Latest news with #tyreIndustry
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.
Malay Mail
22-05-2025
- Automotive
- Malay Mail
EU launches anti-dumping probe into Chinese car and truck tyres following industry complaints
BRUSSELS, May 22 — The European Commission said yesterday that it had launched an anti-dumping investigation into car and truck tyres made in China. The European tyre industry, which says it employs 75,000 people in 14 EU states, has said the tyres for cars and small trucks are being 'dumped' or imported at unrealistically low prices, the European Commission said in a statement. The EU has already imposed anti-dumping measures on imports of Chinese bus and lorry tyres. In 2024, the EU market for car and small truck tyres was worth more than €18 billion (RM86.8 billion), according to the EU. 'Today, the European Commission launched an investigation to assess whether anti-dumping measures are warranted on imports of tyres for passenger cars and light lorries from China,' said the commission statement. 'If the investigation confirms that the EU tyre industry suffers from injury or threat of injury because of dumped imports from China, the commission may impose anti-dumping duties on imports if these are found to be in the interest of the EU.' The statement said the investigation could take 14 months but that 'provisional anti-dumping measures may be imposed within eight months if dumping and consequent injury have been provisionally established.' — AFP
Reuters
21-05-2025
- Automotive
- Reuters
EU launches probe into alleged dumping of tyres from China
BRUSSELS, May 21 (Reuters) - The European Commission launched on Wednesday an investigation into whether anti-dumping measures are needed on imports of tyres for passenger cars and light lorries from China, following a complaint from the EU tyre industry. "If the investigation confirms that the EU tyre industry suffers from injury or threat of injury because of dumped imports from China, the Commission may impose anti-dumping duties on imports if these are found to be in the interest of the EU," said the Commission in a statement. "The investigation shall be concluded within 14 months of its launch. Provisional anti-dumping measures may be imposed within eight months if dumping and consequent injury have been provisionally established," it added. The EU already currently has anti-dumping and anti-subsidy measures on imports of tyres for buses and lorries from China. The EU market for tyres for passenger cars and light lorries is estimated to have had a value of more than 18 billion euros ($20.41 billion) in 2024. ($1 = 0.8821 euros)
CNA
15-05-2025
- Business
- CNA
Pirelli's Chinese investor rejected 'unfair' proposal but open to collaborate
MILAN :A leading Chinese investor in Italian tyre maker Pirelli said on Thursday a proposal the company had put forward to solve problems that having a Chinese shareholder pose for its U.S. expansion plans were "seriously unfair". Without providing details on the proposal, Pirelli said Wednesday its Chinese shareholder Sinochem had rejected it. "The proposal was rejected by us because (it is) potentially disruptive for Pirelli and overall seriously unfair and unbalanced for all Pirelli shareholders ... other than Camfin," Marco Polo International Italy, the vehicle through which Sinochem invests in Pirelli, said in a statement. The statement reiterated Sinochem's "firm support for the long-term sustainable development of Pirelli" saying it would continue to work with its shareholders, management and the relevant authorities to help its growth and development.
