Pirelli confirms $1bn US investment plan as Tronchetti claims leadership

Milan – Pirelli has confirmed a multi-year US investment of between $1 billion (€870,000) and $1.2 billion as a newly appointed board led by Marco Tronchetti Provera formally took shape.

The plan, already reviewed in the previous mandate, will be submitted for approval at an upcoming board meeting, Pirelli announced 30 June.

It is designed to expand production capacity in the US, support growth in the ‘high value’ segment and advance ‘Cyber Tyre’ development.

Pirelli said the project is part of its next industrial plan and will not change its investment profile, with capex remaining at around 7% of revenues.

The tire maker added added that, following governance changes linked to Italy’s ‘golden power’ rules introduced in April (ERJ report), it had reached a preliminary understanding with US authorities that would allow the introduction of ‘cyber tire’ technology in the US market.

Elsewhere, the board, meeting for the first time after its 25 June appointment, named Marco Tronchetti Provera executive chairman with a majority vote, with dissent from Zhang Haitao and abstentions from Xi Xiaohong and Wang Kun.

Giovanni Tronchetti Provera was elected vice chairman, while Andrea Casaluci was unanimously confirmed as chief executive officer.

According to Pirelli, the chairman role carries legal representation of the company and oversight of general strategy, financial and organisational direction, as well as supervision of strategic and industrial plans.

The CEO retains responsibility for operational management and has been tasked with sustainability and motorsport development, supported by the vice chairman.

The company knowledged that except for Marco Tronchetti Provera, who indirectly holds 26.49% of the company, no one on the board of directors owns Pirelli shares.

Pirelli said the governance changes reflected the composition of the new board and followed corporate governance and 'golden power' requirements.

The company also confirmed appointments to its supervisory body and key financial reporting roles.

The US investment is expected to be rolled into Pirelli’s forthcoming industrial plan and is not expected to affect 2026 targets.