April 26, 2024

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[THE INVESTOR] Hankook Tire said on Jan. 22 it will supply tires to a Chinese bus company.

The latest deal is part of the tire maker's efforts to diversify its clients in China, the world’s biggest automobile market. 

On Jan. 8, Hankook Tire signed a memorandum of understanding with Guangzhou Jumbo to exclusively supply Singda tires for buses that transport passengers in cities for the next three years, the company said in a statement.

Guangzhou Jumbo, which operates 4,500 buses in 187 lanes, used to have deals with multiple tire makers, such as Michelin Automotive Tires, Dunlop Tires and domestic brands, it said.

Previously, Hankook Tire signed a deal with China‘s state-run China Petrochemical Corp., known as Sinopec Group, in November to supply truck and bus tires to gas stations run by Sinopec.

It became the second multinational company to deliver TBRs to Sinopec’s gas pumps after Michelin.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)