French tyre maker Michelin reported sales of €27.2 billion in 2024, down 4.1 percent from €28.3 billion in 2023, demonstrating resilience in a challenging market environment marked by declining volumes and currency headwinds. The company achieved a segment operating income of €3.4 billion with a 12.4 percent margin, while generating a net income of €1.9 billion. The board has proposed a dividend of €1.38 per share for shareholders.

Managing Chairman Florent Menegaux stated: "Our 2024 results are solid, despite a particularly unstable economic and geopolitical context. To maintain our competitiveness, we also had to make difficult industrial restructuring decisions in Poland, China, Sri Lanka and France. Michelin continues to implement its 'Michelin in Motion 2030' strategy".

In the Automotive and Two-wheel segment, Michelin recorded sales of €14.7 billion, representing a 1.3 percent decline, while maintaining a strong operating margin of 13.1 percent. The segment demonstrated robust performance in the premium category, with MICHELIN-branded Passenger car tyre sales reaching 65 percent in the 18-inch and larger tyre segment.

The Road Transportation division witnessed sales of €6.6 billion, declining 4.9 percent year-on-year. However, the segment showed significant improvement in operating margin, which rose to 9.0 percent from 6.8 percent in the previous year. The division's Connected Solutions business, under the MICHELIN Connected Fleets brand, continued to expand successfully.

The Specialties business recorded sales of €5.9 billion, marking a 9.4 percent decrease, with an operating margin of 14.6 percent. While the mining tyre business faced temporary challenges, it maintained its market share, and the aircraft tyre segment demonstrated positive growth momentum.

In terms of regional performance, Europe's replacement tyre market grew by 9 percent, despite a 7 percent decline in passenger vehicle Original Equipment and a 20 percent drop in trucks. North America showed resilience with a 2 percent growth in the replacement market, while experiencing declines of 2 percent and 11 percent in passenger and truck Original Equipment segments respectively. The Chinese market contracted by 5 percent overall, though Original Equipment grew by 3 percent in passenger vehicles.

Michelin has undertaken significant strategic initiatives in 2024, including manufacturing network optimisation through plant conversions in Olsztyn (Poland) and Shenyang (China), while announcing the closure of operations in Cholet (France) and the sale of Sri Lanka plants to CEAT Group. The company launched the innovative BioButterfly project for bio-based butadiene production and partnered with Microsoft for energy optimisation across its facilities.

On the financial front, Michelin executed a €1 billion bond issue in two tranches and announced a €1 billion share buyback programme for 2024-2026. The company's strong financial position was recognised with a credit rating upgrade to A2 by Moody's.

Looking ahead to 2025, Michelin anticipates slight market growth, though with a decline in the first half due to lower Original Equipment demand. The company expects to improve its segment operating income at constant exchange rates and generate free cash flow before acquisitions exceeding €1.7 billion.

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Pirelli celebrated a dominant one-two finish at the Rally of Ceredigion, the penultimate round of the 2025 FIA European Rally Championship. Jon Armstrong secured a commanding victory in his Pirelli-equipped Ford Fiesta, finishing over 29 seconds ahead of fellow Pirelli driver Jürgenson Romet in another Fiesta.

The success extended beyond the podium as Andrea Mabellini delivered a powerful performance in his Pirelli- equipped Skoda Fabia, winning the Power Stage. This critical result earned him valuable points, moving him into second place in the overall championship standings ahead of the season's final round. The Welsh victory also propelled Pirelli into the lead of the Tyre Manufacturers’ championship.

This outstanding team result was made possible by the exceptional performance and consistency of the complete P Zero range, which was used in its entirety for the first time this season. Crews were equipped with P Zero tyres in hard, medium and soft compounds, perfectly suited to the cool Welsh temperatures. The versatile Cinturato wet tyre also proved indispensable, providing crucial grip on rain-soaked stages.

Pirelli’s winning weekend was further highlighted by a victory in the FIA European Historic Rally Championship, where Jari-Matti Latvala won the Greek round driving a Toyota Celica on Pirelli tyres.

Terenzio Testoni, Pirelli Rally Activity Manager, said, “Our products for both dry and wet conditions once again demonstrated their versatility across all surfaces, in extremely variable and challenging conditions. We are heading for a thrilling championship finale: both Mabellini and Armstrong remain firmly in contention for the title. In Croatia, for the final round of the season, we will undoubtedly witness a fierce battle – and tyres will once again prove decisive. In the meantime, congratulations to Jon for his victory here in Wales: he showed authority and composure, as well as talent. Our congratulations also go to Romet, another promising young driver selected through the FIA Rally Star programme, supported by Pirelli.”

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World-record holder endurance driver Rainer Zietlow embarked on the ambitious ID. Buzz World Tour on 1 July 2025, launching from Volkswagen Commercial Vehicles' headquarters in Hanover, Germany, with an objective to secure a Guinness World Record by travelling through 75 countries across six continents in a zero-emission vehicle. This eight-month, 80,000-kilometre expedition in a fully electric VW ID. Buzz is designed to demonstrate the capabilities of sustainable mobility on a global scale.

A critical partner in this endeavour is Giti Tire, which is supplying its GitiSynergy H2 tyres for the entire circumnavigation. This collaboration serves as a rigorous real-world test of durability and performance, underscoring the vital role that tyres play in the overall efficiency and success of electric vehicles. The mission aims to prove that clean, long-distance travel is a practical reality when advanced battery technology is supported by high-quality, innovative components.

The journey's initial phase saw the electrified convoy traverse diverse European landscapes. After a ceremonial send-off, the tour commenced, with early stops encompassing cultural landmarks from Shakespeare’s birthplace in the UK to the vibrant streets of Dublin. The route then challenged the team with the formidable snow-capped peaks of the Alps, a passage by Vatican City, and the rugged terrain of the Balkan Mountains. Progress was tested by severe weather, including intense storms in Spain that forced a painstakingly slow crawl through flooded roads. By the end of July, the tour had advanced through Eastern Europe into Turkey, Georgia and Armenia before pushing into the vast expanses of Central Asia, reaching Uzbekistan and the Aral region.

Looking ahead, the expedition faces its most demanding challenges. The upcoming leg will navigate the remote and harsh environments of Central Asia, Mongolia and China, where charging infrastructure is sparse. The journey will then continue through Southeast Asia before moving south to Australia and Oceania. These formidable conditions will push the vehicle and its tyres to their limits, truly testing the resilience of sustainable transportation. With every kilometre, the tour moves closer to its world record goal, delivering a powerful message that the future of global travel is unequivocally electric.

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India’s tyre retreading industry has petitioned the government to slash goods and services tax (GST) rates from 18 percent to 5 percent on retreading services and materials, arguing the move would support environmental goals and the circular economy.

The Tyre Retreading Education Association (TREA), representing over 15 Indian retreading material manufacturers and retreaders serving approximately 10,000 retreaders nationwide, has written to authorities requesting the tax reduction across multiple product categories, including retreading services, retreaded tyres and retreading materials.

The industry body estimates India’s tyre retreading sector generates annual revenues of around INR 50 billion, with tread rubber manufacturing adding another INR 30 billion yearly. Last year, whilst 20,000,000 new truck tyres were sold domestically, approximately 80,00,000 truck tyres were retreaded, alongside smaller volumes of tractor, earthmover and car tyres.

“We are committed to educating and promoting retreading benefits: cost savings, safety, sustainability, and circular economy,” stated Karun Sanghi, Chairman of TREA, in the petition.

The request comes after recent GST amendments that reduced rates for new truck tyres from 28 percent to 18 percent, and cut levies on tractors, tractor tyres and tractor parts from 18 percent to 5 percent. However, conventional tread rubber used primarily for tractor tyres and retreading services for tractor tyres remain at the higher 18 per cent rate.

“We would request you to reduce the rate to five percent in line with other tractor products,” the association said, highlighting the inconsistency in tax treatment.

The industry argues that retreading aligns with government environmental priorities, pointing to the 2022 Extended Producer Responsibility (EPR) policy for tyres introduced to reduce environmental impact. The Environment Ministry has recognised retreading as “a very important part of the circular economy on tyres” and continues developing disposal systems for end-of-life tyres.

The association drew parallels with other environmentally friendly sectors that enjoy preferential GST rates, noting that electric vehicles are taxed at five percent, whilst rates for various renewable energy devices and solar water heaters were also reduced to five percent.

“The government recognised the need to support environmentally friendly industries,” the petition stated, emphasising that retreading represents “a critical part of the circular economy of tyres” supported by both the Environment Ministry and Central Pollution Control Board.

The group argued that increased tyre retreading would help India achieve its zero carbon footprint targets by extending tyre lifecycles and reducing waste requiring disposal.

India’s tyre retreading industry serves as a cost-effective alternative to new tyres whilst supporting sustainability objectives through reduced raw material consumption and waste generation.

The association has offered to provide additional information and meet with government officials to discuss the proposal further.

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Pirelli has made history by becoming the first tyre manufacturer to receive the esteemed ADI Compasso d’Oro Award, one of the world’s most authoritative prizes in industrial design. The award was presented at a special 70th-anniversary ceremony during Expo 2025 in Osaka, Japan. The honouree was the Pirelli P Zero E, recognised in the Design for Mobility category for its innovative approach to sustainable performance.

This recognition aligns with the Expo’s theme, ‘Designing Future Society for Our Lives’, specifically under the pillar of ‘Connecting Lives’, which rewards products that combine advanced technology with reduced environmental impact. The P Zero E is the world’s first ultra-high-performance tyre to incorporate more than 55 percent recycled and bio-based materials. It represents a significant step forward in tyre design, merging technical excellence with circular economy principles without compromising safety or performance.

The tyre has achieved a triple A rating on the European tyre label for wet grip, rolling resistance and external noise – a rare distinction that underscores its balanced capabilities. It is particularly suited for electric and hybrid vehicles, incorporating Pirelli’s Elect technology that can extend vehicle range by up to 10 percent. It also includes the RunForward system, which allows drivers to continue their journey even after a puncture.

Developed using artificial intelligence and data-driven engineering across Pirelli’s global R&D network, the P Zero E stands as a symbol of next-generation mobility. It will be exhibited in the Italian Pavilion at Expo 2025 Osaka before joining the permanent collection of the ADI Design Museum in Milan.

This award continues Pirelli’s long-standing relationship with the Compasso d’Oro, which has previously acknowledged the company’s contributions to industrial and graphic design, further cementing its role as a pioneer at the intersection of technology, sustainability and design.

Piero Misani, Executive Vice President and Chief Technical Officer, Pirelli, said, “This prestigious recognition celebrates Pirelli’s design excellence and the innovative scope of products like P Zero E, confirming the role of research and development as a driver of progress and sustainability. Our constant commitment in the field of R&D has made Pirelli a benchmark in the global industry for technological innovation and cutting-edge solutions for future tyre development, thanks to the use of new materials with reduced environmental impact and the increasingly widespread use of advanced artificial intelligence throughout every phase.”

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