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Ferrari revealed on Tuesday, March 22, it will be investing €500 million or around $550 million in its Italian plants located in the city of Maranello and Modena. The luxury sports car manufacturer is putting in funds to the facilities by the year 2025.
As per Reuters, Ferrari’s latest investment is intended to support new technologies as well as generate more jobs in Italy. It was estimated that from this project, the company could create at least 250 jobs.
The automaker’s plan includes the construction of a new facility for electrification and the installation of new eco-friendly propulsion systems. These will be set up at its historic headquarters in Maranello.
The company also revealed that it was able to secure up to €106 million in public funds to fund the total investment amount. It was added that the investments are actually part of a memorandum of understanding (MOU) that Ferrari signed with the country’s Economy Ministry, the regional government of Emilia-Romagna, and Invitalia, the state investment agency.
Based on the MOU, all the groups involved must back the carmaker’s plan including investments in technology and production as well as the fulfillment of social and environmental commitments.
The Emilia-Romagna Region will be contributing complementary funding for investments in the R&D, environmental protection, and education and provide support to logistical and IT network infrastructure in partnership with the other groups involved.
“Innovation is part of our DNA. We believe in our territory and are committed to enhancing it through projects that bring tangible benefits from a social and environmental perspective, as well as strengthening its competitiveness”, Benedetto Vigna, Ferrari’s chief executive officer, said in a press release,
He added, “As we execute against our investment plan, we are glad to be able to rely on the support and collaboration of the institutions. We share a common goal with the parties involved in this agreement: making our territory a hub for excellence, increasingly attractive to new skillsets required by the automotive industry.”
Finally, the company’s chief said that they believe all its latest projects will not only be beneficial to them but to everyone. Ferrari will be presenting its industrial plan on June 16 at the Capital Markets Day event.
