Weak OE market holds back Michelin sales, income in 2024
In 2024, Michelin sold 5.1 per cent fewer tyres than it did the year before. Reporting its 2024 annual results yesterday, the French firm reports that an “unprecedented simultaneous decline in original equipment demand across every segment” drove this volume decrease, which contributed towards sales being 4.1 per cent lower year-on-year, at 27.193 billion euros. Finding a silver lining, Michelin points out the “highly positive” 1.9 per cent mix effect, which reflects “the Group’s value-driven approach.”