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.
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"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)