South Korean tire manufacturer Kumho Tire Co. introduced its new tire brand specifically designed for electric vehicles (EVs) in its latest move to compete with rival Hankook Tire & Technology Co.

EnnoV, a portmanteau of innovation and electric, is the newest piece of the company‘s technology and expertise since the debut of its first EV-specific tire, the Wattrun, in 2013.

Kumho Tire marked the EnnoV’s launch with a grand event on Friday at the Korea Automobile Testing and Research Institute in Hwaseong, Gyeonggi Province. This event suggested the beginning of a new chapter for Kumho Tire as it strives to transform into a high-end tire manufacturer, with Kumho Tire Chief Executive Jung Il-taik saying in his speech, “2024 heralds a new chapter for us as we evolve into a technology-driven brand, and the introduction of EnnoV is a significant step in this direction.”

Jung added the company’s sales target for this year is 4.56 trillion won ($3.37 billion), after Kumho Tire saw record sales of 4.04 trillion won and an operating profit of 411 billion won in 2023.

EnnoV underscores the tire manufacturer‘s dedication to offering tires tailored for battery-powered vehicles. The company targets sales of 120,000 to 150,000 units of EnnoV in 2024 and aims to increase its market share of Original Equipment (OE) tires for passenger cars and light trucks from approximately 9 percent in 2023 to over 16 percent.

Kumho Tire also announced plans for a new manufacturing facility in Europe as part of its ambitious growth strategy.

“We are considering four potential locations for our first plant in Europe,” Jung said at the event. The facility will have an initial production capacity of 6 million tires, which will double to 12 million, and these tires will be supplied to BMW, Mercedes-Benz, and other luxury automakers.

By Moon Gwang-min and Han Yubin

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]