FX.co ★ Michelin 9-Month Sales Down 4.6%

Michelin, the renowned French tire manufacturer, announced its nine-month sales figures on Wednesday, revealing a decline to 20.171 billion euros, a drop of 4.6% compared to the 21.152 billion euros recorded for the same period the previous year.

Sales in the Automotive and Related Distribution segment fell by 2.4%, amounting to 10.356 billion euros. Similarly, the Road Transportation and Related Distribution segment experienced a decrease of 4.6%, with sales reaching 4.933 billion euros. The Specialty Business and Related Distribution segment saw the most significant decline, dropping 9.1% to 4.882 billion euros.

Florent Menegaux, the Managing Chairman, commented on the situation, stating, "Our strategy continues to deliver positive outcomes, and our Group’s resilience is further enhancing. However, in recent months, Michelin has encountered increasing adverse contextual factors — be they economic, climate-related, or geopolitical — significantly affecting multiple markets, particularly in Original Equipment. These challenges result in notable reductions in our sales volumes and have led to curtailments in production at our facilities. I would like to commend our teams for their daily efforts in tackling these challenges."