The French company Michelin, which is a world leader in tire production, is finally leaving the Russian market. The former Michelin plant in the village of Davydovo, Moscow Region, will produce tires under the Selna and Farlight brands.
The deal to sell the assets took place in May 2023. The Michelin plant, which produced up to 2 million tires per year, was bought by Power International Tires, a Russian distributor of Chinese Hifly tires.
The agreement states that the French company is taking the Michelin trademark. It is possible that Hifly will help the Russian partner resume production by establishing supplies of raw materials to the Russian Federation.
After the departure of foreign companies, the domestic tire market has managed to adapt to the new conditions. The production facilities previously owned by foreign companies have been transferred to other owners.
It is known that the Nokian Tyres plant is owned by Tatneft, which produces tires under the Ikon Tyres brand. And the production lines of Continental and Cordiant went to S8 Industrial Assets.
Over 9 months of this year, Russia produced over 29 million tires. At the same time, there is a rise in tire prices of 5-10%.