Tire Bank Group Acquires Controlling Stake in Air Premia
Paving the Way for Stronger Governance and Global Expansion of Korea's Leading Hybrid Airline
SEOUL, South Korea, May 8, 2025 /PRNewswire/ -- Tire Bank Group has officially acquired a controlling stake in Air Premia (CEO Kim Jae-hyun, Yoo Myung-sub), Korea's first long-haul hybrid airline, reinforcing its commitment to advancing the country's aviation industry on a global scale.
On April 30, 2025, Tire Bank Group signed a definitive agreement to acquire an additional 22% equity stake in Air Premia from JC SPC and Sono International. This acquisition raises the Group's total ownership to over 70%, solidifying its position as the airline's majority shareholder.
Since Air Premia's launch in 2018, Tire Bank Group has played a pivotal role in supporting the airline's development through strategic investments. Despite global headwinds and the unprecedented impact of the COVID-19 pandemic, Air Premia has demonstrated remarkable operational resilience and adaptability.
Tire Bank Group maintained unwavering confidence in the airline's potential, steadily increasing its ownership to 48% during turbulent times. Now, with a controlling interest, the Group is positioned to drive responsible management practices and long-term growth strategies.
Fleet and Route Expansion Underway
Air Premia is actively expanding its fleet and route network as part of its mid- to long-term growth plan. The airline currently operates seven Boeing 787-9 aircraft, with two additional aircraft set to be introduced later this year. Beginning July 2, the carrier will launch a new route to Honolulu, Hawaii - its fourth scheduled destination in the USA. To bolster operational stability, additional spare engines have also been secured.
Executive Statement
"Airlines are more than businesses—they represent the dignity and global standing of a nation," said Kim Jeong-kyu, Chairman of Tire Bank Group. "We are committed to building Air Premia into a premium hybrid airline that proudly represents Korea and elevates its presence in the global aviation market."
About Tire Bank Group
Founded in 1991, Tire Bank is Korea's first and only dedicated tire distribution company, operating 501 stores across the country. With a customer-first philosophy, the company has introduced a range of industry-first services, including a tire warranty program, tire hotel premium storage service, and an emergency response program for tire-related issues. Tire Bank also actively contributes to local communities through various charitable and donation initiatives.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
a day ago
- Korea Herald
Lotte sets sights on global retail future at NRF Big Show
Lotte Shopping Vice Chair Kim Sang-hyun highlighted the group's global strategy and innovation efforts at NRF Big Show APAC 2025, held in Singapore from Tuesday to Thursday. The event, hosted by the National Retail Federation, a US-based retail trade association, was held for the first time in the Asia-Pacific region and drew 10,000 retail leaders, including Amazon. During a session titled 'Retail Transformation, The Lotte Story,' Kim spoke with Vipul Chawla, CEO of Singapore's FairPrice Group, about Lotte's evolving approach to customer-centered retail and digital transformation. Kim, who heads the Korean firm's retail division, introduced Lotte Mall West Lake Hanoi as a leading example of innovative customer experience. The mall, which opened in 2023, recorded over 200 billion won ($147 million) in cumulative sales within nine months and 10 million visitors within 354 days. He described it as a platform that goes beyond retail, connecting customers with culture and lifestyle. Addressing structural challenges in Korea, such as economic uncertainty and an aging population, Kim explained how Lotte is expanding into global markets and utilizing artificial intelligence-driven solutions. A key project includes the construction of an AI-powered customer fulfillment center in Busan, in partnership with Ocado, to enhance hyperpersonalized recommendations and logistics automation. Kim also introduced Lotte Mart Express, recently launched inside FairPrice's VivoCity location, as a case of successful collaboration. Looking to the next three to five years, Kim stressed the importance of creating value in customers' time and experience. 'Lotte will make a strong commitment toward global competitiveness through customer-centric and tech-driven innovation,' Kim said.
Korea Herald
3 days ago
- Korea Herald
G-Dragon, Le Sserafim, Babymonster push on with overseas concerts amid COVID-19 surge in Asia
K-pop companies refrain from cancellations as no official restrictions are in place Despite the recent surge in the number of COVID-19 cases across parts of Asia, K-pop stars, including G-Dragon, Le Sserafim and Babymonster, are pressing ahead with their overseas concerts. According to the Korea Disease Control and Prevention Agency (KDCA) on Monday, countries including China, Thailand and Singapore have recently reported a notable increase in COVID-19 cases. While the situation in Korea remains relatively stable, the agency warned that a summer resurgence is possible due to international travel and regional outbreaks. The NB.1.8.1 variant — now dominant in the affected countries — is known for its strong transmissibility and immune-evasive properties, although its severity and fatality rate remain relatively low. The KDCA is advising high-risk travelers to these countries to get vaccinated before departure. G-Dragon of Big Bang is currently on his 'Ubermensch' world tour, performing across nine Asian cities including Taipei, Kuala Lumpur, Jakarta, Hong Kong and Bangkok as well as Sydney and Melbourne in Australia. He is slated to perform in Macao for three concerts starting June 7. Asked whether shows in Southeast Asia might be canceled due to COVID-19 concerns, his agency Galaxy Corporation told The Korea Herald, 'We don't know at this point.' G-Dragon recently called off his "G-Dragon Media Exhibition: Ubermensch" in Shanghai, which was originally scheduled to run from May 30 to June 22. While the agency cited 'unforeseen circumstances beyond our control' as the reason for the cancellation, the uptick in COVID-19 cases in China is widely suspected as a contributing factor. Babymonster, also on an Asia tour, wrapped up its 'Hello Monsters' concerts in Singapore and Hong Kong in May and is preparing for its final Southeast Asian stop in Bangkok from June 7-8. YG Entertainment confirmed it has no plans to postpone or cancel the shows. 'We're monitoring the situation closely, but the outbreak is limited to certain regions. Everything is proceeding as planned,' a YG official told The Korea Herald on Wednesday. Le Sserafim is scheduled to perform in Taiwan and Hong Kong in July, followed by concerts in the Philippines, Thailand and Singapore in August as part of its 'Easy Crazy Hot' world tour. Source Music's parent company, Hybe, also confirmed that all shows will proceed as scheduled. JYP Entertainment's acts — Niziu, Nmixx and Xdinary Heroes — are also expected to hold small-scale performances in Hong Kong, Macao and Taiwan, respectively, in the second half of the year, with no changes announced. An industry official noted that unless governments issue specific warnings or event restrictions, K-pop agencies are unlikely to take unilateral action regarding concert postponements. 'There aren't any government guidelines like we saw during the height of the pandemic, so it's hard for companies to take preemptive action on their own,' one agency source said. Another industry official echoed the sentiment: 'Without national-level advisories, it's difficult for agencies to make those decisions independently.'
Korea Herald
3 days ago
- Korea Herald
Hyundai Motor Company President and CEO José Muñoz Reinforces Hyundai's Journey as a Mobility Leader at FISITA World Mobility Conference 2025
SEOUL, South Korea and BARCELONA, Spain, June 3, 2025 /PRNewswire/ -- Hyundai Motor Group (the Group) reaffirms its vision for the future of mobility and its leadership in technological innovation at the La Fédération Internationale des Sociétés d'Ingénieurs des Techniques de l'Automobile (FISITA) World Mobility Conference (WMC) 2025, held from June 3 to 5 at the Palau de Congressos de Catalunya in Barcelona, Spain. FISITA, the world's largest association of academic institutions in the automotive field, unites engineering societies from 36 countries and has cultivated a global network of approximately 210,000 automotive researchers since its establishment in 1948. Its biennial conference, FISITA WMC, convenes around 2,000 distinguished executives and engineers from the mobility industry. As Prime Partner of FISITA WMC, the Group underscores its commitment to shaping the future of sustainable mobility by delivering a networking program, technical sessions, paper presentations, and an exhibition. Hyundai Motor Company President and CEO José Muñoz set the tone for the conference with his Principal Speech, engaging with industry leaders and engineers under the theme of Hyundai's journey as a mobility leader. "As an engineer myself, it was a real pleasure to share Hyundai's mobility journey and engage with participants at the FISITA World Mobility Conference. Under the leadership of Hyundai's Executive Chair, we are pushing the technological boundaries of what's currently possible to improve how people and goods will move more safely, sustainably and conveniently. Thank you to the organizers and congratulations to my colleague ChangHwan Kim for being named as the first Korean president of FISITA." ChangHwan Kim, Executive Vice President and Head of Electrification Energy Solutions Tech Unit at Hyundai Motor Group, who was inducted as president of FISITA at the conference, will guide the organization throughout his tenure until May 2027, overseeing the Executive Board and Committees. The Group will also host a special technical session from June 4 to 5, highlighting its latest advancements and collaborative research with European partners. Key topics include methodologies and case studies on the use of software and hardware, such as driving simulators for virtual performance verification, new bushing technologies to enhance ride comfort and performance in EVs and research on ensuring chassis reliability in software-defined vehicles using prognostics and health management technologies. Under the theme 'Clearly Committed, FCEV Technology,' the all-new NEXO and the enhanced fuel cell system will be exhibited, reiterating Hyundai Motor Group's leadership in hydrogen mobility and showcasing its dedication to driving innovation as a smart solutions provider across the full mobility ecosystem. By sharing its vision and technological capabilities throughout the conference, Hyundai Motor Group aims to foster global academic collaboration in mobility research while solidifying its role as a catalyst for innovation in the automotive industry, all in line with its vision of 'Progress for Humanity.' About Hyundai Motor Group Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service.
