A fire broke out at the Kumho Tire factory in Gwangju, South Korea, forcing production to halt. Authorities have issued a nationwide fire mobilization order.

The second largest tire manufacturer in South Korea, Kumho Tire, suffered a major fire at its factory in Gwangju on Saturday, engulfing approximately 70% of the factory area and forcing production to halt. As the fire continued to spread, South Korean authorities issued a nationwide firefighting mobilization order, allowing firefighters and equipment to be deployed from surrounding areas. The production stoppage is expected to affect tire supplies for major South Korean car manufacturers such as Hyundai and Kia. Industry experts predict that the fire at the Gwangju plant will have a significant impact on Kumho Tire's performance after the second quarter. Kumho Tire has promised to make every effort to minimize the impact of the accident.