Michelin plans to lift investments
By Richard Fu |
April 25, 2013, Thursday
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Print Edition
Print Edition
FRENCH tire maker Michelin, which sees a "pick-up" in demand in the Chinese market, plans to raise investments beyond its largest project in China that was launched earlier this year.
"We saw the trend of a pick-up at the end of the last quarter (of 2012) and this was confirmed in the first quarter, which was encouraging," Philippe Verneuil, president of Michelin China, said in an interview during Auto Shanghai 2013.
China's slowing economy last year was "not that challenging" for Michelin's business, Verneuil said, adding he's "fully optimistic" about China's market. He said the sales volume of Michelin tires rose by a "double-digit" rate last year in China.
Verneuil said Michelin will continue to invest in new manufacturing capacity, research and development and service network. In January, Michelin unveiled a US$1.5-billion tire plant in Shenyang, Liaoning Province, its largest investment project in China.
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