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Michelin to make hydrogen power systems for vehicles
Michelin expects the fastest growth to come from its business making hydrogen power systems for vehicles. Michelin to make hydrogen power systems for vehicles
France’s Michelin plans to add about 14 billion euros ($17 billion) to its annual revenues by 2030, by recovering from a pandemic-induced slowdown and diversifying beyond its tyre-making heritage into new activities including hydrogen power and medical devices. The firm said in a strategy presentation on Thursday that it anticipated revenue in 2030 of 34 billion euros, compared to 20.5 billion last year. It expects the fastest growth to come from its business making hydrogen power systems for vehicles. It said that would grow from a forecast 200 million euros in 2025 to 1.5 billion by the end of this decade.
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PARIS (Reuters) - France’s Michelin plans to add about 14 billion euros ($17 billion) to its annual revenues by 2030, by recovering from a pandemic-induced slowdown and diversifying beyond its tyre-making heritage into new activities including hydrogen power and medical devices.
FILE PHOTO: Bibendum, the Michelin Man mascot, is seen on a tyre at the entrance of the Cataroux factory of French tyre maker Michelin in Clermont-Ferrand, France, January 7, 2021. REUTERS/Gonzalo Fuentes/File Photo
The firm said in a strategy presentation on Thursday that it anticipated revenue in 2030 of 34 billion euros, compared to 20.5 billion last year.
It expects the fastest growth to come from its business making hydrogen power systems for vehicles. It said that would grow from a forecast 200 million euros in 2025 to 1.5 billion by the end of this decade.
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PARIS (Reuters) - France s Michelin plans to add about 14 billion euros ($17 billion) to its annual revenues by 2030, by recovering from a pandemic-induced slowdown and diversifying beyond its tyre-making heritage into new activities including hydrogen power and medical devices.
The firm said in a strategy presentation on Thursday that it anticipated revenue in 2030 of 34 billion euros, compared to 20.5 billion last year.
It expects the fastest growth to come from its business making hydrogen power systems for vehicles. It said that would grow from a forecast 200 million euros in 2025 to 1.5 billion by the end of this decade.
It said it also hoped for rapid growth in the new fields of 3D metal printing and medical devices.
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