Michelin: Rapid growth in demand for high-end tires in the Chinese market

Mark Henry, financial controller of French tire manufacturer Michelin Group, told reporters from Xinhua News Agency in Paris on February 10, 2012, that China’s demand for tires, especially high-end tires, remained strong, and Michelin will maintain and expand in the medium and long term. China's production capacity?

Henry said that from 2009 to 2011, the average annual growth rate of global sales of tires over 17 inches was 22%, while the average annual growth rate of sales in China was about 330%.

Michelin plans to invest a total of 1.003 billion U.S. dollars in China between 2010 and 2015. New plants in Shenyang and Anhui in Liaoning are expected to be completed and put into operation this year. However, Michelin's capacity in China is still unable to meet the needs of the Chinese market, and it needs to be deployed from neighboring countries. In the long term, Michelin has the consideration of expanding production capacity in China?

Michelin's financial report released in Paris on the same day showed that although the economic environment in Europe deteriorated and raw material prices rose sharply last year, the Group still achieved a substantial increase in sales. Global sales amounted to 20.719 billion euros (approximately 27.3 billion US dollars), and the year-on-year rate of increase was equivalent at the current exchange rate. 15.8%; Net profit reached 1.462 billion euros (about 1.9 billion U.S. dollars), an increase of 39% year-on-year?

Michelin Group managing partner Jean-Dominique Senal (Chinese name, Sunnard) said that with the completion of the new plant in China and Brazil, Michelin will further consolidate and balance its position in global tire production and sales. Is it to increase the competitiveness of products and services, and increase operating profit from 1,946 million euros (about 2.6 billion U.S. dollars) in 2011 to 2.5 billion euros (about 3.3 billion U.S. dollars) in 2015?

Founded in 1889 in Clermont-Ferrand, France, Michelin currently has an annual production capacity of 180 million tires. With sales agencies in more than 170 countries and regions in the world, its sales amounted to 17.891 billion euros (US$23.6 billion) in 2010. ), a year-on-year growth of 20.8%; net profit of 1.049 billion euros (approximately US$1.4 billion), an increase of 5.9% year-on-year?