Tyres

Michelin raises free cash flow outlook despite U.S. auto strike

French tyre maker Michelin raised its forecast for full-year free cash flow before acquisitions to 2.3 billion euros ($2.4 billion) on Tuesday, from 2 billion euros.

“Tire demand remained strong in July and August, as automakers continued to replenish inventory, but fell 10% year-on-year on the month of September as strikes called at a number of auto plants weighed heavily on monthly output,” it said.

Also Read: TVS Srichakra to acquire Super Grip, USA, to develop off-highway tyre business

The United Auto Workers strike in the U.S. has resulted in more than 34,000 union members working at Ford, General Motors and Stellantis joining picket lines, impacting car production.

Michelin said in a statement that its sales for the first nine months rose 2% year-on-year to 21.2 billion euros and confirmed its 2023 forecast for segment operating income at constant exchange rates.

Non-tyre sales, which Michelin wants to account for 20-30% of its total sales by 2030, rose 12.6% in the period. It is a signficant development and will help the tyre industry.

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Gaurav Sharma

Meet Gaurav, your trusted source for all things related to commercial vehicles on 91Trucks.com. With a profound passion for the world of trucks, buses, and heavy-duty machinery, Gaurav is the driving force behind the insightful articles you'll find on this platform. For Gaurav, commercial vehicles are more than just a means of transportation; they represent a captivating blend of engineering brilliance, innovation, and economic significance. Whether it's the latest trends in the industry, detailed analyses of specific models, or expert advice on purchasing, maintaining, and operating commercial vehicles, Gaurav's articles provide invaluable insights for both enthusiasts and industry professionals. Gaurav's journey into the world of commercial vehicles commenced with a childhood fascination for trucks that only intensified over the years. His thorough research and hands-on experience have equipped him with a unique perspective that shines through in every article he crafts. When he's not immersed in the world of commercial vehicles, Gaurav enjoys sharing his knowledge through engaging and informative blogs. Whether you're a fleet manager, a truck enthusiast, or simply intrigued by the captivating universe of commercial vehicles, Gaurav's articles on 91Trucks.com are your portal to a treasure trove of knowledge.

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