Ferrari gets more than 100 million euros in Italian public funds

Ferrari has secured up to 106 million euros ($117 million) in public funds for investments in technology and production in its home Emilia-Romagna region, the luxury sports carmaker said on Tuesday.

The funds, which will create 250 jobs, are part of a memorandum of understanding (MoU) signed with Italy's Economy Ministry, state investment agency Invitalia, and the regional government of Emilia-Romagna.

The funding will be invested in industrial projects, research and development for new technologies aimed at increasing digitalisation and reducing environmental impact, Ferrari said in a statement.

The plan will significantly benefit the territory around the towns of Maranello and Modena, it added.

"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," Chief Executive Benedetto Vigna said in the statement.

($1 = 0.9090 euros)