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Nexen Tire announced that, starting this May, it is to supply Mitsubishi, one of Japan's leading automakers, with tires for its new Outlander Sport. 'The Outlander Sport is a compact crossover utility vehicle (CUV) that is being heavily promoted by Mitsubishi across the U.S. market, which will start to be produced in the manufacturer's Illinois plant this year.

The new Outlander Sports will be fitted with Nexen's N'Priz RH1 and RH7 from 16 to 18 inches. Nexen expects this contract will add to the momentum it has been steadily building towards higher product quality and brand awareness, as well as greater OE supply worldwide.

Nexen in fact became the first Korean tire maker to enter into a contract for supply on a global OE basis for the Lancer, Mitsubishi's midsize sedan, back in May 2012. It is now in discussions with many other global car manufacturer about further OE supply.

"That Nexen has been able to supply Mitsubishi Motors is testament to the global recognition of Nexen's quality and technological capability," said Lee Hyeon-bong, CEO of Nexen Tire. "It will give us more opportunities to raise our brand awareness and expand our sales channels in U.S. and European markets."

Meanwhile, Nexen Tire is working on a 330 billion KRW project to expand, for a second time, its new plant in Changnyeong, Korea, which became operational last year. As much as 1.5 trillion KRW will be invested by 2018 to expand the plant.

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