According to reports, due to the sluggish demand in Europe and emerging markets, the goal of Michelin tire sales growth of 3% this year may fail.
Michelin Chief Financial Officer Marc Henry said in an interview recently: "Given the current market situation, this goal (3% tire sales growth) has become even more difficult to achieve."
The European tire market has stagnated and demand in the Brazilian market is very sluggish, but the North American and Chinese markets still bring good performance for them, Henry added.
According to Michelin’s financial report, although operating income fell, the company’s net profit in the first half of the year still rose 13% year-on-year to 624 million euros, which was mainly due to the decrease in raw material costs.
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