Michelin today announced the launch of its new employee share ownership plan, BIB’Action 2024, open to its 127,000 employees across 44 countries. The company has consistently offered employee share ownership plans since 2002 and affirms its desire to renew the plans annually.

The offering will be made through rights issue of 7,000,000 shares and will benefit employees of Group companies who are members of the Michelin Group Employee Shareholder Plan, irrespective of the nature of their employment contract, and who meet a seniority requirement of at least three months at the opening date of the subscription period. Each employee may acquire up to 2,000 shares under the plan, within the legal limit of a maximum subscription amount pursuant to the local country regulations.

The subscription period will run from 11 to 26 September 2024 (inclusive) and the subscription price has been set at EUR 28.08, which is equal to 80 percent of the reference price (corresponding to the average of the opening prices quoted for Michelin shares on Euronext Paris over the 20 trading days preceding the date on which the subscription price is set).

Employees who subscribe to the 2024 BIB'Action plan may exercise their voting rights at the shareholders meeting to be held in May 2025 and will receive the 2024 dividend as approved in that meeting.

Yves Chapot, General Manager and Chief Financial Officer, Michelin, commented, “Strengthening employee share ownership within the Michelin Group is a priority. By increasing the percentage of capital held by employees, we are highlighting the unique and crucial role of each individual in implementing our strategy. By becoming shareholders, employees can participate in the Group’s value creation and enjoy the benefits, both as employees and as shareholders.”

The following points elaborate the plan proposed by Michelin:

1. Up to the first five shares subscribed, the Group contributes two free shares for every share subscribed.
2. From six to 15 shares subscribed, the Group contributes one free share for every share subscribed.
3. From 16 to 65 shares subscribed, the Group contributes one free share for every five shares subscribed.
4. Beyond the 65th share subscribed, no further free shares are contributed by Michelin but the 20 percent discount is maintained.

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Bridgestone Retail Operations (BSRO), a part of Bridgestone Americas, has achieved a significant milestone with the full accreditation of its technician training curriculum by the National Institute for Automotive Service Excellence (ASE). This distinction, which places BSRO among a select few automotive service providers, confirms that its internal training programmes meet the institute's rigorous standards for educational quality and effectiveness.

The accreditation process was both extensive and intensive. To qualify, BSRO embarked on a four-year internal assessment and invested USD 3 million to revitalise its company training centres with the latest technology and equipment. This preparation culminated in an 18-month evaluation by ASE, which scrutinised 53 distinct training activities and involved more than 3,500 employees. The review thoroughly assessed all aspects of the programme, including the curriculum, training facilities, instructional equipment, instructor qualifications and, crucially, student outcomes.

This achievement has direct and meaningful implications for both technicians and customers. For the technicians working across more than 2,200 Firestone Complete Auto Care, Tires Plus, Hibdon Tires Plus and Wheel Works stores, this accredited curriculum provides a seamless pathway to earning individual ASE certifications. These certifications are widely recognised as a gold standard in the industry and are linked to greater career longevity and higher wage potential. For customers, this structured, high-quality training ensures that BSRO stores can consistently maintain and enhance the rigorous standards of trusted service they expect.

Marko Ibrahim, President, Bridgestone Retail Operations, said, “Achieving ASE accreditation positions BSRO as an industry leader in automotive training and education. This significant milestone reflects our unwavering commitment to excellence, elevating the quality and consistency of our training programme and empowering our technicians with industry-recognised credentials. The impact is already clear, and I could not be prouder of our team for their dedication to building a better skilled, more reliable workforce.”

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The European Tyre and Rubber Manufacturers’ Association (ETRMA) has officially rebranded as Tyres Europe. This new identity establishes a clear, dedicated focus on representing the European tyre manufacturing industry. The association aims to champion a competitive and innovative sector that advances safe, smart and sustainable mobility.

This strategic name change is designed to immediately clarify the organisation's mandate for all EU stakeholders, especially within a new political cycle and evolving market. Tyres Europe will engage in constructive, evidence-based policy discussions, advocating for the industry on key legislation including the EUDR, ESPR, Euro 7 and substance regulations. It will also push for an active industrial policy to bolster the competitiveness of Europe's tyre manufacturing base.

The association has elected Livio Magni of Pirelli as its new President and Paolo Pompei of Nokian Tyres as Vice-President for a two-year term. An official launch event is scheduled for 18 November in Brussels, featuring a strategic update from leadership and keynote speeches from high-level representatives of the European Commission and Parliament on Europe's mobility value chain.

Livio Magni, Tyres Europe President & Pirelli CEO Region Europe, said, “The tyre industry is a strategic pillar for Europe’s mobility, prosperity and safety. Through Tyres Europe, we will continue to work closely with policymakers and key stakeholders to ensure a predictable business environment that enables manufacturers to invest, innovate and compete in Europe. As an industry, we remain committed to driving innovation to deliver products that are increasingly safe and environmentally responsible.”

Paolo Pompei, Tyres Europe Vice-President and President & Nokian Tyres CEO, said, “Our sector is investing in capacity, efficiency and R&D to serve European mobility, reliably. Tyres Europe is committed to advocating for industrial policies that empower manufacturers to deliver greater value to society and to be recognised for their performance.”

Adam McCarthy, Tyres Europe Secretary General, said, “Tyres are as essential to vehicle performance as batteries and semiconductors and face multiple cross-cutting challenges that reflect the broader industrial transition. Tyres Europe will keep engaging with EU institutions to build coherent, workable rules that deliver real-world outcomes across competitiveness, circularity and innovation.”

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The Rubber Board organised a mass run in Kottayam town on Monday, bringing together its employees, their families, and college students as part of a nationwide fitness campaign now in its sixth year.

The Fit India Freedom Run 6.0 drew participants from Baselius College and CMS College alongside Rubber Board staff, forming part of a month-long initiative running from  2-31 October across India.

Launched in 2020 by the Ministry of Youth Affairs and Sports, the Fit India Freedom Run was conceived to commemorate two significant dates in India’s calendar—Independence Day on 15 August and Gandhi Jayanti on 2 October. The programme seeks to promote walking and running as accessible routes to improved health and physical fitness amongst the general population.

This year’s edition has adopted the theme of “Swachhata and Swasthiya” (Cleanliness and Health), reflecting the government’s emphasis on hygiene as a cornerstone of healthy living. The dual focus aligns with broader public health messaging that connects environmental cleanliness with individual well-being.

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JK Tyre achieved record revenue of INR 40.26 billion, driven by strong domestic demand and a strategic shift in export markets.

JK Tyre & Industries reported its highest-ever quarterly results, with consolidated revenue of INR 40.26 billion in Q2 FY2026. This performance was supported by double-digit volume growth in key segments and enhanced operational efficiency.

Profit after tax rose 54 per ent year-on-year to INR 2.23 billion, and EBITDA margins increased to 13.3 percent. This marks a significant turnaround for India’s tyre sector, which has faced volatile raw material costs and uncertain export conditions in recent quarters.

Domestic Market Powers Growth

Domestic volumes increased 15 percent, led by a 22 percent rise in truck and bus radial (TBR) tyre replacements. Passenger vehicle tyre replacements grew 16 percent, while the two- and three-wheeler segment saw exceptional growth of 155 percent.

“The demand has been very good. In fact, the demand is touching double-digit,” said Anshuman Singhania, Managing Director of JK Tyre, in a media roundtable. “We are seeing long hauls coming in because of better infrastructure. So demand is pretty good, and demand is going to be in a very steady trajectory going forward.”

The company attributed strong domestic results to GST rationalisation, improved monsoons supporting rural demand, and increased government infrastructure spending. Management also noted that dealer inventories have normalised, offering better visibility into true demand.

Strategic Export Pivot Pays Off

Despite uncertainty regarding US tariffs, JK Tyre increased export volumes by 13 percent quarter-on-quarter. The company has diversified its exports, with North America now accounting for only 3 percent of total revenue.

“We have diverted most of our exports from the US to other markets,” Singhania explained. The company has strengthened its presence in the Middle East, Europe, Latin America, and Brazil, whilst continuing to serve the US market through its Mexican manufacturing facility.

JK Tornel, the Mexico subsidiary, reported a 26 percent sequential increase in turnover to INR 6.39 billion, up from INR 5.05 billion in the previous quarter.

Premiumisation Strategy Takes Hold

JK Tyre’s focus on premium segments has driven margin improvement. Tyres with rim sizes of 16 inches and above now account for 27 percent of the passenger vehicle mix, up from 18 percent in FY2018.

This strategy aligns with market trends, as sport utility vehicles now make up about 65 per cent of India’s passenger vehicle market, requiring larger, higher-margin tyres. JK Tyre has expanded its premium range, including the Levitas brand and products like Puncture Guard, which have gained acceptance among OEMs and in the aftermarket.

“Our premium products like Levitas, innovative products like Puncture Guard have really got the fancy of our channel partners as well as some of the OEMs,” Singhania said. The company recently supplied 18-inch tyres for Hyundai’s Creta Night Edition, marking its deepening engagement with premium OEM specifications.

Sanjeeva Garwal, Chief Financial Officer, emphasised that the company is not abandoning value segments entirely. “We are not leaving the space in the non-premium segment, which is continuing because we have the capacity,” he noted, adding that new capacity expansions are specifically dedicated to premium and larger rim size tyres.

Capacity Expansion on Track

JK Tyre is investing INR 14 billion to expand capacity. New passenger car radial capacity will be fully operational by July 2026, with additional truck radial capacity set to begin in the fourth quarter of this fiscal year.

Radial tyre production is operating at over 90 percent capacity, and overall utilisation is 87 percent, indicating limited room for growth without expansion. Management is closely monitoring the market for potential future capacity additions.

The company manufactures tyres up to 22 inches in Mexico and 20 inches in India, positioning itself to meet increasing demand for larger sizes as vehicle premiumisation advances.

Raw Material Tailwinds Continue

Improved profitability has been supported by favourable raw material costs, which have declined from Q4 FY2025 through Q2 FY2026. Management expects this trend to continue for the rest of the year.

The company passed on the full benefit of GST rationalisation to consumers whilst maintaining pricing discipline. “Right now, in the second quarter, we have not increased any prices, and going forward, we are always assessing the competitive market because it is a dynamic market,” Singhania said.

Outlook and Guidance

JK Tyre expects to maintain double-digit volume growth for the year, even as the auto and tyre industries are projected to grow 6-7 percent. The company anticipates low single-digit growth in truck tyres, mid single-digit growth in truck radials, and mid-to-high single-digit growth in passenger car radials.

Management described the outlook for the second half as very positive, citing ongoing infrastructure investment, recovering rural demand, and normalised inventory levels across distribution channels.

While JK Tyre remains focused on four-wheeled applications, Singhania noted that the defence sector, which includes tyres for trucks, passenger vehicles, and armoured vehicles, accounts for a high single-digit share of revenue and offers growth potential as India’s defence procurement increasingly favours domestic suppliers.

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