05 Financial performance Report of the Managers After growing 6% in the first half, the European market further accelerated in the second six months, with an 11% gain, reflecting the net impact of: n an increase in imports in September and October, ahead of the application of the European Union Deforestation-free Regulation (EUDR) initially scheduled for January 1, 2025, but finally postponed by a year; n relatively weak OE demand; n robust demand for winter tires. The gain was also lifted by the sustained move upmarket in the product mix, with faster growth in sales of 18-inch and larger tires. Year-end dealer inventories were somewhat higher than normal due to the above-mentioned imports. Demand in North America rose by 2% over the year, with the second half unchanged (0%) after a vibrant 4% increase in the first six months. In a resilient economy, the second-half slowdown reflected the leveling off of Asian import sales, after a first half buoyed by the lowering of anti-dumping duties on tires imported from Thailand in January 2024. Year-end 2024 inventory levels had returned to normal. In China, after a more or less stable first half (up 1%), the market ended the year down a slight 1%, with a steep 5% plunge in the third quarter as domestic demand faltered, and a return to stability (0%) in the final three months. Sluggish demand also reflected the shift in mobility patterns observed in recent years following the rapid improvement in rail infrastructure, as a decline in average kilometers driven offset the increase in the number of vehicles on the road. In the other operating regions, demand edged up 2% in South America, with an upsurge in Asian imports, and remained unchanged in Asia excluding China. The Indian market rose by 4%, with faster growth in demand for 18-inch and larger tires. THE REPLACEMENT PASSENGER CAR AND LIGHT TRUCK TIRE MARKET IN EUROPE (in millions of tires – moving 12 months) Michelin estimates. THE REPLACEMENT PASSENGER CAR AND LIGHT TRUCK TIRE MARKET IN NORTH AMERICA (in millions of tires – moving 12 months) Michelin estimates. 330 340 350 360 370 380 390 400 410 2024 2020 2021 2022 2023 270 280 290 300 310 320 330 340 2024 2020 2021 2022 2023 321 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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