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(DARRON CUMMINGS/AP)

Financial Times

European tire makers have plenty of tread left

Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

Considering the car crash that is the European auto manufacturing industry, it is no small achievement that the tire business continues to keep to its side of the road. Results from Michelin and Goodyear on Tuesday illustrate how difficult a feat that is but also that it is not impossible.