LONDON—Capital spending among Europe's largest tire manufacturers is on a recovery track, returning close to levels last seen about five years ago, a HSBC Global Research analysis shows.
Capex as a percentage of sales among the leading players—principally Michelin, Continental and Pirelli—declined from over 8 percent in 2016-18 and 7.5 percent in 2019 to around 6.4 percent in 2022, the Dec. 7 report noted.