Latest news with #AndreaCasaluci
Business Times
6 days ago
- Automotive
- Business Times
US warns Pirelli risks restrictions due to Chinese investor
[MILAN] The US government warned Italy's Pirelli & C that vehicles containing its advanced sensors technology could be restricted from sale in America due to concerns over the influence of the tiremaker's Chinese investor. The informal advisory, outlined in a letter dated Apr 25 by the Commerce Department's Bureau of Industry and Security – known as BIS – said that car manufacturers that incorporate the so-called CyberTyre technology into their completed connected vehicles would likely need to apply for a specific authorisation to sell those cars in the US. The assessment by BIS, which writes and enforces rules regarding transactions including sensitive technologies, was made in response to a request for an advisory opinion by Pirelli, according to a document seen by Bloomberg. A representative for Pirelli declined to comment. Representatives for Commerce and Sinochem did not immediately reply to requests for comment. Pirelli shares fell as much as 3.3 per cent on the news, having been trading slightly higher prior to the Bloomberg News report. The advisory is among the first known examples of how the US government will enforce a new rule restricting the import and domestic sale of cars using certain Chinese and Russian technology. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Pirelli's CyberTyre is a tyre system made by hardware and software that enables driving functions such as braking optimisation, automatic emergency braking and automatic speed reduction. While the BIS opinion does not say vehicles using the technology would be subject to an outright ban, it highlights the issues that Pirelli may face in incorporating its technology in cars intended to be sold in America, as it seeks to strengthen its foothold across the Atlantic. Pirelli, which supplies tyres to manufacturers including Ferrari and Bentley Motors, has found itself in a growing governance feud with its biggest investor, China's state-owned Sinochem, which holds a 37 per cent stake. The central dispute revolves around establishing a shareholder structure that does not put the tiremaker at risk of breaching US laws that aim to prevent countries such as China from hacking or tracking vehicles using software systems that their domestic companies have created. Pirelli, which generates about a quarter of its sales in the US, last month took a first step to distance itself from its main investor, downgrading the governance status of the Chinese conglomerate following a request from Italian regulators. Its 15-member board clashed over the decision, with five of the company's Chinese directors opposing it and one abstaining. While the end of controlling status will not force Sinochem to sell its holding, it will effectively distance the company financially from Pirelli. Still, formal talks with Sinochem on a new structure have yet to conclude. Pirelli chief executive officer Andrea Casaluci said in an interview with Corriere della Sera last week that 'without a deal with Sinochem, development of our core technologies and further growth – in particular in the United States – could be greatly at risk'. BLOOMBERG
Yahoo
6 days ago
- Automotive
- Yahoo
U.S. warns Pirelli on possible sale restrictions over Chinese investors, Bloomberg says
MILAN (Reuters) -The United States has warned Pirelli that sales of vehicles fitted with its data-collecting technology could be restricted due to concerns over the influence on the tyremaker of its Chinese investor, Bloomberg reported on Tuesday. Pirelli declined to comment, while the U.S. Commerce Department was not immediately reachable for comment. Italy's Pirelli, whose largest shareholder with a 37% stake is Chinese state group Sinochem, has developed technology allowing data from its so-called Cyber Tyres to be collected and transferred in real time to the vehicle. The U.S. is cracking down on Chinese technology in the automotive industry, banning key software and hardware from Chinese-controlled companies in connected vehicles on U.S. roads. Software prohibitions take effect in the 2027 model year, those on hardware in 2029. The informal advisory to Pirelli was outlined in a letter dated April 25 by the Commerce Department's Bureau of Industry and Security, Bloomberg said. It added that the letter, sent in response to a request for an advisory opinion by Pirelli, said automakers that incorporate Cyber Tyre technology into their vehicles would likely need to apply for a specific authorization to sell them in the U.S. Pirelli and its second-largest investor Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, have entered a dispute with Sinochem over the tyremaker's governance, claiming Sinochem's leading shareholding position was hindering the group's ability to expand its business in the U.S. Pirelli makes around 25% of its revenue in North America, which it mostly serves through plants in Mexico, South America and Europe, although it also runs a smaller facility in the U.S. state of Georgia. Last week CEO Andrea Casaluci said in an interview with Italian daily Corriere della Sera that Pirelli was in a risky situation after Sinochem rejected a proposal by the company to solve its governance issues.
Yahoo
6 days ago
- Automotive
- Yahoo
U.S. warns Pirelli on possible sale restrictions over Chinese investors, Bloomberg says
MILAN (Reuters) -The United States has warned Pirelli that sales of vehicles fitted with its data-collecting technology could be restricted due to concerns over the influence on the tyremaker of its Chinese investor, Bloomberg reported on Tuesday. Pirelli declined to comment, while the U.S. Commerce Department was not immediately reachable for comment. Italy's Pirelli, whose largest shareholder with a 37% stake is Chinese state group Sinochem, has developed technology allowing data from its so-called Cyber Tyres to be collected and transferred in real time to the vehicle. The U.S. is cracking down on Chinese technology in the automotive industry, banning key software and hardware from Chinese-controlled companies in connected vehicles on U.S. roads. Software prohibitions take effect in the 2027 model year, those on hardware in 2029. The informal advisory to Pirelli was outlined in a letter dated April 25 by the Commerce Department's Bureau of Industry and Security, Bloomberg said. It added that the letter, sent in response to a request for an advisory opinion by Pirelli, said automakers that incorporate Cyber Tyre technology into their vehicles would likely need to apply for a specific authorization to sell them in the U.S. Pirelli and its second-largest investor Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, have entered a dispute with Sinochem over the tyremaker's governance, claiming Sinochem's leading shareholding position was hindering the group's ability to expand its business in the U.S. Pirelli makes around 25% of its revenue in North America, which it mostly serves through plants in Mexico, South America and Europe, although it also runs a smaller facility in the U.S. state of Georgia. Last week CEO Andrea Casaluci said in an interview with Italian daily Corriere della Sera that Pirelli was in a risky situation after Sinochem rejected a proposal by the company to solve its governance issues. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
24-05-2025
- Business
- Reuters
Pirelli in risky situation without a deal with Sinochem, CEO tells Corriere
MILAN, May 24 (Reuters) - Italian tyre maker Pirelli ( opens new tab is in a risky situation after its Chinese leading shareholder Sinochem rejected a proposal by the company to solve governance issues that could hinder its expansion in the United States, the group's CEO told daily Corriere della Sera on Saturday. Pirelli and its second-largest shareholder, Italy's Camfin, have said Sinochem's shareholding was posing risks to the tyre maker's ambitions to expand in the U.S., where some lawmakers are opposed to approving projects backed by Chinese companies. The company had put forward a proposal to solve these governance issues, without releasing details on it, but earlier this month Pirelli's Chinese shareholder firmly rejected it. "The goal is to find solutions that can guarantee Pirelli to operate in all markets of the world, particularly the U.S., without constraints and restrictions, thinking only of the company's industrial development," Pirelli CEO Andrea Casaluci said in an interview published on Saturday. Pirelli makes over 20% of its revenue in North America and the percentage is 40% for sales of high-value products. "Without a solution, the development of Pirelli's relevant technologies would be compromised and consequently future growth would also be at great risk, in all markets and especially in Italy," Casaluci said, adding that the group plans to expand its research and development activities in its home country. Casaluci also said that Sinochem has presented its own proposal on the governance to the Italian government - which has so-called golden powers to block or limit foreign influence on domestic groups considered strategic - without consulting with the group. Contacted by Reuters Pirelli and Sinochem were not immediately available to comment the interview.
Yahoo
24-05-2025
- Business
- Yahoo
Pirelli in risky situation without a deal with Sinochem, CEO tells Corriere
MILAN (Reuters) -Italian tyre maker Pirelli is in a risky situation after its Chinese leading shareholder Sinochem rejected a proposal by the company to solve governance issues that could hinder its expansion in the United States, the group's CEO told daily Corriere della Sera on Saturday. Pirelli and its second-largest shareholder, Italy's Camfin, have said Sinochem's shareholding was posing risks to the tyre maker's ambitions to expand in the U.S., where some lawmakers are opposed to approving projects backed by Chinese companies. The company had put forward a proposal to solve these governance issues, without releasing details on it, but earlier this month Pirelli's Chinese shareholder firmly rejected it. "The goal is to find solutions that can guarantee Pirelli to operate in all markets of the world, particularly the U.S., without constraints and restrictions, thinking only of the company's industrial development," Pirelli CEO Andrea Casaluci said in an interview published on Saturday. Pirelli makes over 20% of its revenue in North America and the percentage is 40% for sales of high-value products. "Without a solution, the development of Pirelli's relevant technologies would be compromised and consequently future growth would also be at great risk, in all markets and especially in Italy," Casaluci said, adding that the group plans to expand its research and development activities in its home country. Casaluci also said that Sinochem has presented its own proposal on the governance to the Italian government - which has so-called golden powers to block or limit foreign influence on domestic groups considered strategic - without consulting with the group. Contacted by Reuters Pirelli and Sinochem were not immediately available to comment the interview.
