Pirelli has stated that the report released by Grizzly Research is 'untrue'.

In a statement, the group reaffirmed that it does not manufacture tires for military purposes, noting that this fact is 'already known and was long ago communicated to the relevant Italian authorities'.

According to the research conducted by Grizzly, approximately 10% of the tire manufacturer's net profit is derived from its Russian operations. Grizzly suspects that business in Russia has been driven by demand linked to Moscow's invasion of Ukraine.

To protect all shareholders and the company's reputation, the statement added, Pirelli has instructed the law firm Gatti Pavesi Bianchi Ludovici Studio Legale Associato to take action in all appropriate venues against those who disseminated what it describes as false information.

(Reporting by Stefano Bernabei, editing by Andrea Mandalà)