Michelin’s end-2016 CV tyre data raises more questions than answers

Michelin’s data for December 2016 tyre shipments has been published with the following commentary:

“Solid rebound in Europe RT excluding CIS (+9%) due to strong freight business; weaker business in North America (-4%) due to stabilizing freight activity and mechanical contraction following China tires pre-buy; in Brazil (+11%) higher demand driven by signs of business recovery.”

Note that the percentage figures provided by Michelin in its commentary are