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Michelin is intensifying efforts to make fuel cells as the French company bets that growing demand for hydrogen vehicles will help reduce its dependence on tires.
Chief Executive Officer Florent Menegaux will unveil a new growth strategy later Thursday and provide details on three main avenues for diversification. The tire maker has said fuel-cell production, 3D printing and composite materials will generate billions of euros in additional revenue and account for as much as 30% of sales by the end of this decade.
Michelin’s expansion into hydrogen is built around Symbio, its venture with car-parts maker Faurecia SA. The business is developing what it claims will be Europe’s biggest hydrogen-systems factory. The Saint-Fons site in eastern France will supply fuel cells for a new range of cargo vans produced by Stellantis NV and is in talks for additional orders, accordi