Despite an increasingly turbulent environment, Michelin reported €17.2 billion in sales for the nine months ended September 30, 2021, an increase of 15.6%.

The Group maintains its guidance for 2021.

The environment in which the Group is currently operating is characterised by:

  • The persistent health crisis.
  • Extensive disruption across every supply chain.
  • Rising raw materials, logistics and, now, energy costs.
  • Worsening labor shortages in North America and, to a lesser extent, in Europe.


In this environment, and with less favorable comparatives than in the first half, tire demand saw the following movements in the third quarter:

  • In Passenger Car and Light truck tire markets, a steep 21% decline in the Original Equipment segment, due primarily to the continued shortage of auto semi-conductors, and stable volumes in the Replacement segment.
  • In Truck tire markets, a robust 7% gain outside China and a sharp 30% contraction in China.
  • Sustained demand in the Specialty businesses, with a particularly strong rebound in the Original Equipment Construction and Agricultural tire segments.


With sales of €6 billion in the third quarter, consolidated sales ended the first nine months at €17.2 billion, up 15.6% year on year:

  • 8% growth in tire volumes, of which 1.3% in the third quarter.
  • A 4.1% increase from the tire price-mix effect, reflecting:
    • price increases implemented to offset rising costs,
    • continued enhancement of the product mix, with market share gains in MICHELIN-brand 18-inch and larger tires,
    • a favorable OE/Replacement mix in the Passenger car and Light truck tire business.
  • A 5.8% increase in non-tire sales.
  • A 3.5% decrease from the still unfavorable currency effect.


Despite the persistent health crisis, the Group posted a very solid performance. In this unusual environment, which is still being roiled by major disruptions in our supply chains and sharp spikes in energy and other costs, I would once again like to express my appreciation to all our teams. Thanks to their engagement and hard work, the Group has further demonstrated its resilience and can pursue its ambitious growth strategy.
Florent Menegaux, Chief Executive Officer, Michelin Group

In 2021, in a still highly disrupted environment, Passenger car and Light truck tire markets are expected to expand by 6% to 8% over the year, impacted by semiconductor shortages, while Truck tire markets should rebound by 6% to 8% and the Specialty markets should see a gain of 9% to 11%. Barring any new systemic effect from Covid-19[1] and assuming slightly over-market growth in its sales, Michelin maintains its full-year targets of segment operating income in excess of €2.8 billion at constant exchange rates and structural free cash flow[2] of more than €1 billion.

The Group Governance

On October 5, 2021, Société Auxiliaire de Gestion (SAGES), acting in its capacity as Non-Managing General Partner of Compagnie Générale des Établissements Michelin (CGEM) and with the approval of the Supervisory Board, renewed Florent Menegaux as Managing General Partner and Yves Chapot as General Manager for new four-year terms, which will begin when their current terms end at the close of the next Annual Shareholders Meeting, on May 13, 2022.

[1] Serious supply chain disruptions or restrictions on freedom of movement that would result in a significant drop in the tire markets.

[1] Free Cash Flow is stated before dividend payments and financing transactions. It corresponds to net cash from operating activities less net cash used in investing activities, adjusted for net cash flows relating to cash management financial assets and borrowing collaterals.

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