Pirelli reports business growth in China
Nov 28, 2020
Italian tire manufacturer Pirelli is celebrating year-long growth in its business in China as the country's economic recovery accelerates following the COVID-19 pandemic. This was announced by the chief executive officer of Pirelli in the Asia-Pacific region, Giuliano Menassi.
Business in recent months has been “doing better than the same period in 2019,” Menassi said on the sidelines of a three-day Italian Design Icons event held in Shanghai to promote Italian companies and designs in China.
In the third quarter of 2020, China's GDP increased by 4.9% over last year. At the same time, for the first quarter of 2020, the decrease was 6.8%, 32% - in the second quarter. Car sales in the country with the second largest economy in the world are also on the mend: in October, compared to the same period last year, they grew by 12.5%, to 2.6 million vehicles.