centers in Europe and the United States to bigger buildings. In September of 2018, its European R&D center and sales
Korean tire manufacturers are working on high-tech and innovative products in step with the fast-changing car market.For example, Kumho Tire is developing plastic tires for launching within this year. Tires to which special plastic materials are applied do not become flat and, as such, are regarded
Chaebol family members are becoming corporate executives at a younger age than before.The number of chaebol children who were born after 1970 and have become executives at major business groups is estimated at 130. Three major business conglomerates are run by a chairman in his 40s and others have e
Nexen Tire announced on Jan. 21 that its Roadian MTX has won the “Good Design” award in the transportation category at the U.S. Good Design Awards.Good Design awards are presented annually by the Chicago Athenaeum Museum of Architecture in cooperation with the European Centre for Architecture, Art,
Nexen Tire has won the US$900 Million Export Tower Prize from the Ministry of Trade, Industry and Energy, the company announced on Dec. 20."We were awarded the prize at the 55th Trade Day ceremony held on Dec. 7," a company official said. "We could attain US$900 million in exports as sales of premiu
Kolon Industries announced on September 18 that it has completed a tire cord factory in Vietnam's Binh Duong Province. Tire cords are a kind of fiber reinforcing material that acts as the frame of tires. It is an important material that is expected to grow in demand due to the emergence of vehic
South Korean banks are pushing to enter the global investment banking (IB) market in order to diversify their business portfolio and increase profits. However, some say that they are still in its infancy compared to global banks.According to IB industry sources on June 25, major South Korean banks a