A few days ago, Pirelli Tyres announced its financial results for the first quarter of 2024.
The company's operating income for the quarter was 1.696 billion euros (about 13.2 billion yuan), the same as the same period last year;
Adjusted EBIT was 263 million euros (about 2.044 billion yuan), a year-on-year increase of 5.8%.
Geographically, sales in the Asia-Pacific region amounted to 273 million euros, up 3.5 percent year-on-year.
In the first quarter of this year, Pirelli tyre sales increased by 2.3% year-on-year.
According to the financial report, the increase in sales of large-size and high-value tires is the key to sales growth.
Sales of tires in this category accounted for 77% of its total revenue in the quarter, up 2% year-on-year.
Among them, the total sales of tires of 18 inches and above increased by 6.8%, and the sales volume of the replacement market increased by 11.4%.
Pirelli is aiming to increase its sales share of tyres of 19 inches and above by 3%.
It has a market share of about 85% in large-size tires.
The company targets full-year sales of EUR 6.6 billion to EUR 6.8 billion for the full year 2024, with a margin of 15 percent to 15.5 percent.