Michelin CEO Sees Mild Recession, Car Market Rebound by 2024

Car sales crimped by semiconductor shortages may take until 2024 to recover, even assuming the global economy endures a mild recession rather than a deep slump, said the chief executive of French tiremaker Michelin.

The auto industry faces a tough year as lingering shortages of chips, Russia’s invasion of Ukraine, fresh Covid outbreaks in China, and rising energy and raw material costs put new strain on supply chains, he said.

“As we were discussing last year, my estimate …

Source: Bloomberg