South Korean tire manufacturer Nexen Tire posted third-quarter revenue of ₩781 billion ($542 million), a 10% increase from a year earlier, as demand strengthened in Europe and its domestic market. The company reported operating profit of ₩46.5 billion with a 6% margin, while net income reached ₩54.8 billion compared with a loss of ₩6.4 billion in the same period last year.
The Yangsan-based company cited robust European sales and growing demand for larger tire sizes—which now account for 38.1% of revenue—as key drivers. Cost pressures eased as natural rubber prices stabilized near $1,660 per ton, down from peaks earlier in 2024, while container shipping rates declined on vessel oversupply.
Nexen is expanding production at its Czech Republic facility, targeting annual capacity of 11 million units by early 2026 as it ramps up its second phase. The manufacturer also established subsidiaries in Saudi Arabia and Mexico to manage regional distribution networks.
However, operating margin fell 1.4 percentage points year-over-year to 6%, reflecting competitive pricing dynamics and ongoing investments in product development. The company launched its EV Root tire lineup and introduced a high-dynamic driving simulator, claiming the technology is a first for Korea’s tire industry.
