Italian tyre maker Pirelli announced that Chinese state chemical giant Sinochem’s control over the company has ended.
The board majority approved the end of Sinochem's control, with 9 out of 15 directors voting in favour, citing international accounting standards. Chairman Jiao Jian and four other Chinese directors cast the five dissenting votes, while another director abstained.
“The decision regarding the absence of control of the shareholder Sinochem represents a first, but not decisive, step on the path to the necessary adjustment of company governance to regulatory constraints in the USA," the company said in a statement.
Pirelli, a key player in the high-value tyre segment, noted that the USA is crucial for developing and distributing its Cyber Tyre technology.
The company also declared its financial results for 2024. Pirelli's 2024 consolidated net profit rose 1% to €501.1 million, compared with €495.9 million in 2023. Revenue increased by 1.9% to €6,773.3 million.
The company's adjusted EBIT margin improved to 15.7 percent of sales from 15.1 percent in 2023, while the EBITDA adjusted margin rose to 22.4 percent from 21.7 percent.
Pirelli confirmed its 2025 targets despite a "high level of uncertainty surrounding US tariffs" and said it has defined a mitigation plan should the announced measures come into effect.
The company's net financial debt position decreased to €1,925.8 million at the end of 2024, down from €2,261.7 million a year earlier
Forvia And Michelin Provide Clarifications Regarding The Future Of Symbio
- By TT News
- July 20, 2025
Forvia and Michelin, co-shareholders of Symbio together with Stellantis, have provided several crucial explanations in the wake of a press release dated 15 July 2025 regarding Symbio's future.
In May, Stellantis notified Michelin and Forvia that it will cease its hydrogen-related operations by 2026. Stellantis, a co-shareholder and Symbio's largest client, has long aimed to influence the hydrogen mobility market for light commercial vehicles, so this sudden change comes as a surprise, according to Michelin’s 16 July statement, because about 80 percent of Symbio's anticipated manufacturing volume comes from Stellantis' orders alone.
Based on Stellantis' stated needs for the next eight years, Symbio has scaled its recruiting, investments and development plan during the last two years. All shareholders, including Stellantis's own teams, have verified the technology and functionality of Symbio's systems. More recently, Symbio was ready to manufacture hydrogen fuel cells for Stellantis vehicles that qualified for this programme as part of the French government's call for proposals, which was released in April 2025.
The statement further said that Symbio will suffer permanent operational and financial repercussions as a result of Stellantis' choice, adding that Forvia and Michelin are especially worried about how it would affect Symbio's 50 employees overseas and its 590 employees in France. Forvia and Michelin are in frequent communication with the government in this regard.
Michelin Acknowledges Partial Court Ruling On Antitrust Probe
- By TT News
- July 18, 2025
The European Court of First Instance partially annulled the European Commission's decision regarding searches conducted in January 2024 as part of an antitrust probe into possible cartel activity in the tire industry. Michelin acknowledged the 9 July 2025 ruling, expressing satisfaction with the outcome. The company stated it would not appeal the decision but remains committed to defending its position as the investigation continues into other periods flagged by the Commission.
This development suggests procedural or jurisdictional flaws in the initial raids, though the broader inquiry persists. Michelin's response indicates cautious cooperation while maintaining its stance on compliance and legal rights. The case highlights ongoing regulatory scrutiny in the automotive sector, with potential implications for competition enforcement practices.
Doublestar Displays High-Value Tyre Solutions At 2025 Latin Tyre Auto Parts Expo
- By TT News
- July 18, 2025
Doublestar Tire showcased its high-value tyre solutions at the recently concluded 2025 Latin Tyre Auto Parts Expo in Panama City. The event, considered one of Latin America's premier trade events for tyres and automotive components, saw participation from manufacturers, distributors and industry professionals, along with visitors and potential partners.
Doublestar presented a diverse range of innovative tyres tailored to Latin America’s demanding conditions, including high-performance passenger car tyres and robust commercial tyres for trucks and buses. Given the region’s varied terrain and climate, the company highlighted products engineered for superior wear resistance, wet traction and durability. Among the featured solutions was the TBR model TPR79, designed with a specialised tread pattern for enhanced off-road performance, alongside the PCR AT and MT lines – popular among SUV drivers for their safety, extended lifespan and reliable grip on challenging roads.
This exhibition aligns with Doublestar’s strategy to strengthen its presence in Latin America as a provider of advanced, dependable tyre technology. The company remains focused on R&D to deliver sustainable, high-performance solutions that address the dynamic needs of the global automotive market, ensuring safety, efficiency and environmental responsibility.
German Rubber Industry Reiterates Adoption Of ‘First Touch Principle’ At EUDR
- By TT News
- July 18, 2025
The German rubber industry has reiterated its call for the adoption of a ‘First Touch Principle’ in the EU Deforestation-Free Regulation (EUDR), citing excessive bureaucratic burdens. Boris Engelhardt, Managing Director of the German Rubber Industry Association (wdk), emphasised that businesses – particularly small and medium-sized enterprises – are struggling to meet the EUDR’s extensive documentation requirements. The proposed principle would simplify compliance by requiring only the first importer in the European supply chain to provide proof of adherence, exempting downstream processors and manufacturers from redundant verification.
As a major user of natural rubber, the European rubber industry relies heavily on imports from Asia and Africa, making the EUDR’s proposed ‘zero-risk class’ – advocated by 18 EU member states – irrelevant to the sector. While fully supporting the regulation’s goals of protecting human rights and ecosystems in rubber-producing regions, Engelhardt argued that enforcement should focus on initial importers rather than imposing repetitive checks across the entire supply chain.
He noted that established natural rubber traders already comply with EUDR standards, and the industry can trace whether imported finished goods contain natural rubber. This, he stated, should suffice for regulatory oversight. Engelhardt urged EU policymakers to adopt the ‘First Touch Principle’ to streamline compliance, reduce administrative strain, and ensure the regulation achieves its intended impact without unnecessary complexity.
Comments (0)
ADD COMMENT