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Michelin boss sees market "picking up"
By By Richard Fu |
April 24, 2013, Wednesday
|
Online Edition
Online Edition
Demand in the Chinese market is picking up, the head of French tire maker Michelin in China said.
Philippe Verneuil, president of Michelin China, also promised more investment beyond its largest project in China, launched earlier this year.
"We saw the trend pick-up at the end of the last quarter (of 2012) and this was confirmed in the first quarter, which was encouraging, said Verneuil, in an interview at Auto Shanghai 2013.
China's economy grew 7.8 percent in 2012, a 13-year low.
The government is seeking to rebalance the economy - shifting from investment-led growth to consumer spending.
While China's economy was "challenging" last year, it was "not that challenging" for Michelin's business in China, Verneuil said.
He added that he is "fully optimistic" about the market's future.
Michelin, which this week reported an 8.1 percent drop in first-quarter sales, is banking on growth in China and other emerging markets to counter a car market contraction in its home region Europe.
Falling prices also weighed on sales.
Verneuil said Michelin will continue to invest in new manufacturing capacity, R&D, and service network - with the number of its TYREPLUS stores doubling by 2015 from the current 800 stores.
In January, Michelin launched a US$1.5 billion tire plant in Shenyang, Liaoning Province, its largest investment project in China.
While the company doesn't release sales figures country by country, sales volume of Michelin brand tires rose by "double-digit" rate last year in China, Verneuil said.
Michelin also supplies the Warrior brand tires in China in partnership with Shanghai-based Double Coin Holdings Ltd.
Philippe Verneuil, president of Michelin China, also promised more investment beyond its largest project in China, launched earlier this year.
"We saw the trend pick-up at the end of the last quarter (of 2012) and this was confirmed in the first quarter, which was encouraging, said Verneuil, in an interview at Auto Shanghai 2013.
China's economy grew 7.8 percent in 2012, a 13-year low.
The government is seeking to rebalance the economy - shifting from investment-led growth to consumer spending.
While China's economy was "challenging" last year, it was "not that challenging" for Michelin's business in China, Verneuil said.
He added that he is "fully optimistic" about the market's future.
Michelin, which this week reported an 8.1 percent drop in first-quarter sales, is banking on growth in China and other emerging markets to counter a car market contraction in its home region Europe.
Falling prices also weighed on sales.
Verneuil said Michelin will continue to invest in new manufacturing capacity, R&D, and service network - with the number of its TYREPLUS stores doubling by 2015 from the current 800 stores.
In January, Michelin launched a US$1.5 billion tire plant in Shenyang, Liaoning Province, its largest investment project in China.
While the company doesn't release sales figures country by country, sales volume of Michelin brand tires rose by "double-digit" rate last year in China, Verneuil said.
Michelin also supplies the Warrior brand tires in China in partnership with Shanghai-based Double Coin Holdings Ltd.
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