ROME—Ferrari will invest up to about 500 million euros ($550 million) in its Maranello and Modena plants in central Italy by 2025 to support new technologies and create 250 jobs, the local Emilia-Romagna region said on Tuesday.
The plan will include a new facility for electrification and new propulsion systems with low environmental impact, the region, where Ferrari historic headquarters of Maranello is located, said on its website.
The luxury sports carmaker said earlier on Tuesday it had secured up to 106 million euros in public funds to support the total investment.
The funds are part of a memorandum of understanding (MoU) Ferrari has signed with Italy’s Economy Ministry, state investment agency Invitalia and the regional government of Emilia-Romagna.
“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,” Ferrari’s Chief Executive Benedetto Vigna said in the statement.
