Global tire sales figures push Pirelli. Michelin also stands out on the Paris Stock Exchange, when it is positive but with less momentum Continental +1.17% in Frankfurt. In Milan, shares of the Bicocca group rose, reaching a maximum of 4.901 euro, recording one of the best performances of the FTSE MIB +0.05%. As indicated by various analysts, based on Michelin estimates, the global tire market recorded growth in the first half (+2%), although in Europe it fell by 4%, mainly due to the drop in demand for buses and trucks.

In particular, Intermonte explains that «the spare parts channel (RT, around 75/80% of the group’s revenues) recorded another positive month in June (+2% year-on-year at a global level) thanks to the continuous rebound of China favored by the easy basis of comparison and a clear improvement in North America, while Europe remained in decline even if substantially stable due to the continuous de-stocking of distributors. The OEM channel (about 20/25% of sales) continued to grow slightly (+1%), but slowed down compared to the previous months due to a less easy basis of comparison. The second quarter of 2023 therefore closed stable for the RT channel and at +12% for OE». In this context, the analysts of the Milanese SIM continue, “the reading for Pirelli is slightly positive as the trend is consistent with our estimates for the year, also considering that the top of the range (about 73% of Pirelli’s revenues) generally shows higher growth rates than the market”.