North America Pumps Up Michelin's First Half Sales
The Michelin Group grew its global sales by 18.7% during the first six months of 2022 versus the same period last year, bolstered by a 30.7% sales increase in North America.
Michelin's total, global segment operating income also rose during the first half of this year.
Globally, Michelin's passenger tire sales grew 18.6% during the first half of 2022, despite a 3.4% volume drop attributable to conflict in Ukraine and lockdowns in China.
"However, the segment was able to deliver a significant increase in sales revenue by assertively raising prices in response to sharply rising costs," say Michelin officials, who cite the North American market as being "buoyant," with dealer inventories that are "close to normal."
Michelin's global truck tire business experienced a 19.7% increase in sales during the first six months of 2022 versus the same period in 2021.
"In North America, the Group's positions suffered from ongoing restrictions on local production capacity" in the truck tire segment. But "sales of fleet tire services were sharply lifted by the impact of price indexation clauses."
The company's total specialty tire sales increased by 17.9% during the first half.