Italy's Pirelli Tire Company announced on August 6 that its sales in China in the first half of this year increased by 40% compared with the same period of last year. However, according to Reuters, the company’s 100 million U.S. dollar additional investment plan will be delayed.
Pirelli announced on July 10, 2008 that it plans to invest US$100 million in China to achieve an annual capacity increase to 11 million tires in China (including truck and car tires) by 2011. If this goal is reached, China will become Pirelli's second largest global market.
“Now we are in a completely different market environment. Although the rapid growth of China’s auto market has promoted the growth of our replacement tires, the demand for our products in Europe and the United States has dropped significantly. If we want to start an investment expansion plan, Need to wait until the growth of the international automotive market is also more clear.†Bai Bei, CEO of Pirelli Tire China Co., Ltd. said.
However, he hopes that the end of this year will be more clear, and that "if the situation improves, we will implement this investment plan."
Bai Bei also said that the truck tires currently produced in China are all sold locally in China, and some of the passenger car tires are exported because the Chinese car replacement tire market is not large enough. Last year, when Pirelli announced that it invested $100 million in China, it mentioned that it plans to use half of the Chinese-made tires in the Chinese market in 2011, and half of it in exports.
Pirelli is a latecomer to the Chinese tire market. In 2005, Pirelli Tire (China) Co., Ltd. was formed by Pirelli and Shandong Yinhe Group in a 40:60 ratio. In November 2007, Pirelli increased its stake in the company to 75%. Pirelli Tire has two factories in China. One is a truck tire factory that was formally put into production in 2005, and the other is a passenger car tire factory that was put into production at the end of 2007. Both plants are located in Chenzhou City, Shandong Province.
According to the report of the “Popular Daily†published by Shandong Provincial Party Committee’s “Popular Dailyâ€, on February 20, 2009, the project to invest RMB 2 billion to produce steel cords with an annual output of 100,000 tons broke ground at Huaqin Rubber Industry Group. The report also stated that "In 2005, Hua Qin Group and Pirelli Group jointly invested nearly 900 million yuan to build the world's most advanced truck tire production line. In 2007, Pirelli Group fulfilled its commitment and once again cooperated with Huachen, both parties invested 12 RMB 100 million to build a world-class high-end car tire project. At the same time, the two sides agreed to invest a further RMB 2 billion to launch the steel cord project, making Hua Qin Group a major raw material production base for tires.â€
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