Michelin has reported 2020 sales down 15% to EUR20bn (US$24bn) and segment operating income of EUR1.9bn.

"In the midst of this major health and economic crisis, I would first like to thank the Michelin teams for their dedication and commitment," said Michelin managing chairman, Florent Menegaux.

"Together, we're getting through this; together, we're working hard to protect everyone, the entire Group and our operations. We're also continuing to support our suppliers, our customers and all our communities around the world.

"In this uncertain environment, the Group is pursuing competitiveness programmes and continuing to shift its production toward premium and speciality tyres, while also stepping up its expansion in high-tech materials and services and solutions."

Outlook for 2021:

Michelin says in 2021, in a still highly uncertain environment as the health crisis unfolds, passenger car and light truck tyre markets are expected to expand by 6% to 10% during the year, truck tyre markets by between 4% and 8% and speciality markets by 8% to 12%.

In this market scenario and barring any new systemic impact from Covid-19, Michelin's objectives are to deliver full-year segment operating income in excess of EUR2.5bn at constant exchange rates and structural free cash flow of around EUR1bn.

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