Michelin beyond tires, with hydrogen
Michelin's boss has unveiled the manufacturer's roadmap, which will become a simple tire manufacturer. It now focuses on areas such as energy, with the introduction of a new...
01/06/2022
Michelin's boss has unveiled the manufacturer's roadmap, which will become a simple tire manufacturer. It now targets areas such as energy, with the introduction of a large hydrogen structure.
Michelin is once again the world's leading tyre manufacturer in terms of the company's value, ahead of Bridgestone and Continental. A French success story, however, which seeks to diversify. The boss, Florent Menegaux, has unveiled Michelin's roadmap for the coming years: hydrogen, but also 3D printing and even medical equipment.
On the financial side, first of all, Michelin wants to grow. The company has significant ambitions with company buy-back growth and a shareholder dividend policy that will be increased by 2023.
Above all, Michelin has partnered with French equipment manufacturer Faurecia to found Symbio, a joint venture that will produce fuel cells, in the Saint-Fons plant. At the moment, the only known major customer is Stellantis, who wants to develop their hydrogen utility vehicles. But Symbio would be in discussion with other manufacturers, and not necessarily just in the automobile industry. Michelin can rely on recent figures predicting environmentally friendly hydrogen production (without fossil products) cheaper than natural gas by 2050 in some 15 countries.
At the moment, Michelin relies mainly on two hydrogen markets: Europe and China. But the manufacturer now adds the United States to his bow, especially since Joe Biden took over the presidency.
At the end of the decade, Symbio aims at €1.5 billion in sales in hydrogen, and 12% in global market share.