![\"\"](\"http:\/\/www.tyretrade.ie\/wp-content\/uploads\/2021\/04\/Accueil-journee-investisseurs.jpg\")
<\/p>\nMichelin has released a strategy presentation which highlights its plans to go beyond its tyre-making heritage into new activities including hydrogen power and medical devices.<\/p>\n
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The tyre maker says diversification of its business is part of recovering from a pandemic-induced slowdown – with a \u20ac13.5 billion increase in annual revenues expected by 2030.<\/p>\n
Michelin says it anticipates revenue in 2030 of \u20ac34 billion, compared to \u20ac20.5 billion in 2020.<\/p>\n
It expects the fastest growth to come from its business making hydrogen power systems for vehicles, which it says will bring in \u20ac1.5 billion by the end of this decade.<\/p>\n
Michelin and French auto parts manufacturer Faurecia together own a business called Symbio, which makes hydrogen fuel cell systems for light vehicles, utility vehicles and trucks.<\/p>\n
The French tyre maker adds it hopes for rapid growth in the new fields of 3D metal printing and medical devices.<\/p>\n
In its traditional tyre business, it says it would achieve growth by shifting some production to lower-cost locations and focusing on higher-margin tyres.<\/p>\n
Michelin chief executive Florent Menegaux says: “Remaining true to our DNA, by 2030 the Group\u2019s profile will have significantly changed with the ramp-up of new, high value-added businesses in both around and beyond markets.<\/p>\n
“It is this ability to constantly reinvent itself that has underpinned Michelin\u2019s strength for more than 130 years and which today gives us confidence in the future.\u201d<\/p>\n
Michelin expects to have fully recovered from the effects of the pandemic by the end of next year.<\/p>\n","protected":false},"excerpt":{"rendered":"
Michelin has released a strategy presentation which highlights its plans to go beyond its tyre-making heritage into new activities including hydrogen power and medical devices.<\/p>\n","protected":false},"author":105,"featured_media":29728,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,1],"tags":[],"class_list":["post-29729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-michelin","category-news"],"yoast_head":"\n