Shares in French tyremaker Michelin plummeted following a warning from the company of a decline in demand for tyres , particularly in Western Europe and China , due to new European emissions standards and a decline in the auto market in China . There is a fear that Michelin 's decline could also drag down the growth of its competitors in Europe and the US . Michelin has already been cutting jobs due to rising competition and plans to cut 2,000 jobs by 2021 , 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 Michelin plummeted following a warning from the company of a decline in demand for tyres, particularly in Western Europe and China, due to new EU 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 US. Michelin has already been cutting costs due to rising competition and plans to cut 2,000 jobs by 2021, primarily in France. It has also raised prices to make up for the rising costs for raw materials like synthetic rubber.