MICHELIN, the French tyre-maker that employs 900 people in Dundee, said it expects to maintain sales volumes in 2013, with growth in emerging markets offsetting uncertainty in mature markets such as Europe.

The company said new-tyre demand fell by 5% annually in Europe in 2012 while replacement demand dropped 10% year-on-year.

The North American new-tyre market grew by 16% in 2012, returning to 2007 levels reflecting strong new car sales as buyers replaced ageing models. But sales of replacement tyres fell 2% as consumer confidence weakened.

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Sales of new and replacement tyres increased by 11% and 2% in Asia excluding India. Michelin increased underlying operating profits by 25% annually, to £2 billion in 2012.