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Apr 28, 2021
Michelin’s sales returned to growth in January-March, boosted by a sharp rebound in demand in China, the French tyre maker said on Monday.
First-quarter sales rose 2.3% year-on-year to 5.45 billion euros ($6.58 billion) as tyre volumes for new passenger cars and light trucks surged 80% in China, with replacement rates up 36%.
The demand in China rose close to 2019 levels, Michelin said, as the carmaking industry there suffered less from a shortage of electronic components than other markets.
Source: Reuters
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