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Report: Hankook Carrying ‘Record Inventory Glut’

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South Korea’s Yonhap news agency reported this morning that Hankook Tire Co. “has scaled back production due to its record inventory glut.”hankook plant

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The agency said Hankook was carrying an inventory of 660,000 units, “equal to 8.5 percent of the 7.75 million tires it makes in a month.”

The company said that the inventory surge was due to unanticipated demand shortcomings. Yonhap said that a “corporate source” said that, “expectations that demand would pick up after March were misplaced.”

It was not clear what the purported inventory issue will mean to Hankook going forward, or other measure the tiremaker may elect to take.

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