Michelin said that due to the continuous increase in the demand for tires for trucks and passenger cars, the company’s first-quarter operating income rose by 28% year-on-year. The company said it may increase its annual sales growth forecast by 6.5%.

Michelin XDA2+ ENERGY Tire Released at Shanghai Auto Show
Michelin XDA2+ ENERGY Tire Released at Shanghai Auto Show

It is reported that the company's first-quarter operating income amounted to 5.05 billion euros, which is higher than the average expected value of the company's 11 analysts.

The company said that sales of Michelin tires climbed by 13% in 2010 due to improved sales in the traditional market and rapid increase in production outside Europe. Michelin said that the company’s growth target for 2011 is at least 6.5%.

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