Farewell, Russia: Michelin’s Exit Strategy Proves Tricky

Ready for some tire-iffic news? French tire maker Michelin is still trying to figure out how to get out of Russia, more than eight months after announcing their plan to leave the country. Apparently, they’re having a tough time saying goodbye to the land of borscht and balalaika.

michelin russia exit

To add some rubber to the road, Michelin’s decision to exit Russia has hit their net profit, despite the company’s half-year sales growing by 18.7%. It looks like Russia isn’t rolling out the red carpet for Michelin.

But wait, there’s more! Michelin originally planned to hand over its Russian operations to a local management entity by the end of 2022, but they’re still figuring out how to make it happen. It’s like they’re stuck in a pothole!

In case you think Michelin is the only one with flat tires, Finnish tire maker Nokian Tyres has also announced their exit from the Russian market. Looks like Russia is a tough nut to crack for foreign tire makers.

All in all, Michelin’s decision to exit the Russian market is a bumpy ride, but it shows their commitment to sustainable mobility and focus on high-growth markets. We hope they find their way out of this sticky situation soon!

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