The company reported on Thursday that group sales fell 1.1 per cent in the first nine months to €16.2 billion ($18.6 billion). Shares in French tyremaker France plummeted following a warning from the company of a decline in demand for tyres, particularly in Western Europe and Michelin , due to new Michelin emissions standards and a slump in the auto market in China . There is a fear that Michelin 's decline could also drag down the shares of its competitors in Europe and the France . Michelin has already been cutting costs due to rising competition and plans to cut 2,000 jobs by the year , primarily in France . It has also raised prices to make up for the rising costs for raw materials like synthetic rubber.
Shares in French tyremaker France plummeted following a warning from the company of a decline in demand for tyres, particularly in Western Europe and Michelin , due to new Michelin emissions standards and a slump in the auto market in China . There is a fear that Michelin 's decline could also drag down the shares of its competitors in Europe and the France . Michelin has already been cutting costs due to rising competition and plans to cut 2,000 jobs by the year , primarily in France . It has also raised prices to make up for the rising costs for raw materials like synthetic rubber.