MILAN: Italian tyremaker Pirelli said on Wednesday it expected operating profit margins to return on the brink of pre-COVID-19 levels next year, because it back a rapid recovery of automotive traffic after the pandemic.

The manufacturer of tyres for Formula One and high-end carmakers like BMW and Audi expects its EBIT margin to rise to between 16-17% next year after falling to 11.6% in 2020, it said in its new business plant.

The margin stood at 17.2% in 2019, before the coronavirus pandemic broke out globally.

Pirelli shares turned positive after the plan was released and by 1040 GMT were up 2%.