Nexen Tire Corporation, a leading South Korean tire manufacturer, has a rich history spanning over eight decades. Founded in 1942 as Heung-A Tire Company, it holds the distinction of being Korea's first tire producer, recognized in 1956 for manufacturing the nation's inaugural vehicle tire. The company's name, Nexen—a fusion of "next" and "century"—symbolizes its forward-looking ethos, adopted in 2000 to reflect ambitions for innovation and global growth. Today, Nexen Tire is renowned for its high-performance tires, serving passenger cars, SUVs, light trucks, and more, with manufacturing facilities in South Korea, China, and Europe. With annual sales exceeding $2 billion and a commitment to sustainability and technology, Nexen has evolved from a wartime startup to a key player in the international tire industry.
Early Years: Foundations Amid Adversity (1942–1979)
Nexen Tire's origins trace back to June 1942, when Heung-A Tire Industry was established in Korea during a period of national hardship under Japanese colonial rule. This founding marked the birth of what would become a cornerstone of Korea's automotive sector, embodying the hope and resilience of the Korean people.
In March 1952, the company rebranded as Heung-A Tire Co., Ltd., formalizing its structure amid post-colonial recovery. Despite the outbreak of the Korean War in 1950 and the ensuing chaos, Heung-A achieved a groundbreaking milestone in June 1956: producing Korea's first vehicle tire. This feat, accomplished through sheer determination and craftsmanship, solidified its role as a pioneer in the domestic tire industry.
The 1970s brought changes in ownership and expansion. In May 1973, the company was acquired by Wonpung Industry Co., Ltd. Three years later, in May 1976, Heung-A listed its stock on the Korea Stock Exchange, enhancing its financial stability and market presence. By August 1979, it entered joint management with Kukje Group, setting the stage for further growth.
This era, often called the "1st Term," laid the groundwork for Nexen Tire, transforming a fledgling enterprise into a symbol of industrial perseverance.
Growth and Technological Advancements (1980–1999)
The 1980s and 1990s, known as the "2nd Term," were characterized by rapid industrialization in Korea and Nexen's ambitious push toward global competitiveness. In 1984, construction began on a state-of-the-art factory in Yangsan, South Korea, dedicated to mass-producing radial tires—a significant upgrade from bias-ply designs.
February 1986 saw another shift, with joint management under Woosung Group. Technological collaborations accelerated progress: in June 1987, Nexen partnered with Michelin Tire for joint production, lasting until July 1991. This was followed by technical cooperation with Japan's Ohtsu (OHTCH) in October 1991, honing manufacturing expertise.
A major innovation came in December 1992, when Nexen developed Korea's first V-shaped directional tire, enhancing performance and safety. In March 1994, the company renamed itself Woosung Tire, aligning with its evolving identity. Quality milestones included ISO 9001 certification in November 1994 and the "Tower of 100 Million Dollar Export" award in November 1995, recognizing its growing international trade.
By March 1999, Nexen acquired management rights over its former entity (Heung-A Tire) and normalized operations, capping a decade of restructuring and innovation. This period established Nexen as Korea's top tire maker in quality and technology, fueled by 24-hour research operations and a focus on high-value products.
Modern Era: Global Expansion and Innovation (2000–2023)
Entering the new millennium, Nexen Tire's "3rd Term" emphasized globalization and cutting-edge technology. In February 2000, the company rebranded as Nexen Tire Corporation, unveiling a new corporate identity (CI) to signal its future-oriented vision. That year, it was selected as an excellent business for labor-management culture, joined the KOSPI 200 index, and acquired QS 9000 certification.
Awards and expansions followed: a model taxpayer prize in March 2001, ISO 14001 certification and a stake in Korea New Network in February 2002, and the president's award for disabled employment in November 2002. By July 2003, Nexen restructured to focus on high-profit ultra-high-performance tires (UHPT) and SUV products.
In July 2004, operations began at Yangsan's second factory. Global footprints expanded with Nexen Tire America Inc. in June 2005 and corporations in China (Qingdao and Shanghai) in January 2006. Groundbreaking for the Qingdao plant occurred in May 2006, operational by January 2008. Export accolades included towers for 200 million (2005), 300 million (2006), and 400 million dollars (2007).
Innovation peaked with the world's first commercialization of 20-series UHP tires in October 2007 and 15-series in October 2008. A European corporation was established in March 2008. In June 2010, groundbreaking began for the Changnyeong plant (1.2 trillion won investment), operational by March 2012, with a second factory in March 2013.
Further milestones: 500 million dollar export tower (2010), presidential citation for labor-management (2011), Shanghai sales company (2012), and 700 million dollar tower (2012). Europe plant agreements were signed in June 2014, with construction in October 2015 and operations in August 2019. A Japanese corporation formed in November 2016, and export towers reached 800 million (2016), 900 million (2018), and 1 billion dollars (2019).
Research facilities expanded: Magok R&D Center construction in May 2017, Europe (NETC) and U.S. (NATC) completions in 2018, and the central research institute (THE NEXEN univerCITY) in April 2019. By 2019, global sales surpassed $1.6 billion. In January 2021, Nexen launched the slogan "We Got You," emphasizing customer focus. Secondary Europe plant expansion started in October 2021.
Nexen celebrated its 80th anniversary in 2022, underscoring its enduring legacy.
Recent Developments (2024–2025)
In January 2024, Nexen completed phase 2 expansion of its Europe plant in Zatec, Czech Republic, boosting production capacity. The company reported record 2024 performance, with operating revenue reaching $2.1 billion—a 5.4% increase year-over-year.
Entering 2025, Nexen established a Winter Tire Testing Center in Finland in April, enhancing cold-weather product development. In the same month, it won two 2025 Green Good Design Awards in the U.S. for its N'FERA Sport R and N'Blue 4 Season 2 tires, highlighting sustainability efforts.
Financially, Q1 2025 saw record revenue growth, driven by European expansion and EV-ready products. Q2 2025 marked another high, with sales of KRW 800 billion (about $580 million), fueled by high-value products and global demand. In June 2025, Nexen released its 2024/25 Sustainability Report, emphasizing carbon management and ESG commitments. March 2025 brought OE tire supply for Hyundai's Palisade SUV, and December 2024 executive appointments signaled strategic leadership shifts.
Conclusion
From its humble beginnings in 1942 to its status as a global innovator in 2025, Nexen Tire's history is one of resilience, technological prowess, and strategic expansion. With factories across continents, partnerships with major automakers like Hyundai, Porsche, and Volkswagen, and a focus on eco-friendly innovations, Nexen continues to drive toward a sustainable future. As it surpasses sales milestones and earns international acclaim, Nexen Tire remains committed to its promise: delivering safe, high-performance tires that get drivers where they need to go.