7 Billion! Tire Giant Have Seen New Growth
Recently, Michelin Group released its first quarter financial report for 2023.
Data shows that the group's sales for the quarter reached 7 billion euros (approximately 53.3 billion yuan), a year-on-year increase of 7.4%.
Affected by the demand for replacement business in Europe and America, the passenger car and light truck tire market has contracted by 3%.
The original tire market is lower than the level in 2019, but shows a positive development trend.
It is worth mentioning that Michelin's special tire market still maintains strong development, especially in the fields of mining tires and aircraft tires.
In addition, its non tire business market has shown a continuous upward trend, with sales increasing by 15%.
Looking ahead, Michelin expects to maintain its annual sales target with a business line operating profit of over 3.2 billion euros (approximately RMB 24.44 billion).
