Chinese demand drives tyre maker Michelin back to growth

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