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What happened with Michelin in Europe? Can they no longer afford to sell tires to GM?

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What happened with Michelin in Europe? Can they no longer afford to sell tires to GM?

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A — Michelin is a very important supplier to GM, and they are our third-largest supplier. My view is in Europe they had a big portion of the business on mainly the low-end vehicles, and they could not meet the target cost we needed to have. We had a competitor who could do most of the business, so it went to Continental. I think it’s a rather mutual decision (for Michelin) to exit the business in Europe.

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