Nexen revenues grow on increased European demand

Seoul – Nexen Tire has registered a 2.3% year-on-year increase in third quarter sales to KRW708.5 billion (€ 473.4 million), the Korean-based tire maker announced 30 Oct.

Revenue growth in the three-month period to 30 Sept was largely driven by higher sales in the European market, which grew by 11.9% year-on-year, the company said.

According to Nexen, Europe’s replacement tire market “saw strong winter tire sales during the peak seasons” – the second and third quarters of 2024.

Meanwhile, it noted, “despite a slowdown in the Europe market, OE tire supply also remained stable” due to the company’s expanded supply to premium brands and increased brand-recognition efforts.

From 2025, Nexen said it expects to benefit further from an expansion of its European production site in Zatec, the Czech Republic, where a second facility will double production capacity to 11 million units/year.

The unit, which began operations earlier this year, is continuing to ramp up with the goal of being fully operational by the end of next year, the company reported.

The new facility, it added, is playing an increasing role in the production of 18” and larger tires, which accounted for 35.9% of Nexen’s overall sales in the third quarter of 2024.

Output of high value-added tire increase by 3.9 percentage points compared to the same period last year, continued Nexen, noting rising demand for these products on SUVs and premium vehicles.