It was announced on Tuesday that Ferrari (RACE.MI) will invest up to around 500 million euros ($550 million) in its Maranello and Modena operations in central Italy by 2025 in order to promote new technologies and generate 250 jobs, according to the local Emilia-Romagna region.
The plan will feature a new facility for electrification as well as new propulsion technologies that will have a low environmental impact, according to the region where Ferrari’s historic headquarters of Maranello is located, which announced the idea on its website.
The luxury sports carmaker announced earlier on Tuesday it had obtained up to 106 million euros in public money to finance the whole project.
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.
According to Ferrari’s Chief Executive Benedetto Vigna, “We believe in our region and are committed to upgrading it through projects that provide substantial benefits from a social and environmental standpoint, as well as strengthening its competitiveness.”