Latest news with #CyberTyre
Business Times
4 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
Time of India
5 days ago
- Automotive
- Time of India
After kill switches in solar panels, is China fitting data-collection technology on Pirelli tires, U.S. warns?
Live Events FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Clandestine war over AI or Artificial Intelligence and data between USA and China seems to be elevating high-tech day by day. Now, apprehensions are being raised over China plausibly fitting data-collection technology on Pirelli tires, as per a report on Donald Trump administration 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, Reuters reported quoting 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 Pirelli, whose largest shareholder with a 37 per cent 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 informal advisory to Pirelli was outlined in a letter dated April 25 by the Commerce Department's Bureau of Industry and Security, Bloomberg 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 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 makes around 25 per cent 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 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.A1. The full form of AI is Artificial Intelligence.A2. Italy's Pirelli, whose largest shareholder with a 37 per cent stake is Chinese state group Sinochem.
Yahoo
5 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
5 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
Bloomberg
5 days ago
- Automotive
- Bloomberg
US Warns Pirelli Risks Restrictions Due to Chinese Investor
The US government warned Italy's Pirelli & C. SpA 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 April 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 authorization to sell those cars in the US.
