Michelin working on 300-mph tire

Hennessey, Bugatti, and Koenigsegg could all use it.

Michelin is working on designing a tire capable of withstanding speeds of up to 300 mph, the company has revealed.

"We are knocking on the door of 300 mph," promised Eric Schmedding, Michelin's product manager for original equipment, in an interview with Bloomberg.

The 300-mph tire won't change life for 99 percent of car owners, but there is a surprisingly high demand for it. Several car companies are in a tussle to build a street-legal production car capable of reaching that limit and they're held back by tire technology.

Texas-based Hennessey wants to achieve 300 mph with its Venom F5. Currently, the title of the world's fastest car belongs to the Koenigsegg Agera RS, which hit 277 mph in Nevada. And then there's Bugatti, the company whose Veyron Super Sport held the top speed record for years. And other, smaller companies like Croatian electric car manufacturer Rimac. Clearly, the demand for a 300-mph tire is higher than it initially seems.

Hennessey hasn't revealed when it plans to test the Venom F5. Bugatti previously indicated finding out the Chiron's top speed is not a priority. Koenigsegg may make a speed-related announcement during next year's Geneva auto show.

"The Agera RS will be replaced with a new vehicle, most likely at the Geneva show next year. Will that car hit 300 mph? We'll all have to wait and see," said Steven Wade, the Swedish firm's head of communications.