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 . – Bloomberg 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 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 .