French tyre maker Michelin expects to increase its sales by 20 per cent, using the figures of 2015-16 fiscal as the base for the same, by 2020, the company’s CEO Jean-Dominique Senard said on Monday. He said that Michelin’s latest innovations, the ones that enable it to offer tyres meeting the customers’ needs more closely, would help it achieve the growth numbers. However, as far as 2015-16 fiscal’s sales figures are concerned, Michelin has not revealed them yet.
Senard added that Michelin’s revenue from “services and solutions” division that stood at 1 billion euros in 2015-16, would double by 2020. The French tyre maker said that its tyre sales rose 3.2 per cent in 2015-16 led by strong demand from west European, Chinese and North American markets. However, during the same period, the weak economic conditions in east European and South American markets dented its sales.
In India, Michelin sells tyres for passenger cars, trucks/buses, two-wheeler and Off The Road (OTR) segments. In 2009, the French tyre maker signed a Memorandum of Understanding (MoU) with Tamil Nadu govt. to set up its manufacturing facility in the state. Michelin currently uses the facility, spread over an area of 290 acres, to manufacture truck/bus radial tyres. It sells Pilot Sport, Primacy, Energy XM and Preceda range of tyres for passenger cars. For SUVs, Michelin has Latitude Cross, Latitude Tour, LTX and Latitude Sport tyre ranges. For two wheelers, the tyre maker sells Pilot Sporty, Pilot Road, Pilot Street, Power, City Pro and Sirac Street ranges in India.