(Reuters) -French tire maker Michelin on Monday cut its full-year outlook citing worse-than-expected business conditions in the North American market that have eroded sales volumes and margins.

The company now expects 2025 segment operating income at constant exchange rates between 2.6 billion euros and 3.0 billion euros ($3.0 billion-$3.5 billion), down from an earlier forecast of income above 3.4 billion euros.

The company said that while it posted volume growth in other regions, in North America third-quarter sales volumes fell almost 10%, with “plummeting demand” from truck and agriculture segments, a weak sell-out market in truck replacement tires that reflected the soft economy, and headwinds in sales to consumers.

“On the margin front, group competitiveness has been impacted by t

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