Michelin plans to double car tyre production capacity in Brazil, Russia, India and China by 2012 and increase truck tyre production capacity by 40%, a French newspaper reported.
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Michelin had cut planned investments to EUR700m (US$939m) in 2009 from a previous target of EUR1.4bn but it wants to keep investing in high-potential markets, the paper cited chief executive Michel Rollier as saying.
Rollier said India and China were “two very big projects” with investments totalling around $800m over several years in each case.
The group also did not rule out doubling production capacity to 4m units per year in Russia although a decision has not yet been taken, Les Echos said, according to Reuters.
Russian car sales fell 51% in the first 10 months of 2009 but the tyremaker is confident of recovery.
“But from 2010, people will start buying tyres again in Russia,” the paper quoted Michelin’s Russia head Eric Faidy as saying.
