Business

Michelin presents its “All Sustainable” Strategy for 2030

Michelin presented “Michelin in Motion”, the company’s “All Sustainable” strategy for 2030, by Florent Menegaux, Managing Chairman, Yves Chapot, General Manager and Chief Financial Officer, accompanied by all the members of the Group Executive Committee.

Mr. Menegaux explained the Group’s “All Sustainable” vision, which is based on the constant search for the right balance between People, Planet and Profit. He also presented the Group’s ambitions for 2030, based on twelve indicators covering its environmental, social, societal and financial performance.

In particular, he emphasized the Group’s commitment to:

People

  • achieving an employee engagement rate of more than 85%
  • increasing the percentage of women in management positions to 35%
  • setting the global standard in workplace safety, with a TCIR of less than 0.5

Planet

  • sharply reducing its CO2 emissions, in Scopes 1 and 2 (by 50% compared with 2010) and in transportation-related Scope 3, with the goal of achieving carbon neutrality in these scopes by 2050
  • sharply increasing the sustainable raw materials content in all its products to 40% by 2030, in line with its target of 100% by 2050

Profit

  • driving sustained growth, with an average 5% increase per year in sales between 2023 and 2030, once the current Covid-19-related crisis is over
  • deriving 20% to 30% of sales from non-tire businesses
  • guaranteeing the creation of significant value, with a more than 10.5% ROCE between 2023 and 2030.

New non-tire growth territories

Michelin will continue to expand, invest and innovate in its tire businesses. Post-Covid mobility trends and the accelerating growth of the electric vehicle market represent genuine growth opportunities for the Group, which has developed unrivaled technological leadership in the design and manufacture of tires purpose-engineered for EVs. In the road transportation segment, the Group will selectively focus on creating value, while in Mining, Earthmover, Agricultural, Aircraft and other specialty tires, Michelin intends to remain the benchmark by capitalizing on the differentiation of its products and services.

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