INDEX / DIRECTORY / FERRARI / ECONOMIC

Ferrari ECONOMIC

ECONOMIC AUDIT UPDATED 2026-07-04
Economic Score 0.54 /10 E Ferrari - BDS-1000 69
Economic 0.54

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Economic Audit: Ferrari

Ferrari - Economic Audit

Scope Note

This audit synthesizes the research memo’s verified findings on Ferrari N.V.’s economic, ownership, supply-chain, and market-conduct nexus to Israel and the Occupied Palestinian Territories (OPT). It does not assign scores, tiers, or scoring conclusions.

Israeli-Nexus Floor Assessment

Ferrari was founded and remains headquartered in Maranello, Italy, and is incorporated as Ferrari N.V. in Amsterdam, Netherlands, for stock-exchange listing purposes, indicating no founding or incorporation nexus to Israel 123. No public evidence identified of Ferrari’s headquarters, principal management, or tax residency being located in Israel. Ferrari’s controlling shareholders are Exor N.V., a Netherlands-domiciled Agnelli-family holding company holding roughly 24.65% of equity and 32–36% of voting power depending on filing date, and Piero Ferrari, holding roughly 10% of equity via Trust Piero Ferrari and 15–16% of voting power, with no Israeli entity or individual identified among reported large shareholders 34. Based on the founding, headquarters, tax-residency, and beneficial-ownership factors reviewed, no Israeli-Nexus Floor factor is evidenced as present for Ferrari 1234.

Acquired Israeli Subsidiaries

No public evidence identified that Ferrari has acquired or holds a controlling stake in any Israeli manufacturer, consumer brand, pharmaceutical/biotech, cyber-technology, food, or infrastructure company. Ferrari’s presence in the Israeli market is structured entirely through independent, arm’s-length third-party importers and dealers rather than through any owned subsidiary, a structure documented across the dealer network’s own corporate pages and Israeli business press 5678.

Supply Chain & Sourcing Relationships

No public evidence identified of any Ferrari sourcing relationship with Israeli agricultural exporters or aggregators such as Mehadrin, Hadiklaim, Galilee Export, or Agrexco successors, consistent with Ferrari’s automotive-manufacturing product category rather than agribusiness. Ferrari’s importer of record for Israel is Samelet Motors Ltd., an Israeli-owned, privately held company founded in 1946, which built up full ownership of Auto Italia (Israel) Ltd. in stages 8. Auto Italia (Israel) Ltd. was jointly owned by Kardan Vehicle Ltd./Alon Group from 2011–2012, with Samelet purchasing a 25% stake from Kardan in 2014 for NIS 5 million, and Universal Motors Israel later transferring its remaining 75% interest to Samelet in August 2019, giving Samelet full ownership of Auto Italia by year-end 2019 8910. Retail distribution in Israel is conducted through Mediterranean Car Agency Ltd., the Herzliya-based authorized Ferrari dealer 567. Separately, Harman International, an automotive technology supplier, partnered with Ferrari to provide infotainment systems beginning with the Ferrari California T and extending to broader in-cabin experience technology 111213. Secondary reporting has indicated that Israel-made Harman components are used in Ferrari cabins, and Harman’s portfolio includes Israeli-origin automotive technology acquisitions (Red Bend, TowerSec, iOnRoad), though a direct causal link from those specific Israeli-origin technologies to Ferrari’s specific in-cabin hardware could not be confirmed at the component level 1415.

Product Origin, Labeling & Regulatory Compliance

No public evidence identified of any “Produce of Israel” or settlement-origin mislabeling issue involving Ferrari, as this compliance rubric is designed primarily for agribusiness and retail goods rather than automotive manufacturing. No public evidence identified of a Ferrari corporate policy specifically addressing the sourcing or labeling of goods originating from occupied or contested territories.

Investment, Capital & Financial Exposure

No public evidence identified of Ferrari-owned factories, data centers, logistics hubs, or real estate in Israel or the OPT, with Ferrari manufacturing remaining concentrated in Maranello, Italy 12. An industry survey of automotive R&D centers established in Israel between 2008 and 2019 lists GM, Porsche, Honda, Volvo, SAIC, SEAT, Mercedes-Benz, Skoda, Volkswagen, Hyundai, the Renault-Nissan-Mitsubishi Alliance, Ford, and BMW, with Ferrari, Fiat, Stellantis, and Exor notably absent from that list 16. Exor N.V., Ferrari’s largest shareholder, is a Netherlands-domiciled Agnelli-family holding company whose disclosed portfolio includes Stellantis, CNH Industrial, Philips, Juventus, The Economist, and GEDI, with no Exor-disclosed direct investment, subsidiary, or material financial exposure to the Israeli economy identified distinct from Ferrari’s own operations 17. No public evidence identified of Ferrari or Exor holding Israeli-domiciled company shares, Israeli sovereign bonds, or Israel-focused investment funds 17. No public evidence identified of Ferrari or a Ferrari-affiliated financial-services arm underwriting Israeli sovereign debt, selling Israel Bonds, or engaging in trade finance or lending to OHCHR-listed or Israeli defence-prime companies, consistent with Ferrari’s status as a manufacturer rather than a financial institution.

Operational Presence & Market Activity

Ferrari’s sole physical retail footprint in Israel is one authorized dealership, Mediterranean Car Agency Ltd. on Hamenofim Street in Herzliya, an independent third-party dealer rather than a Ferrari-owned facility 56. No public evidence identified of a Ferrari-employed workforce or direct Israeli tax registration, as all identified Israel-market staff are employees of the independent importer/dealer network (Samelet/Auto Italia/Mediterranean Car Agency) rather than of Ferrari N.V. or Ferrari S.p.A. 568. Ferrari’s public disclosures group Israel within a broader “Middle East” reporting region alongside the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman, and Kuwait, a region the company describes as representing approximately 5% of its business as of 2026 reporting, with no country-specific characterization of Israel disclosed separately 18. Strong consumer demand for the Ferrari Purosangue was reported in Israel, with all units allocated for a coming year sold in advance at prices ranging from $1.02–$1.48 million, and up to approximately $5 million with options 19. In its FY2023 and FY2024 Form 20-F filings, Ferrari cites the “Israel-Hamas” conflict as an ongoing geopolitical risk factor that has led to wider Middle East conflicts with the potential to escalate further and could reduce customer interest in and financial ability to purchase luxury products 12. In Q1 2026 reporting, Ferrari’s CFO and CEO characterized Middle East hostilities as an ongoing operational variable affecting guidance visibility and confirmed the company continued to adjust delivery logistics in response to the conflict 18. No public evidence identified of Ferrari discontinuing or modifying its Israel-market import/dealer relationship with Samelet as a result of post-2024 developments, with the relationship evidenced as ongoing through 2025–2026 reporting 1819. Ferrari’s reserve/test driver Robert Shwartzman, who holds Israeli citizenship, has raced and been licensed using an Israeli racing licence 2021. Separately, in response to the Russia-Ukraine war, Ferrari announced in March 2022 that it would stop producing cars for Russian customers and pledged $1 million to Ukraine relief, an unrelated but comparable instance of conflict-driven corporate conduct 22.

Settlement Nexus & Occupied Territory Activity

On 3 November 2017, twenty Ferrari vehicles were parked in the Western Wall plaza in the Old City of East Jerusalem as part of a Ferrari 70th-anniversary tour of Israel, a request made by Ferrari’s international representatives and coordinated locally by Auto Italia, then Ferrari’s Israeli importer, and livestreamed on Facebook 23242526. The Western Wall Heritage Foundation’s rabbi called approval of the event a “grave, unfortunate error,” and the Foundation subsequently adopted stricter rules barring commercial use of the site; no repetition of the event has been identified since 2017 2325. In October 2014, a Ferrari Formula 1 car driven by former F1 driver Giancarlo Fisichella participated in a municipally organized Jerusalem Formula Roadshow along a route that included the area outside the Old City walls in East Jerusalem and Jaffa Gate, with Ferrari participating as a brand/vehicle rather than as event organizer 27282930. The Jerusalem Formula Roadshow, organized via the Jerusalem Municipality’s “Ariel” subsidiary under then-Mayor Nir Barkat, drew official criticism from Israel’s State Comptroller over cost and management, unrelated specifically to the occupation issue, and no further editions have been identified after 2014 31. Ferrari’s ongoing Israeli sales channel - importer Samelet/Auto Italia and retail dealer Mediterranean Car Agency Ltd. in Herzliya - operates within Israel’s internationally recognized 1967 borders, and No public evidence identified of a Ferrari-authorized dealer, showroom, or reseller located within a West Bank settlement, East Jerusalem (post-2017), or the Golan Heights 567891032.

Corporate Structure & Foundational Ties

Ferrari was founded in Maranello, Italy, and is not an acquired entity with Israeli-origin operations or brand identity. Ferrari’s operational headquarters remain in Maranello, Italy, with legal domicile as Ferrari N.V. in Amsterdam, Netherlands, and dual listing on the New York Stock Exchange and Euronext Milan, with no dual or legacy Israeli headquarters identified 12. No public evidence identified of Israeli state ownership stakes, government board appointees, Israeli government contracts, or critical-infrastructure designation involving Ferrari. Ferrari’s governance includes a loyalty-voting-share structure benefiting Exor and Piero Ferrari, a mechanism unrelated to Israel, with no governance feature identified tying Ferrari’s operations to the Israeli state or its policy objectives 4.

Controlling Principals & Group Attribution

Ferrari’s controlling shareholders are Exor N.V. (Agnelli family, Netherlands-domiciled), holding approximately 24.65% of equity and 32–36% of voting power depending on filing date, and Piero Ferrari, holding approximately 10% of equity via Trust Piero Ferrari and 15–16% of voting power, with the remainder in public float 34. No public evidence identified of Israel-linked defense-industry, settlement-organization, or Zionist-philanthropy affiliations for Ferrari’s controlling principals or named board members, including John Elkann (Exor Chairman/CEO), Piero Ferrari (Vice-Chairman), Delphine Arnault, Francesca Bellettini, Eduardo Cue, Sergio Duca, John Galantic, Maria Patrizia Grieco, Adam Keswick, Michelangelo Volpi, Tommaso Ghidini, and CEO Benedetto Vigna. Ferrari has been an independently listed company since its 2015–2016 spin-off from Fiat Chrysler and is not part of Stellantis, a distinction material to group attribution given that Maserati - which has a documented, narrow Israel-technology nexus via Mobileye - is a Stellantis brand structurally separate from Ferrari since the 2021 FCA–PSA merger 3317.

Authoritative Sources Cross-Check

Ferrari, Exor N.V., Piero Ferrari, and Ferrari’s named board members were not found in the OHCHR settlement-business database search results reviewed in this audit; No public evidence identified of Ferrari’s inclusion in that database 34. No public evidence identified of Ferrari being named in the UN Special Rapporteur’s “From economy of occupation to economy of genocide” report (A/HRC/59/23, 2 July 2025); accessible excerpts referenced arms, technology, construction, banking, insurance, and tourism-platform sectors without an automotive-luxury or Ferrari-specific reference 35. No public evidence identified of Ferrari in the “Don’t Buy Into Occupation” 2025 coalition report 36. A related-brand analogue exists in OpenIntel’s independent “BDS-1000 Dossier” on Maserati, formerly Exor-linked and now Stellantis-owned, which found only a narrow, indirect nexus and explicitly excluded sibling-brand and parent-level conduct from Maserati’s own assessment under a “no-transitive-guilt” methodology, while noting Maserati sells in Israel through the same importer network (Samelet/Auto Italia) that now also handles Ferrari 33. Research also identified an unrelated Italian/Euronext-Amsterdam-listed company, Ferrari Group PLC, a luxury-goods logistics and shipping firm established in 1959 under separate ownership that also maintains an Israel office; this is a distinct legal entity from Ferrari N.V. (NYSE: RACE), the automaker, and should not be conflated with it in this audit 3738.

Profit Repatriation & Economic Contribution

Ferrari does not separately disclose Israel-specific revenue, with Israel embedded in the aggregated “Middle East” region representing approximately 5% of global business per 2026 disclosure 18. Profits from Israeli vehicle sales flow outward from the independent importer/dealer network to Ferrari’s global operations via ordinary wholesale vehicle-purchase transactions; No public evidence identified of any Israeli-domiciled ownership of Ferrari or reverse profit flow into Israel. No public evidence identified of any industry report or government designation characterizing Ferrari as a sector anchor, key employer, or infrastructure provider within the Israeli economy, with Ferrari’s footprint limited to a single luxury-vehicle importer/dealer relationship 568.

End Notes

Footnotes

  1. https://www.sec.gov/Archives/edgar/data/0001648416/000164841625000027/race-20241231.htm ↩ ↩2 ↩3 ↩4 ↩5

  2. https://www.sec.gov/Archives/edgar/data/0001648416/000164841624000032/race-20231231.htm ↩ ↩2 ↩3 ↩4 ↩5

  3. https://www.ferrari.com/en-EN/corporate/shareholders-structure ↩ ↩2 ↩3 ↩4

  4. https://www.stocktitan.net/sec-filings/RACE/schedule-13d-a-ferrari-n-v-sec-filing-dc8e123b9c24.html ↩ ↩2 ↩3 ↩4

  5. https://telaviv.ferraridealers.com/en-GB ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  6. https://telaviv.ferraridealers.com/en-GB/about-us ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  7. https://www.jpost.com/consumerism/article-886922 ↩ ↩2 ↩3

  8. https://en.wikipedia.org/wiki/Samelet ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  9. https://en.globes.co.il/en/article-1000623732 ↩ ↩2

  10. https://en.globes.co.il/en/article-1000737516 ↩ ↩2

  11. https://news.harman.com/releases/new-ferrari-california-t-to-feature-harman-infotainment-system ↩

  12. https://www.automotiveinteriorsworld.com/news/infotainment/harman-automotive-and-ferrari-partner-for-in-cabin-experiences.html ↩

  13. https://news.harman.com/releases/harman-automotive-and-ferrari-partner-to-propel-the-in-cabin-experience-into-the-future-today ↩

  14. https://israel21c.org/ferrari-puts-israel-made-harman-components-in-the-cabin/ ↩

  15. https://en.wikipedia.org/wiki/Harman_International ↩

  16. https://www.automotive-iq.com/autonomous-drive/articles/list-of-carmaker-rd-centers-in-israel ↩

  17. https://en.wikipedia.org/wiki/Exor_(company) ↩ ↩2 ↩3

  18. https://finance.yahoo.com/markets/stocks/article/ferrari-q1-earnings-preview-middle-east-war-new-trump-tariffs-could-hit-outlook-183144117.html ↩ ↩2 ↩3 ↩4

  19. https://www.ynetnews.com/business/article/hksmejpxt ↩ ↩2

  20. https://en.wikipedia.org/wiki/Robert_Shwartzman ↩

  21. https://racingnews365.com/ferraris-russian-test-driver-shwartzman-to-use-israeli-licence ↩

  22. https://www.bloomberg.com/news/articles/2022-03-09/ferrari-stops-making-cars-for-russians-pledges-1-million-to-ukraine ↩

  23. https://www.ynetnews.com/articles/0,7340,L-5038907,00.html ↩ ↩2

  24. https://www.ynetnews.com/article/5038153 ↩

  25. https://www.haaretz.com/israel-news/2017-11-05/ty-article/.premium/ferrari-kotel-pilgrimage-doesnt-sit-well-on-social-media/0000017f-dc6e-db22-a17f-fcffed5d0000 ↩ ↩2

  26. https://www.timesofisrael.com/ferrari-display-at-western-wall-sparks-outrage/ ↩

  27. https://www.timesofisrael.com/drivers-roar-past-holy-sites-in-jerusalem-f1-roadshow/ ↩

  28. https://www.nbn.org.il/aliyah-inspiration/visions-of-aliyah/trending-in-israel/formula-1-racecars-zip-through-jerusalem/ ↩

  29. http://www.algemeiner.com/2014/10/13/race-cars-speed-through-jerusalem-in-amazing-exhibition/ ↩

  30. https://www.autoblog.com/2014/10/08/formula-roadshow-returns-to-jerusalem-video/ ↩

  31. https://www.haaretz.com/2014-12-30/ty-article/.premium/watchdog-blasts-jlem-formula-one-waste/0000017f-e590-dc7e-adff-f5bdef840000 ↩

  32. https://www.algemeiner.com/2012/03/30/ferrari-and-maserati-bring-horsepower-and-cars-to-tel-aviv/ ↩

  33. https://www.openintel.uk/maserati/ ↩ ↩2

  34. https://www.ohchr.org/en/business/bhr-database ↩

  35. https://www.un.org/unispal/document/a-hrc-59-23-from-economy-of-occupation-to-economy-of-genocide-report-special-rapporteur-francesca-albanese-palestine-2025/ ↩

  36. https://dontbuyintooccupation.org/reports/dont-buy-into-occupation-report-2025/ ↩

  37. https://www.bloomberg.com/profile/company/FERGR:NA ↩

  38. https://find-and-update.company-information.service.gov.uk/company/12614552/filing-history ↩