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Ferrari gets more than 100 million euros in Italian public funds -Breaking

by Mike Robinson

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© Reuters. On June 8, 2021 the Ferrari logo can be seen at Maranello’s headquarters. REUTERS/Guglielmo Mangiapane

ROME (Reuters: Ferrari (NYSE) has obtained up to 106million euros (or $1117 million) from the public for investment in technology and production in Emilia-Romagna, according to the sports carmaker.

These funds will help create 250 new jobs and are part of an agreement (MoU), signed by Italy’s Economy Ministry, Invitalia state investment agency, as well as the Regional Government of Emilia-Romagna.

Ferrari announced that this funding will go towards industrial projects as well as research and development in new technologies to improve digitalisation and decrease environmental impacts.

It was also stated that the plan would significantly improve the area around Modena and Maranello.

In a statement, Chief Executive Benedetto VIgna stated that “We believe and support our territory” and stated that he is committed to improving it by implementing projects that have tangible benefits for the social and environment as well as increasing its competitiveness.($1 = 0.9090 euros)

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