China Daily (Hong Kong)
Michelin grips onto profit in 2020
French tire manufacturer Michelin said last week it remained profitable in 2020 despite a pandemic-induced drop in sales, thanks in part to prices dropping on raw materials. With auto sales taking a hit worldwide, Michelin also saw its sales drop by 15 percent to 20 billion euros ($24.3 billion). The firm’s net profit fell by nearly two-thirds from 2019 to 1.9 billion euros. Michelin has been trying to move upmarket with a greater focus on premium tires and specialist products.