French tyre giant Michelin is looking to diversify its business pursuits, announcing plans to expand into hydrogen.
Michelin says it wants to increase its revenue by around 65 per cent by 2030, equating to around €14 billion (AU$22B) annually – and will do so by moving outside of its traditional tyre manufacturing operations.
The company has set up a joint venture with French auto parts maker Faurecia, known as Symbio, to specialise in hydrogen technology.
As well as the alternative fuel, Michelin plans to diversify into medical devices, 3D metal printing, flexible composites, and 'services and solutions' using smart technology.
"Despite the current crisis and the still uncertain economic environment, Michelin has demonstrated the resilience of its fundamentals and the validity of its business model," General Manager and Chief Financial Officer Yves Chapot said at the announcement.
"This new Michelin In Motion strategic plan will give the [company] the means to drive new growth and reduce the impact of its main negative externalities. Michelin will continue to develop its tire operations while integrating new businesses, with a constant focus on maintaining a robust balance sheet and firm margins."