Michelin looks to hydrogen power, medical devices to help drive growth

·1 min read
FILE PHOTO: The logo of French tyre maker Michelin on a Formula E racing car tyre

PARIS (Reuters) - France's Michelin plans to achieve revenue of around 34 billion euros ($41 billion) by 2030, versus 20.5 billion euro last year, by 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 from its business making hydrogen power systems for vehicles would grow from a forecast 200 million euros in 2025 to 1.5 billion euros by the end of this decade.

It said it was also targeting rapid growth in the new fields of 3D metal printing, and medical devices.

In its traditional tyre business, it said it would achieve growth by shifting some production towards lower-cost locations, and focussing on higher-margin tyres.

Like many other businesses linked to the auto industry, Michelin has been hit hard by the COVID pandemic, which led to a global slump in demand for cars.

The company forecast that it would fully recover from the effects of the pandemic by the end of 2022.

($1 = 0.8403 euros)

(Reporting by Gilles Gillaume,; Writing by Christian Lowe; Editing by Emelia Sithole-Matarise)