On February 14, Michelin announced its 2021 annual results, with sales of 23.795 billion euros, equivalent to about 171.103 billion yuan, a year-on-year increase of 16.25%; net profit was 1.845 billion euros, equivalent to about 13.267 billion yuan, a year-on-year increase of 295.2%.
Michelin said the increase in sales was attributed to a strong rebound in tire sales (up 11.8% year-on-year), with demand rising sharply in every tire segment. Among them, the passenger car/light truck tire business increased by 18.8% compared with 2020, the truck tire business increased by 16%, and the special tire business increased by 11.4%.
In addition, the company cited the continued success of Michelin's premium brand strategy, especially in the larger rim diameter (18 inches and larger) segment.
Looking ahead to 2022, Michelin expects operating income to grow by 6% to 7% as the company and the industry face a highly volatile environment. Among them, the market expansion of passenger car and light truck tires will reach 4%, the truck tire market will grow by 1% to 5%, and the specialty market will grow by 6% to 10%.
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