Financial performance Report of the Managers 05 In Europe, the quarter-by-quarter market decline (down 1% in Q1, 7% in Q2 and 9% in Q3) gained momentum in the final three months, with a 13% drop tracking OEM output. New vehicle sales were impacted by pressure on purchasing power from persistently high interest rates. Moreover, uncertainties over the pace of the market’s transition to EVs, exacerbated by reductions in EV purchase subsidies in certain countries, are leading consumers and fleets to push back new vehicle purchases. The North and Central American market declined by 2% yearon-year. After holding relatively firm in the first half (up 1%), demand dropped 4% in the second six months, despite the favorable comparison with the prior-year period, when a strike in the fall slowed sales. As in Europe, EV takeup was slower than expected. In addition, the North American market saw a shift to lower-trim models, with fewer features and less equipment, following the post-pandemic period when disrupted semiconductor and component supply chains prompted carmakers to focus on executive models. The market in China improved by 3% over the year, with wide swings, however, from one quarter to the next. Demand steadily cooled quarter-by-quarter (up 6% in Q1 and 3% in Q2, then turning down 4% in Q3), as exports gradually failed to offset the increasingly steep decline in domestic demand, which sharpened over the summer. However, the market rebounded strongly in the final three months, gaining 7% thanks to the vast demand-led economic stimulus package announced by the central bank and the Chinese government in late September. THE OE PASSENGER CAR AND LIGHT TRUCK MARKET IN EUROPE (in millions of tires – moving 12 months) Michelin estimates. THE OE PASSENGER CAR AND LIGHT TRUCK MARKET IN NORTH AMERICA (in millions of tires – moving 12 months) Michelin estimates. Replacement In Replacement tires, the 4% year-on-year increase in global demand hid significant disparities by region, with robust 9% growth in Europe and a slight 1% slowdown in China. Passenger car and Light truck tire markets Replacement In millions of tires 2024 2023 2024/2023 Secondhalf 2024/ 2023 Fourthquarter 2024/2023 Thirdquarter 2024/2023 First-half 2024/2023 Secondquarter 2024/2023 Firstquarter 2024/2023 Europe(1) 403 371 +9% +11% +11% +11% +6% +9% +3% North America(2) 323 317 +2% 0% -1% +2% +4% +1% +8% South America 81 79 +2% 0% +1% 0% +5% +3% +6% China 168 170 -1% -2% 0% -5% +1% -3% +4% Asia (excl. China) 143 142 0% +4% +4% +3% -3% +1% -7% Africa/India/Middle East 117 114 +3% +3% +3% +3% +3% +3% +3% TOTAL 1,236 1,192 +4% +4% +4% +4% +3% +3% +3% (1) Including Turkey and Central Asia. (2) Including Central America. Michelin estimates. 2024 2020 2021 2022 2023 65 70 75 80 85 90 95 100 105 50 55 60 65 70 75 80 85 2024 2020 2021 2022 2023 320 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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