By Alex Kapadia
Michelin announced that its sales grew in the first quarter of 2010 as demand for passenger car and light truck tyres as the global economic recovery continues.
The French tyres manufacturer reported sales of £3.4 billion for the first three months of the year, up 12.2 per cent from £3 billion a year earlier.
Michelin said demand was strongest for original equipment tyres, where sales growth of 49 percent far outstripped the 10.7 percent growth in its replacement tyres business.
In the passenger segment, all European original equipment markets except Germany – whose scrappage scheme ran out in September – benefitted from the increased demand the schemes brought, Michelin said.
North America saw a rebound from a low base and China rose 79 percent on scrappage incentives, the company added.
Also, demand for replacement passenger tyres grew in every market, with severe weather conditions helping in Europe. However, demand was still lower than the pre-crisis levels of 2007.