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03:24
French tire maker Michelin has said that the world's tire market is seeing a gradual recovery worldwide, especially in China, amid a crisis brought about by the coronavirus pandemic.
The recovery is also much more apparent in China, which entered and exited the COVID-19 crisis earlier than other countries, according to Florent Menegaux, CEO of Michelin, in an interview with CGTN.
"The tire market is going through a big crisis right now. It's due to the fact that more than half of the world has been under lockdown, and mobility has been affected, and therefore tire markets have been down."
"What we see now is a gradual recovery happening in every part of the world, and especially in China," he told CGTN anchor Cheng Lei.
The pandemic had cut sharply into auto sales globally earlier in the year, and China, the world's biggest auto market, saw double-digit declines in the first half of 2020 following city-wide shutdowns.
From February's record 81.7-percent plunge in auto sales in China, latest data from the China Association of Automobile Manufacturers showed a firm rebound with a 1.8-percent in June, and 7-percent gain in May after China gradually reopened its economy.
In an analysis, consultancy BCG said global automotive sales in 2020 most likely will decrease by 14-22 percent among the China, U.S. and European markets, but noted that China was on a recovery path.
Michelin CEO: China's economic expansion 'unprecedented'
Michelin's first quarter of 2020 sales dropped by 8.3 percent year on year to 5,327 million euros, which was attributed largely to the collapse in demand due to health measures from the virus outbreak.
Menegaux noted that China's economy was still in expansion, adding that the tire group – which also publishes the famed restaurant guide of the same name – is still looking to expand its footprint in China.
"China entered into the COVID-19 crisis much earlier than any other country. And it emerged back from this much earlier than any other country. And the economy is still expanding," he said.
Menegaux said when Michelin began its business in China 30 years ago, in 1989, China looked "very different", but the country had continued growing to this date.
"And clearly you have not completed your journey into expanding. I mean you've taken out of poverty 750 million people in 30 years, which is really unprecedented," he said.
Asked if the Michelin brand was looking to invest more in China, Menegaux said, "Of course, we constantly expand in China."
"We are very happy with the relationship we have with Chinese customers. Michelin is well known in China, than in France. And of course we are always looking for more," he said, noting that China was also the location of two of the company's most well-performing plants around the world. "So we are very happy with our setup in China."
(CGTN's Cheng Lei also contributed to this story.)
