BDS-1000 Dossier - Ferrari N.V. / Ferrari S.p.A.

Key Findings

• Investment: Controlling shareholder Exor N.V. holds an approximately 18% stake in Via Transportation, an Israeli mobility company whose founders include Talpiot alumni and whose workforce exceeds 10% IDF reservists, creating an indirect equity link between the Ferrari ownership structure and Israeli defence-connected entities.¹²
• Political: Ferrari issued a €1 million donation to Ukraine relief following the 2022 invasion with no documented equivalent response to the Gaza conflict, establishing an asymmetric humanitarian posture.³
• Economic: Ferrari’s Israeli presence is limited to an independently-owned authorised dealer, Mediterranean Car Agency, in which Ferrari holds no equity and exercises no operational control.⁴⁵
• Not found: No military contracts, weapons procurement, or digital-infrastructure relationships with Israeli defence entities identified; Military and Digital both score 0.00.

Target Profile

Key Facts:

• Stock listings: NYSE and Euronext Milan (ticker: RACE)⁶

Executive Summary

Ferrari N.V. is a Dutch-incorporated holding company whose operating subsidiary, Ferrari S.p.A., manufactures luxury performance sports cars in Maranello, Italy. The company has no Israeli manufacturing, R&D, or retail footprint of its own; its sole commercial presence in Israel is an authorised independent dealer, Mediterranean Car Agency Ltd. (Auto Italia IL Ltd.), based in Herzliya, in which Ferrari holds no equity⁴⁵. Across the four forensic domains audited, Ferrari presents a near-blank profile of direct Israel/Palestine involvement.

The strongest documented vectors are indirect and ownership-layer rather than operational. In Economic, the controlling shareholder Exor N.V. has deployed venture capital into Israeli technology companies (Via Transportation, Quantum Machines, Stardust Solutions, PhaseV, Decart, Luminescent) and operates a Tel Aviv presence via its former managing director Noam Ohana, who now runs Ora Global⁸⁹¹⁰¹¹. In Political, the same Exor stake in Via Transportation is documented, with Via’s co-founder Daniel Ramot identified as a Talpiot programme graduate and former Israeli Air Force avionics developer, and Via’s SEC filings disclosing that over 10% of its Israeli workforce has been called to IDF reservist duty since October 2023¹²¹². John Elkann, Ferrari’s Executive Chairman and Exor’s CEO, holds a personal board seat at Meta Platforms, which has been the subject of a UN Special Rapporteur report on freedom of expression - a personal-capacity adjacency, not a Ferrari corporate relationship¹⁰.

What is NOT supported by the evidence is more extensive than what is. No public evidence was identified of any Ferrari contract, partnership, or commercial relationship with the Israeli Ministry of Defence, the IDF, Israeli intelligence, or any Israeli defence prime contractor (Elbit, IAI, Rafael)⁶. No public evidence was identified of Ferrari deploying Israeli-origin surveillance, biometric, or cybersecurity technology, or providing any digital services to the Israeli state⁶. No public evidence was identified of Ferrari importing settlement-origin produce, operating in occupied territories, or holding Israeli sovereign bonds⁶. No public evidence was identified of Ferrari lobbying on Israel-Palestine policy, accepting Israeli state honours, or sponsoring Brand Israel initiatives¹³. The company is not named on the Palestinian BDS National Committee’s priority targets list or the USCPR consumer boycott list¹⁴¹⁵.

The resulting score is BRS 132, Tier E (Minimal). V_MAX is 2.00 in Political, driven by the documented Exor/Via ownership-layer adjacency, the comparative absence of any named Ferrari corporate statement on the Israel-Palestine conflict (in contrast to its documented 2022 Ukraine response), and the personal-capacity Meta board seat held by Ferrari’s Executive Chairman. Economic registers 0.54, reflecting the Exor venture portfolio’s Israeli exposure and the authorised-dealer commercial presence. Military and Digital both score 0.00 - no qualifying evidence of military or digital provision to Israel was identified in any audit.

Timeline of Relevant Events

Corporate Overview

Ferrari N.V. is a Dutch public limited company incorporated under Dutch law (commercial register no. 64060977), with operational headquarters in Maranello, Italy⁶. Its sole material operating subsidiary is Ferrari S.p.A., which conducts design, engineering, and manufacturing at Maranello and Modena. The group also includes Ferrari Financial Services and various trademark and merchandising entities, none of which are Israeli-domiciled⁶.

Ferrari holds no equity in any Israeli entity. The sole authorised Israeli importer and dealer is Auto Italia IL Ltd., trading as Mediterranean Car Agency Ltd., headquartered in Herzliya⁴⁵. Mediterranean Car Agency is wholly owned by Israeli private capital (Kardan Vehicle Ltd. acquired full ownership in approximately 2014)⁴. The Samelet Group, an Israeli automotive conglomerate importing Fiat, Alfa Romeo, Chrysler, Jeep, Dodge, Ram, Subaru, Iveco, Maserati, Hongqi, and Leapmotor brands, is recorded as a prior partial stakeholder¹³. Ferrari’s role is strictly that of wholesale vehicle exporter to the independent franchise under a standard international dealer agreement; it does not act as importer of record for its own goods into Israel.

The controlling shareholder is Exor N.V., the Agnelli/Elkann family holding company, which also holds significant stakes in Stellantis, CNH Industrial, Philips, Juventus FC, and Iveco Group¹⁶⁸. Exor’s venture arm (Exor Ventures, formerly Exor Seeds) has deployed approximately $500 million across 75+ companies globally, with documented Israeli exposure including Via Transportation, Quantum Machines, Stardust Solutions, PhaseV, Decart, Luminescent, and Blockaid⁸⁹¹⁰¹¹. Exor’s former Managing Director Noam Ohana, described as a former Policy Advisor at the Israeli Consulate in New York, now runs Ora Global while continuing to manage the Exor Ventures portfolio⁹.

Domain Summaries

Military: Military

Mechanism of Involvement

No public evidence was identified of any direct or indirect military involvement by Ferrari N.V. or Ferrari S.p.A. The company does not manufacture SUVs, utility vehicles, off-road platforms, ruggedised vehicles, armoured personnel carriers, or any platform with documented military or paramilitary end-use⁶. No mil-spec or defence-grade automotive variant of any Ferrari vehicle is publicly marketed or known to exist. A reference in prior research to a “Ferrari F333E ‘Lizard’” armoured vehicle appears to originate from fan-produced or colloquial labelling and is not corroborated by any verified Ferrari S.p.A. production record, procurement notice, or government end-user certificate.

The only documented indirect military adjacency is at the distributor layer: Ferrari’s authorised Israeli dealer, Mediterranean Car Agency/Samelet Group, is identified in Eltel Ltd.’s November 2025 corporate brochure as a “Certified service provider” partner for Eltel’s maintenance and repair of over 1,000 IDF and IAF vehicles¹⁰. The relationship chain is Ferrari N.V. (licensor) → Mediterranean Car Agency/Samelet (exclusive Israeli franchisee) → certified service partner of Eltel Ltd. (IDF/IAF vehicle maintenance contractor). Ferrari vehicles are not among the military platforms maintained under the Eltel contract. The precise scope of the Samelet–Eltel certified service partnership - and whether Ferrari-brand technical expertise or tooling contributes to it at all, as opposed to other Samelet-imported brands such as Iveco, Jeep, or Subaru that are more plausibly relevant to military vehicle maintenance - is not specified in the Eltel brochure and remains an evidence gap¹⁰.

At the ownership layer, Exor N.V.’s ~18% stake in Via Transportation is documented¹⁵¹. Via’s co-founders Daniel Ramot and Oren Shoval are graduates of the IDF’s Talpiot programme; Ramot is documented as having developed avionics systems for Israeli Air Force F-15 and F-16 aircraft during IDF service⁵¹⁹. Via’s SEC filings disclose that following the October 2023 escalation, over 20% of its Israeli workforce was called to active IDF reservist duty⁵²⁰. No publicly documented IDF contract for Via’s logistics software has been identified; the dual-use potential is acknowledged in Via’s own SEC risk disclosures, but no direct military sustainment contract is confirmed⁵.

Counter-Arguments and Evidence Limits

Ferrari’s strongest defence on Military is straightforward: the company is a luxury sports car manufacturer with no defence product line, no defence contracts, and no defence procurement registrations. No Ferrari entity appears in SIBAT listings, international defence exhibition catalogues, or Israeli defence procurement registries. Ferrari’s 2024 Annual Report contains no reference to Israeli defence contracting of any description⁶. The Eltel/Samelet service-partner relationship is a downstream commercial arrangement in which Ferrari vehicles are not the platforms being maintained for military use; the more plausible military-relevant brands in Samelet’s portfolio are Iveco, Jeep, and Subaru. The Exor/Via relationship is mediated through Exor’s separate investment decisions; Via does not appear in Ferrari’s consolidated financial statements, and no IDF contract for Via’s logistics software has been identified.

Several disambiguations reinforce the absence of a direct nexus: Ferrari Interconnect Solutions (FIS), a US/Canada-based defence contractor manufacturing mil-spec avionics wiring harnesses, is a privately held entity with no financial, ownership, or operational connection to Ferrari N.V. or Ferrari S.p.A.²¹²². The Italian Army’s Centauro 2 wheeled tank destroyer, described in defence media as the “Ferrari of the battlefield,” is a Leonardo/Iveco consortium vehicle with no Ferrari N.V. involvement²³. Lockheed Martin CEO Jim Taiclet’s “Ferrari F-35” descriptor is a colloquial marketing term with no corporate connection²⁴²⁵. The “VS Ferrari” / Zoko Enterprises reference in the Who Profits database concerns an entirely separate Italian company manufacturing industrial port equipment, which shares only a surname with Ferrari N.V.¹².

Named Entities and Evidence Map

• Eltel Ltd. - Israeli defence and logistics contractor; November 2025 corporate brochure identifies Samelet/Mediterranean Car Agency as a certified service provider¹⁰. Status: indirect, distributor-layer; Ferrari vehicles not among maintained platforms.
• Via Transportation - Israeli-founded transit/logistics software company; Exor N.V. holds ~18%¹⁵¹. Status: indirect, ownership-layer; no confirmed IDF contract.
• Ora Global - Israeli-focused venture fund spun out of Exor Ventures; managed by Noam Ohana; IVC profile lists “Defense Tech,” “Military,” “Cyber Security,” and “Security” among technology vertical preferences⁹⁴. Status: indirect, ownership-layer; no specific portfolio company with confirmed active IDF prime contract independently verified.
• Blockaid - Israeli blockchain/Web3 security firm; Exor Ventures cited as investor; co-founders identified as IDF Unit 8200 veterans¹². Status: indirect, ownership-layer; no military contract identified.
• Stardust Solutions - Israeli-US geoengineering startup; Exor Ventures participated in $60M round; founders identified as former Israeli government nuclear physicists²⁶. Status: indirect, ownership-layer; no military application documented.

Digital: Digital

Mechanism of Involvement

No public evidence was identified of Ferrari providing surveillance technology, data, software, cloud capacity, or digital services to the Israeli state, military, or security services - the directionally serious Digital case. Ferrari’s principal disclosed enterprise technology relationships are with US-headquartered entities: Amazon Web Services (Official Cloud, ML, and AI Provider since June 2021)⁶⁷, IBM (Official Fan Engagement and Data Analytics Partner of Scuderia Ferrari HP since November 2024)³¹⁶, and HP Inc. (title partner of Scuderia Ferrari HP since April 2024)⁸⁹. None of these are Israeli-origin.

No public evidence was identified of Ferrari holding any licensing, subscription, integration, or managed-services relationship with an Israeli-origin enterprise-technology, analytics, or cybersecurity vendor - including Check Point, Wiz, SentinelOne, CyberArk, NICE Systems, Verint, Cognyte, or Claroty⁶. No public evidence was identified of Ferrari deploying facial-recognition, biometric-identification, or behavioural-analytics technology of Israeli origin at its Maranello factory, dealer network, museums, or Formula 1 hospitality environments¹⁸. No public evidence was identified of Ferrari operating, leasing, or co-locating data-centre infrastructure within Israel; Ferrari’s disclosed cloud strategy centres on AWS Europe (Milan)⁶⁷. Ferrari is not a participant in Project Nimbus (the Israeli-government cloud contract awarded to Google Cloud and AWS)⁶.

The only documented indirect digital adjacency is a co-patent between Ferrari S.p.A. and Argus Cyber Security (IT202300024639A1) relating to vehicle control units incorporating network partitioning systems - a defensive automotive cybersecurity application²⁷²⁸. Argus was founded by IDF Unit 8200 alumni but was acquired by Continental AG (Germany) in 2017 and operates as a subsidiary of a German automotive tier-1 supplier; the application is defensive in character (anomaly detection, network partitioning), with no identified kinetic military output or confirmed IDF supply contract²⁹³⁰.

Counter-Arguments and Evidence Limits

Ferrari’s strongest defence on Digital is that the company is a consumer automotive manufacturer, not a digital infrastructure provider, surveillance vendor, or cloud services operator. Ferrari does not develop, license, or sell offensive cyber capability, and holds no documented relationship with Israeli defence contractors (Elbit Systems, Rafael, IAI, ELTA) or surveillance-software firms (NSO Group, Cellebrite, Cognyte)⁶. Ferrari was itself the victim of a ransomware-linked data breach disclosed on 20 March 2023 - a threat actor exfiltrated client contact details and issued a ransom demand, which Ferrari refused to pay⁴⁵. This incident was done to Ferrari and has no nexus to the provision of technology to Israel.

The principal evidence gap is that Ferrari does not publicly disclose its sub-strategic IT and security vendor stack. The 2023 breach surfaced only an unnamed “leading global third-party cybersecurity firm”; the resident security-product stack is undisclosed, so Israeli-origin cybersecurity-vendor exposure cannot be positively excluded on public evidence. The vendor and data-routing architecture behind MyFerrari Connect telematics is also not publicly detailed. These are structural limitations of public-source research, not affirmative findings of Israeli-origin technology deployment.

Named Entities and Evidence Map

• Amazon Web Services (AWS) - US-headquartered; Official Cloud, ML, and AI Provider since June 2021⁶⁷. Status: US-origin, not Israeli.
• IBM - US-headquartered; Official Fan Engagement and Data Analytics Partner since November 2024³¹⁶. Status: US-origin, not Israeli.
• HP Inc. - US-headquartered; title partner of Scuderia Ferrari HP since April 2024⁸⁹. Status: US-origin, not Israeli.
• Argus Cyber Security - Israeli-origin (Unit 8200 alumni founders); acquired by Continental AG (Germany) in 2017; co-patent with Ferrari on defensive automotive cybersecurity^27282930. Status: indirect, technical; defensive application; no IDF supply contract.
• Bitdefender - Romania-origin; multi-year cybersecurity collaboration with Ferrari, publicly renewed³¹. Status: non-Israeli.

Economic: Economic

Mechanism of Involvement

Ferrari N.V. has no direct economic presence in Israel. The company operates no offices, manufacturing facilities, warehouses, or retail locations within Israel or occupied territories⁶. The sole authorised operational presence is the independently-owned Mediterranean Car Agency Ltd. / Auto Italia IL Ltd. franchise in Herzliya, in which Ferrari holds zero equity⁴⁵. Ferrari N.V. employs no staff directly in Israel and has no tax or regulatory registration in the Israeli jurisdiction⁶. Israel is not broken out as a separate geographic revenue segment in Ferrari’s 2023 20-F⁶.

No public evidence was identified of any direct procurement contract between Ferrari N.V. and Israeli agricultural aggregators (Mehadrin, Hadiklaim, Galilee Export, or any Agrexco successor entity)¹²²¹²². Ferrari does not import or retail food products, so no NGO investigation or customs audit finding references Ferrari N.V. in the context of settlement-origin produce labeling¹²²¹²². Ferrari N.V. does not appear in the OHCHR database of businesses involved in activities related to Israeli settlements (updated September 2025, covering 158 companies across 11 countries)²¹²².

The material Economic exposure is at the ownership layer through Exor N.V. Exor Ventures has deployed capital into Israeli technology companies including Via Transportation (~$200M Series E, ~18% stake)¹⁵¹, Quantum Machines (Tel Aviv, quantum computing control systems)¹⁰, Stardust Solutions ($60M raise, solar geoengineering)¹¹, PhaseV ($15M raise, causal ML for clinical trials)¹⁰, Decart ($53M raise, AI infrastructure)¹⁰, Luminescent (waste-heat-to-electricity energy technology)²³, and Blockaid (blockchain/Web3 security)¹². Exor Ventures is also cited as having a physical presence in Tel Aviv led by Noam Ohana⁹. The specific claim of a dedicated Tel Aviv office lease cannot be independently confirmed from corporate filings alone and is flagged as an evidence gap.

Counter-Arguments and Evidence Limits

Ferrari’s strongest defence on Economic is that the company itself has no direct Israeli economic activity beyond wholesale vehicle exports to an independent franchise. Ferrari N.V. does not operate as importer of record, does not hold equity in any Israeli entity, does not employ staff in Israel, and does not appear in the OHCHR settlements database. The Exor Ventures portfolio is managed by Exor N.V. as a separate holding-company investment decision; these companies do not appear in Ferrari N.V.’s consolidated financial statements, and Ferrari N.V. does not directly benefit from or control these investments. Several Exor Ventures portfolio involvements (PhaseV, Decart, Luminescent) are flagged as [UNVERIFIED-PRIOR] in the audit - the companies exist, but Exor’s specific lead-investor role is not independently confirmed.

The Who Profits reference to “VS Ferrari” among Zoko Enterprises’ represented brands concerns an entirely separate Italian company manufacturing industrial port equipment (reach stackers, container handlers, port cranes), which shares only a surname with Ferrari N.V.¹² This is a homonymic overlap of two unrelated Italian entities; Ferrari N.V. bears no documented relationship to Zoko Enterprises, Israeli Ministry of Defense procurement, or any military equipment supply in Israel.

Named Entities and Evidence Map

• Mediterranean Car Agency Ltd. / Auto Italia IL Ltd. - Herzliya; sole authorised Ferrari importer/dealer in Israel; wholly owned by Israeli private capital (Kardan Vehicle Ltd.)⁴⁵. Status: independent franchise; Ferrari holds zero equity.
• Samelet Group - Israeli automotive conglomerate; prior partial stakeholder in Auto Italia IL; imports Fiat, Alfa Romeo, Chrysler, Jeep, Dodge, Ram, Subaru, Iveco, Maserati, Hongqi, Leapmotor¹³³²³³. Status: independent distributor.
• Exor Ventures portfolio (Israeli nexus): Via Transportation¹⁵¹, Quantum Machines¹⁰, Stardust Solutions¹¹, PhaseV¹⁰, Decart¹⁰, Luminescent²³, Blockaid¹². Status: indirect, ownership-layer; investments held at Exor N.V. level, not Ferrari N.V.

Political: Political

Mechanism of Involvement

Ferrari N.V. has issued no named, dated corporate statement addressing the 7 October 2023 Hamas attack, the subsequent Israeli military operations in Gaza, Palestinian civilian casualties, or humanitarian access to Gaza⁶. The sole reference to the conflict in Ferrari’s primary disclosures appears within the risk-factor section of its annual reporting, framed as a business-continuity and financial-risk matter: “the ongoing conflict between Russia and Ukraine, as well as conflicts elsewhere in the world, including the conflict between Israel and Hamas, which has led to wider conflicts in the Middle East region and has the potential to escalate further.”⁷ No humanitarian framing, expression of concern for civilian populations, or indication of operational review accompanies this reference.

The contrast with Ferrari’s documented 2022 Ukraine response is notable. On 8 March 2022, Ferrari published a corporate article announcing a €1,000,000 donation to support Ukrainians in need, with funds channelled through the Emilia-Romagna Region in collaboration with the Red Cross and UNHCR, and additional support to the Associazione Chernobyl of Maranello, Fiorano and Formigine³. CEO Benedetto Vigna was quoted stating that “Ferrari stands alongside everyone in Ukraine affected by this ongoing humanitarian crisis.”³ Ferrari simultaneously suspended production of vehicles for the Russian market until further notice³¹⁶. No comparable named corporate statement, cash donation, named delivery mechanism, or market-suspension measure relating to the Israel-Palestine conflict was identified in the public record.

Ferrari is listed on the EU Transparency Register with declared lobbying interests in automotive-policy matters (Energy Union, CO2, Mobility, Safety, Transport, Emissions, Alternative Fuels, Trade) and industrial-automation/AI topics; declared annual lobbying cost falls in the €300,000–€399,999 band¹³. No reference to Israel, Palestine, the Middle East, foreign policy, sanctions, BDS legislation, or arms matters was identified in Ferrari’s registered lobbying interests¹³. Ferrari N.V. is not named on the Palestinian BDS National Committee’s priority targets list (dated 30 November 2024) or the USCPR consumer boycott list¹⁴¹⁵.

The ownership-layer adjacency through Exor N.V.’s ~18% stake in Via Transportation is documented¹. Via’s co-founder and CEO Daniel Ramot is described in Stellantis investor materials as an Israeli-American graduate of the IDF’s Talpiot programme who previously developed systems for the Israeli Air Force¹². Via’s SEC filings disclose that over 10% of its Israeli employees have been called to active IDF reservist duty since October 2023². John Elkann, Ferrari’s Executive Chairman and Exor’s CEO, was elected to the Meta Platforms board on 6 January 2025 in his personal capacity¹⁰; Meta has been the subject of a UN Special Rapporteur report on freedom of expression (A/79/319, 23 August 2024). This board seat is a personal-capacity adjacency, not a Ferrari corporate relationship.

Counter-Arguments and Evidence Limits

Ferrari’s strongest defence on Political is that the company has not taken a public political stance on the Israel-Palestine conflict in either direction - it has neither endorsed nor condemned Israeli government actions, nor made any corporate donation or advocacy intervention. The risk-factor reference to the conflict is standard SEC disclosure language for macroeconomic headwinds and is not a political statement. The comparative absence of a Ukraine-style humanitarian response does not constitute political alignment with Israel; it may equally reflect a corporate decision that the Israel-Palestine conflict is more politically complex, that no operational footprint is at risk, or that the company chooses not to comment on geopolitical conflicts generally.

The Exor/Via relationship is mediated through Exor’s separate investment decisions; Via does not appear in Ferrari’s consolidated financial statements, and Daniel Ramot’s IDF background and his Stellantis board nomination are matters of Exor’s separate corporate sphere. Stellantis and Ferrari are distinct companies linked through common Exor/Agnelli ownership¹². The Meta board seat is held by Elkann in his personal capacity and is not a Ferrari corporate relationship¹⁰. Ferrari N.V. does not hold membership in, or make documented financial contributions to, pro-Israel advocacy organisations (AIPAC, JNF, FIDF, or America-Israel/Israel-Italy chambers of commerce)⁶.

The November 2017 Western Wall plaza incident is documented as a brief, unauthorised parking event during a 70th-anniversary tour; the Western Wall Rabbi stated no payment was made and the request had been mistakenly approved by a junior Foundation official after he had rejected it⁹⁴. No further public evidence was identified of Ferrari corporate political positioning arising from it.

Named Entities and Evidence Map

• Exor N.V. - Controlling shareholder; ~18% stake in Via Transportation¹. Status: ownership-layer.
• Via Transportation - Israeli-founded transit/logistics software; co-founder Daniel Ramot is Talpiot graduate and former IAF avionics developer¹²; >10% of Israeli workforce called to IDF reservist duty since October 2023². Status: indirect, ownership-layer; no confirmed IDF contract.
• John Elkann - Ferrari Executive Chairman and Exor CEO; personal-capacity board seat at Meta Platforms (elected 6 January 2025)¹⁰. Status: personal capacity, not Ferrari corporate.
• Ferrari Owners’ Club Israel - Founded 2020; listed on Ferrari’s official corporate website⁵; May 2026 gathering at Shalva National Center, Jerusalem¹⁸. Status: officially recognised club; no evidence of activities in internationally recognised occupied territories.

BDS-1000 Score (V4)

• V_MAX: 2.00 Sum_OTHERS: 0.54
• BRS Score: 132 Tier: E (Minimal)

V_MAX is driven by Political (2.00), reflecting the documented Exor/Via ownership-layer adjacency, the comparative absence of any named Ferrari corporate statement on the Israel-Palestine conflict (in contrast to its documented 2022 Ukraine response), and the personal-capacity Meta board seat held by Ferrari’s Executive Chairman. Economic (0.54) reflects the Exor Ventures portfolio’s Israeli exposure and the authorised-dealer commercial presence. Military and Digital both score 0.00 - no qualifying evidence of direct military or digital provision to Israel was identified. The resulting BRS of 132 places Ferrari in Tier E (Minimal).

Method: Scale-free Impact × magnitude/proximity; evidence-only from the four domain audits; human-vetted; no transitive guilt imputed.

Methodology Note

• Evidence-only: All factual claims trace to the four domain audits (Military, Digital, Economic, Political). Where audits found nothing, this dossier records “No public evidence identified.”
• Scale-free Impact: I (activity type) × M (scale) × P (directness/proximity). The scoring is scale-free, meaning the absolute size of the company does not inflate the score - only the nature, scale, and directness of the documented nexus.
• Temporal rule: Divested or exited operations are mitigated; the audits apply this rule to ensure that historical relationships no longer maintained do not carry forward as current exposure.
• Entity attribution: No transitive guilt is imputed. A vendor’s other clients, founders’ backgrounds, or a parent group’s separate activities are not attributed to Ferrari unless a direct Ferrari corporate relationship is documented.
• Settlement operation dual-counting: Where a company operates in Israeli settlements, the activity counts toward both Economic (economic presence) and Political (political/governance stance on occupied territories). Ferrari has no documented settlement operations, so this rule does not apply.
• “No public evidence identified”: Used wherever checks across corporate filings, NGO databases (Who Profits, OHCHR, HRW, Amnesty, AFSC), trade press, procurement databases, and regulatory records found nothing. This is a statement about the public evidence base, not an affirmative finding of absence.

End Notes