Michelin operates in a market undergoing multi-faceted change in a highly volatile global business environment 01 Growing in a complex, uncertain environment Manufacturing in a world full of challenges particularly heavy public debt and deep budget deficits in the European Union export controls and more restricted access to certain markets high-emission vehicles increasingly banned in city centers evolving, more fleeting brand relationships cyclical specialty tire markets despite still strong fundamentals hard-to-understand customs duties and anti-dumping regulations the growing risk of cyber attacks the pace of the shift to EVs highly dependent on political agendas a growing appetite for unique, differentiating experiences growing demand for lightweight, durable composites in a myriad of value chains MICHELIN’S OBJECTIVE continue to deliver profitable growth to remain competitive MICHELIN’S OBJECTIVE strengthen its crisis management process and reduce its operating exposure to geopolitical risks MICHELIN’S OBJECTIVE leverage the full value of its technological leadership to design and mass-produce All Sustainable products and solutions by 2050 MICHELIN’S OBJECTIVE leverage its ability to innovate for a better world MICHELIN’S OBJECTIVE align its offerings and footprint to each market’s trends 15 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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