Tire Makers Badly Pinched under Auto Vehicles’ Sharp Declines

Hit by the financial crisis, automakers across the globe cut their production one after another in order to ease their inventory and capital pressure. As a result, many tire makers are severely impacted.

According to Michelin’s 2008 financial report, the company’s sales volume slumped by 16% in the fourth quarter of the year due to the dire situation faced by the tire market. In the whole year, it’s sales volume dropped by 2.9% and its profits were thus down by 44%.

Another giant in the tire market, Goodyear was also mired in a difficult situation. To beat down the current unfavorable business environment, Goodyear is planning to introduce more competitive new products.

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