french tyre manufacturer michelin said it remained profitable in 2020 despite a pandemicinduced drop in sales thanks in part to prices dropping on raw materialsparis french tyre manufacturer michelin said on monday it remained profitable in 2020 despite a pandemicinduced 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 per cent to 20 billion euros 243 billion the firms net profit meanwhile fell by nearly twothirds from 2019 to 19 billion euros michelin has been trying to move upmarket with a greater focus on premium tyres and specialist products and the shift in its product mix helped earnings in 2020 advt meanwhile it cut administration costs by 240 million euros and cut investments by nearly a third in january the firm announced it hoped to shed 2300 posts in france over the coming three years without any forced layoffs michelin said in a still highly uncertain environment as the health crisis unfolds that it expected the passenger car and light truck tyre markets to expand by 6 to 10 per cent this year for trucks it sees an increase of between 4 and 8 per cent and 8 to 12 per cent in speciality markets it hopes operating profits will jump to at least 25 billion euros next year afp published on feb 16 2021 at 1150 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app michelin tyres premium tyres auto sales tyre markets sales drop homenewstyresmichelin sales skid but tyre giant keeps grip on profit