Michelin: Nine-month Sales Rose by 20.5%

Clermont-Ferrand, France – Michelin Group has reported a strong growth in sales for the first nine months of the year, despite a decline in volumes due to weak demand in China and a plant closure in Russia.

The French group saw a 20.5% year-on-year increase in sales to €20.7 billion during the first nine months, driven mainly by a 14% positive effect of price mix.

Volumes were down 2.4% year-on-year with a €408 million negative effect on sales.

Michelin linked the decline in volumes stemming to the shutdown of operations in Russia since March and weak demand in China, particularly during the country’s widespread lockdowns in the second quarter. …

Source: ERJ