Pirelli confirms $1bn US investment plan as Tronchetti takes the helm

Italian tire giant Pirelli has formally greenlit a $1 billion to $1.2 billion multi-year investment in the US, marking a strategic push under its newly appointed board led by executive chairman Marco Tronchetti Provera. The plan, first outlined in Pirelli’s previous industrial roadmap, will be put to a vote at an upcoming board meeting on 30 June. Its core pillars include expanding production capacity in the US, targeting growth in the high-value tire segment, and accelerating development of the ‘Cyber Tyre’ — Pirelli’s smart tire technology that integrates sensors and connectivity for real-time performance and safety monitoring. The company stressed that the investment aligns with its existing capital expenditure framework, maintaining capex at approximately 7% of revenues. Pirelli also revealed it has reached a preliminary agreement with US authorities to introduce Cyber Tyre technology in the American market, following governance changes tied to Italy’s ‘golden power’ rules introduced in April. The new board, appointed on 25 June, formally seated Marco Tronchetti Provera as executive chairman with majority support, despite dissent from Zhang Haitao and abstentions from Xi Xiaohong and Wang Kun. Giovanni Tronchetti Provera was named vice chairman, while Andrea Casaluci was reappointed CEO by unanimous vote. Pirelli clarified that the chairman role carries legal representation and oversight of strategy, finance, and organizational direction, while the CEO retains operational control, with added focus on sustainability and motorsport development under the vice chairman’s guidance. Notably, only Marco Tronchetti Provera holds an indirect stake in Pirelli at 26.49%, with no other board members owning shares. The company emphasized that the US investment will be integrated into its forthcoming industrial plan and is not expected to impact 2026 targets.