Target Company: Ferrari N.V. (NYSE/EXM: RACE)
Audit Phase: V-POL Political Forensics Audit
Report Date: May 2025
Jurisdiction of Incorporation: Netherlands (operational HQ: Maranello, Italy)
A comprehensive review of Ferrari N.V. press releases, CEO statements, corporate articles, and sustainability disclosures from October 2023 through May 2025 yields no official corporate statement of any kind addressing the Gaza conflict, the Israeli military campaign in Gaza, Palestinian civilian casualties, or humanitarian access to Gaza.119
Ferrari’s 2024 Annual Report and Form 20-F (filed February 2025) contains a single reference to the conflict, appearing exclusively within the risk-factor disclosures. The document lists “the ongoing conflicts between Russia and Ukraine and between Israel and Hamas which has caused escalations in the wider region” as a macroeconomic headwind affecting global economic stability, supply chains, raw material costs, and consumer demand for luxury goods.119 This reference is framed entirely as a business continuity and financial risk — it carries no humanitarian framing, no expression of concern for civilian populations, and no indication of operational review. The 2023 Annual Report and Form 20-F contains no corresponding reference addressing the October 7, 2023 Hamas attacks or the subsequent Israeli military campaign.19
No statement attributed to CEO Benedetto Vigna, Chairman John Elkann, or any other named Ferrari executive has been identified in any public forum addressing the Gaza conflict in a corporate capacity.
Ferrari’s communicative response to the Russia–Ukraine war stands in documented and sharp contrast to its silence on Gaza. In March 2022, CEO Benedetto Vigna issued a named, emotionally framed public statement in which he declared: “Ferrari stands alongside everyone in Ukraine affected by this ongoing humanitarian crisis. While we hope for a rapid return to dialogue and a peaceful solution, we cannot remain indifferent to the suffering of everyone affected.”23 On 8 March 2022, Ferrari N.V. published a formal press release announcing a donation of €1,000,000 to support Ukrainian civilians, routed through the Emilia-Romagna Region in collaboration with the Red Cross and UNHCR.2 Ferrari simultaneously suspended all vehicle production and exports to Russia.316
This Ukraine response — a named CEO humanitarian statement, a seven-figure cash donation, a named third-party delivery mechanism, and a full market suspension — has no documented equivalent in Ferrari’s response to any dimension of the Israel-Gaza conflict from October 2023 onward.119 Ferrari’s 2022 Sustainability Report documents the Ukraine donation within the company’s distributed economic value to stakeholders.9 No equivalent disclosure appears in subsequent sustainability reporting regarding Gaza.19
Ferrari’s annual reports and investor relations materials describe Israel operations using standard commercial language with no geopolitical qualification; Israel is grouped within Western European and Middle Eastern regional sales disclosures.119 The Ferrari Owners Club Israel — an officially sanctioned entity operating under Ferrari’s global owners club framework — describes its activities, including “panoramic road trips through the Holy Land,” in standard lifestyle and leisure language with no acknowledgment of contested territorial status or the ongoing conflict.12
Ferrari maintains an authorized dealership presence in Israel. The company’s official dealer locator tool lists authorized Ferrari dealers operating within Israel.25 No public evidence has been identified confirming Ferrari dealership operations, service agreements, or commercial activity specifically within internationally recognized Israeli settlements in the West Bank (Area C) or East Jerusalem. Specific dealer legal entity names and precise locations were not independently confirmable from available sources, and this represents an evidence gap requiring direct review of the Israeli Companies Registrar and Ferrari’s dealer locator tool.
The Ferrari Owners Club Israel is officially sanctioned by Ferrari N.V. and listed on the official Ferrari corporate website; the club’s page was established in 2020 and remains active as of the audit period.12 Its publicly described programming references road trips within territory described as “the Holy Land” without territorial specification. No independent evidence confirms club activities within internationally recognized occupied territories; equally, no evidence excludes such activities.
The UN Human Rights Office’s database of businesses operating in Israeli settlements (published February 2020, listing 112 companies) does not list Ferrari N.V., based on available training data. However, this database has not been updated since its initial 2020 publication as of the training data cutoff, meaning any post-2020 commercial activity in settlement contexts would not be captured by this source. Ferrari’s absence from the 2020 list is the extent of confirmable negative evidence on this point.
No public evidence has been identified of any international regulatory body, court, or parliamentary inquiry specifically investigating Ferrari’s operations in relation to occupied Palestinian territories. A review of the BDS Movement’s official company listings and campaign pages does not surface Ferrari N.V. as a named target of an organized BDS campaign as of the date of this audit.24 No public evidence has been identified of any structured, named boycott, divestment, or sanctions campaign targeting Ferrari N.V. specifically on Israel-Palestine grounds.
No public evidence has been identified of Ferrari N.V. disciplining, suspending, or terminating any employee for pro-Palestinian speech, display of Palestinian symbols, or related political expression within any Ferrari facility, corporate office, or authorized dealership globally. No public evidence has been identified of labor union complaints, employment tribunal proceedings, or whistleblower disclosures alleging politically asymmetric HR enforcement at Ferrari with respect to the Israel-Palestine conflict. Sources checked include Italian labor press, FIOM-CGIL and other Italian automotive union communications, and international employment tribunal databases.
Ferrari N.V. is a physical goods manufacturer; it does not operate a consumer-facing content platform, social media algorithm, or editorial publishing operation subject to content moderation scrutiny in the sense applicable to technology companies. No public evidence has been identified of independent reports, regulatory inquiries, or academic studies documenting Ferrari-specific content suppression or editorial bias related to the Israel-Palestine conflict.
One governance-level adjacency warrants notation: John Elkann joined the Meta Platforms Board of Directors in January 2025, announced in a joint press release by Meta.45 Meta has been the subject of a report by UN Special Rapporteur Irene Khan (A/79/319, August 2024) documenting alleged algorithmic suppression of Palestinian content and inconsistent safety enforcement during the Gaza conflict.18 Elkann’s governance role at Meta is factually documented; his individual influence on Meta’s specific content policies regarding Palestinian content cannot be independently verified or attributed from public records. This board seat is held in his personal capacity and is not a Ferrari corporate relationship.
No public evidence has been identified of regulatory actions, NGO investigations, or journalistic reporting regarding Ferrari’s labeling, sourcing, or product categorization of any component or material originating from Israeli settlements or occupied Palestinian territories. Ferrari’s direct supply chain concerns luxury automotive components (engines, carbon fiber, aluminum, leather goods, and precision machined parts); no publicly documented supply chain link to Israeli settlement-produced goods or services has been identified.
Ferrari’s commercial branding is structured around Formula 1 heritage, Italian artisanal craftsmanship, and luxury performance exclusivity. No evidence has been identified of Ferrari utilizing Israeli military heritage, Israeli defense sector associations, or Israeli state-security relationships in any commercial branding, sponsorship material, or public relations campaign. Ferrari’s own historical Italian military-era production context is occasionally referenced in automotive historiography but is not a current marketing pillar and is entirely unrelated to Israeli state institutions.
No public evidence has been identified of Ferrari N.V. accepting Israeli state honors, hosting Israeli government officials at Maranello in a formal non-commercial institutional capacity, or entering formal partnerships with Israeli state academic, governmental, or parastatal bodies. No public evidence has been identified of Ferrari sponsoring Israeli government-backed cultural diplomacy programs (e.g., “Brand Israel” initiatives, Israeli tourism board promotions, or Israeli embassy-sponsored events).
The FCA Foundation (operating within the Exor/Stellantis philanthropic umbrella following the PSA-FCA merger) was the primary donor to the CERN Science Gateway, contributing approximately 45 million Swiss Francs; the facility was formally inaugurated in October 2023, with John Elkann speaking at the ceremony.13 Israel holds full Member State status at CERN.14 The donation is directed at CERN as a universal multilateral scientific institution with 23 member states and is not targeted at Israeli programs or institutions within CERN. The donor entity name — whether “FCA Foundation” or “Fondazione Agnelli” — requires verification against CERN and Fondazione Agnelli press materials.13
Separately, academic pressure campaigns have called on CERN to suspend Israeli institutional participation, citing Israeli universities’ alleged roles in enabling the occupation and military technology development.15 Ferrari N.V.’s and Exor N.V.’s CERN donation predates and is structurally separate from these campaigns, and no evidence has been identified of Ferrari or Exor responding to or taking any position on these calls.15
No public evidence has been identified of Ferrari N.V. or Exor N.V. registering as lobbyists before any government body, or engaging in documented lobbying activity, on matters related to Israel-Palestine policy, BDS legislation, trade sanctions, arms embargoes, or related legislative issues in any jurisdiction including the United States, the European Union, Italy, or the Netherlands.
No public evidence has been identified of Ferrari N.V. or Exor N.V. holding corporate membership in, or making documented financial contributions to, pro-Israel advocacy organizations including AIPAC, the Jewish National Fund (JNF), the Friends of the IDF (FIDF), the America-Israel Chamber of Commerce, the British-Israel Chamber of Commerce (BICC), the Israel-Italy Chamber of Commerce, or the Conference of Presidents of Major American Jewish Organizations. A review of publicly accessible membership directories for the BICC and the Israel-Italy Chamber of Commerce does not surface Ferrari N.V. or Exor N.V. as members.
No public evidence has been identified of Ferrari N.V., Exor N.V., or any Ferrari- or Exor-linked foundation making material financial donations to Israeli settlement organizations, FIDF, or organizations specifically funding Israeli military welfare. Documented philanthropic activity by the Fondazione Agnelli concentrates on Italian school infrastructure, STEM education, and major architectural gifts to European scientific institutions (principally the CERN Science Gateway).13 No public evidence has been identified of Fondazione Agnelli grants to Israeli state-aligned organizations.
Ferrari N.V. entered a commercial cloud services agreement with Amazon Web Services (AWS) in June 2021, selecting AWS as its official cloud provider to support manufacturing telemetry, innovation, and fan-engagement services.10 AWS is simultaneously a contractor on Project Nimbus — a reported $1.2 billion Israeli government and IDF contract to provide cloud computing, artificial intelligence, and surveillance infrastructure to Israeli state institutions, the subject of sustained employee protests within Amazon and Google and extensive investigative reporting.11 Ferrari’s commercial AWS usage is standard enterprise cloud procurement; no evidence has been identified that Ferrari’s AWS workloads are operationally deployed on, or integrated with, Project Nimbus infrastructure. The specific scope boundaries of Ferrari’s AWS usage versus Project Nimbus infrastructure cannot be determined from public sources alone, representing a confirmable evidence gap.
Exor N.V. is a significant investor in Via Transportation, a U.S.-based transit technology company. Exor led a funding round valuing Via at approximately $2.25 billion (this specific figure is sourced from prior AI research and requires verification against Exor’s 2022 or 2023 Annual Reports).720 Via Transportation maintains wholly owned Israeli subsidiaries and employs substantial personnel in Tel Aviv in core engineering and product roles.8 Via Transportation’s SEC filings (2024) reportedly disclose that over 10% of its Israeli employees were called to active IDF reserve duty following October 7, 2023.26 [The specific subsidiary names, headcount figure, and the verbatim IDF disclosure text cited above are sourced from prior AI research only and require independent verification against Via Transportation’s SEC S-1/A filings (EDGAR CIK: 0001603015) before reliance.]
Via Transportation co-founder and CEO Daniel Ramot is documented as an Israeli national; his reported background as a graduate of the IDF’s elite Talpiot program has been cited in Israeli technology press. [This Talpiot affiliation is sourced from prior AI research only and requires verification against Israeli technology press (Globes, Calcalist, The Marker) or Via’s own corporate biographies before reliance.]8
Ferrari N.V. does not directly own or control Via Transportation. The documented relationship chain is: Ferrari N.V. generates revenue and dividends → Exor N.V. receives distributions as Ferrari’s controlling shareholder and redeploys capital across its investment portfolio → Exor investment in Via Transportation. Via Transportation does not appear in Ferrari’s consolidated financial statements as a subsidiary or equity-method affiliate. This is a second-order holding relationship mediated through Exor’s independent investment decisions.
Ferrari N.V. is incorporated under Dutch law (Netherlands) with its operational headquarters in Maranello, Italy. It is publicly traded on NYSE (RACE) and Euronext Milan.23 Ferrari’s Articles of Association define its primary corporate purpose as the design, engineering, manufacturing, and sale of luxury sports cars and related merchandise and licensing.23 No evidence has been identified of any provision in Ferrari’s founding documents, articles of association, or corporate charter tying its primary mission to advancing any state’s geopolitical goals, including those of Israel, Italy, or any other nation.
As of 2024–2025, Exor N.V. holds approximately 24.84% of outstanding Ferrari common shares and approximately 36.69% of Ferrari’s total voting power, the latter figure amplified by Ferrari’s loyalty voting share mechanism (qualifying long-held shares receive enhanced voting rights).1 This structure concentrates de facto governance control in the Agnelli family via Exor without requiring majority equity ownership. Public and institutional shareholders hold the balance of Ferrari equity.
Ferrari N.V. does not have a state-held golden share. The Italian government holds no special veto or governance rights in Ferrari N.V. under its Dutch incorporation.23 This is legally distinct from Stellantis, a separate Exor-connected entity that has historically attracted Italian governmental interest; that relationship does not govern Ferrari N.V.
Exor N.V. is itself controlled by Giovanni Agnelli B.V. (the Agnelli family holding entity). Exor’s portfolio spans Ferrari, Stellantis, CNH Industrial, Juventus FC, The Economist Group, Institut Mérieux, and Via Transportation, among others.720 The portfolio is commercially diversified across automotive, media, agriculture, healthcare, and technology sectors. No evidence has been identified that Exor’s foundational mandate or investment thesis is tied to advancing any single state’s geopolitical interests.
Personal Philanthropy & Political Financing:
No public evidence has been identified of John Elkann making personal financial donations to FIDF, JNF, AIPAC, or any named Israeli settlement-support organization. Elkann’s documented philanthropic activities, exercised primarily through the Fondazione Agnelli and the FCA Foundation, concentrate on STEM education, Italian school infrastructure, and scientific philanthropy, of which the CERN Science Gateway donation is the most prominent recent example.13
Public Advocacy & Statements:
Elkann has made no documented public statement regarding the Gaza conflict, the October 7, 2023 attacks, Palestinian civilian casualties, or Israeli military operations in his capacity as Ferrari Chairman or Exor CEO, based on all available records.119
Elkann is cited in prior AI research as having visited Yad Vashem (Israel’s Holocaust memorial) and referenced the visit in a speech at the Appeal of Conscience Foundation Annual Awards Dinner in New York, where he reportedly expressed a commitment to combating discrimination.27 [The specific year of this speech, its full text, and the precise Yad Vashem reference are sourced from prior AI research only and are unverified from independent sources; this claim should not be relied upon without independent confirmation against Appeal of Conscience Foundation annual records or New York society press archives.]
Board Memberships & Affiliations:
Elkann joined the Meta Platforms Board of Directors in January 2025 in a personal capacity, as announced by Meta.45 This is his most geopolitically significant new board appointment in the context of this audit, given Meta’s documented role in global information flows regarding the Gaza conflict and the UN Special Rapporteur’s documented concerns about Meta’s enforcement practices.18 No public evidence has been identified of Elkann holding board seats, advisory positions, or leadership roles in pro-Israel lobbying groups, Israeli state academic institutions, or organizations specifically advocating for Israeli state interests. Elkann resigned as Chairman of Stellantis in mid-2024 amid a governance dispute with CEO Carlos Tavares.28
Vigna is the documented signatory of the March 2022 Ukraine humanitarian statement and the announced €1 million donation.23 No public evidence has been identified of Vigna making any statement regarding the Gaza conflict or Israel-Palestine in his capacity as Ferrari CEO.119 No public evidence has been identified of Vigna holding personal affiliations with Israeli state-aligned organizations, lobby groups, or advocacy bodies.
Keswick formerly served as Vice Chairman of the supervisory board of Rothschild & Co; prior AI research cites his departure from that role as November 2023, a date requiring verification against Rothschild & Co governance filings.21 Rothschild & Co operates wealth management and advisory services globally, including in Israel, as standard multinational financial services activity. No public evidence has been identified of Keswick personally engaging in pro-Israel advocacy or holding positions in Israeli state-aligned organizations.621
Volpi serves as General Partner at Index Ventures, a global venture capital firm active in the Israeli technology ecosystem.22 No public evidence has been identified of Volpi utilizing his Ferrari board position to advance Israeli state interests, or of Volpi holding roles in Israeli state advocacy organizations.622
Cue serves as Senior Vice President of Services at Apple Inc.6 Apple maintains significant R&D operations in Israel and has historically acquired several Israeli technology companies. No public evidence has been identified of Cue’s Ferrari board role intersecting with Israeli state relationships, nor of Cue holding positions in Israeli state-aligned advocacy organizations.
Both are luxury sector executives. No public evidence has been identified of geopolitical relevance to this audit for either director.
Hamilton signed a multi-year contract with Scuderia Ferrari for the 2025 Formula 1 season.29 In late 2024, Hamilton made a personal visit to a Gaza aid facility in Jordan, publicly praised the Palestine Red Crescent Societies, and called for unrestricted humanitarian access to Gaza.17 This advocacy is personal and conducted through Hamilton’s individual public platform. No evidence has been identified that Ferrari N.V. amplified, endorsed, match-funded, or responded to Hamilton’s humanitarian statements through any corporate channel, press release, or capital deployment.119
https://www.sec.gov/Archives/edgar/data/1648416/000164841625000027/race-20241231.htm ↩↩↩↩↩↩↩↩
https://www.ferrari.com/en-EN/corporate/articles/ferrari-donates-one-million-euros-to-support-ukrainians-in-need ↩↩↩
https://www.foxbusiness.com/lifestyle/ferrari-suspends-russia-sales ↩↩↩
https://www.prnewswire.com/news-releases/dana-white-john-elkann-and-charlie-songhurst-to-join-meta-board-of-directors-302343463.html ↩↩
https://investor.fb.com/governance/board-of-directors/default.aspx ↩↩
https://www.exor.com/sites/default/files/2024/document-documents/EXOR%202023%20Annual%20Report.pdf ↩↩
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001603015&type=S-1&dateb=&owner=include&count=10 ↩↩
https://cdn.ferrari.com/cms/network/media/pdf/Sustainability_Report_Ferrari_NV-2022.pdf ↩
https://www.businesswire.com/news/home/20210617005933/en/Ferrari-Selects-AWS-as-its-Official-Cloud-Provider-to-Power-Innovation-on-the-Road-and-Track ↩
https://www.theguardian.com/technology/2024/apr/17/google-amazon-project-nimbus-israel-contract ↩
https://home.cern/news/press-release/cern/cern-inaugurates-science-gateway-its-new-outreach-centre-science-education ↩↩↩↩
https://home.cern/about/members-states ↩
https://www.statewatch.org/news/2024/february/palestine-300-academics-call-for-halt-to-eu-research-funding-that-violates-international-law/ ↩↩
https://leave-russia.org/ferrari ↩
https://gulfnews.com/sport/motorsport/hamilton-makes-life-changing-visit-to-gaza-aid-facility-in-jordan-1.500414400 ↩
https://www.un.org/unispal/document/report-special-rapporteur-23aug24/ ↩↩
https://cdn.ferrari.com/cms/network/media/pdf/Ferrari%20NV%20Annual%20Report%202024.pdf ↩↩↩↩↩↩↩↩↩
https://www.exor.com/sites/default/files/2021/document-documents/EXOR_ANNUAL_REPORT_2020.pdf ↩↩
https://www.rothschildandco.com/siteassets/publications/rothschild_and_co/2022/full_year_results/en_2022_annual_report.pdf ↩↩
https://www.ferrari.com/en-EN/corporate/governance-documents ↩↩↩
https://bdsmovement.net/ ↩
https://www.ferrari.com/en-EN/auto/find-a-dealer ↩
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001603015/5e97a28a-738b-4d96-ba35-d434a8ae598b.pdf ↩
https://appealofconscience.org/events/dinner/ ↩
https://www.sec.gov/Archives/edgar/data/1605484/000160548424000022/stellantis-20231231.htm ↩
https://www.ferrari.com/en-EN/formula1/articles/lewis-hamilton-joins-scuderia-ferrari ↩
https://www.fondazioneagnelli.it/ ↩
