financetom
Business
financetom
/
Business
/
Pirelli says it has no plans to invest in the United States
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Pirelli says it has no plans to invest in the United States
Apr 11, 2025 1:11 AM

MILAN, April 11 (Reuters) - Pirelli is not

planning investments in the United States at the moment, the

tyre maker said on Friday, contradicting a report in an Italian

newspaper.

The Corriere della Sera said on Friday that Paolo Zampolli,

U.S. President Donald Trump's special envoy for global

partnerships, hoped that Italian Prime Minister Giorgia Meloni

would announce an investment by Pirelli during her visit to the

White House on April 17.

He added that Pirelli would invest $1 billion in the U.S.

state of Georgia to produce so-called smart tyres, potentially

raising it to $2 billion in the future.

"At the moment nothing has been decided given the regulatory

obstacles linked to questions of governance and shareholder

structure," Pirelli said in a statement.

Pirelli executive vice chairman Marco Tronchetti Provera

said this week that the company was having difficulties

investing in the U.S. because its largest shareholder is China's

state-owned Sinochem.

Pirelli's Chinese and Italian shareholders are at odds over

the group's governance as Washington cracks down on Chinese

technology in the automotive industry, banning key software and

hardware from Chinese-controlled companies.

Trump has introduced a 25% tariff on auto imports, arguing

this will encourage foreign carmakers and their suppliers to

invest in the U.S. to avoid paying duties.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2025 - www.financetom.com All Rights Reserved