Ferrari ECONOMIC

Supply Chain & Sourcing Relationships

Ferrari and Maserati vehicles are imported into Israel exclusively through Auto Italia (Israel) Ltd., an Israeli-incorporated import entity that was originally jointly held by Kardan Vehicle Ltd. and the Alon Group at the time the Tel Aviv Ferrari/Maserati showroom opened on 29 March 2012 ¹. Samelet Motors Ltd., an Israeli, Levi-family-owned company operating since 1989, acquired a 25% stake in Auto Italia in 2014 for NIS 5 million and took full (100%) ownership in August 2019, fully merging Ferrari/Maserati operations into the Samelet group ^{2, 3}. Retail distribution runs through Mediterranean Car Agency Ltd., the Ferrari-branded authorized dealer and showroom in Herzliya ^{4, 5}. This entire import-to-retail chain is independently Israeli-owned and Israeli-incorporated; no evidence identifies Ferrari N.V. as owning or controlling any part of this supply chain - the relationship is a wholesale supplier arrangement with independent local partners. One additional, less-formal channel was identified: Hinoma Motors is reported in secondary sources to operate as a parallel importer of luxury vehicles, including Ferrari, into Israel outside the authorized Samelet/Auto Italia/Mediterranean Car Agency chain, though this channel could not be corroborated against a primary source. No public evidence identified of any Ferrari relationship with Israeli agricultural, produce, or aggregator supply chains, as would be relevant to a food/agribusiness company - Ferrari is an automotive and luxury-goods manufacturer, and no such sourcing category applies to it.

Product Origin, Labeling & Regulatory Compliance

Ferrari is not a food or agricultural goods company, and the produce-origin/customs-labeling compliance frameworks (e.g., “Produce of Israel” labeling disputes) that apply to agribusiness audits do not apply to its automotive products. No public evidence identified of any NGO investigation, customs finding, or labeling-compliance action concerning Ferrari products and settlement-territory origin, and No public evidence identified of any Ferrari corporate policy statement addressing occupied-territory sourcing. On the settlement-geography dimension specifically, no Ferrari-authorized dealer, showroom, service point, or reseller was identified in the West Bank (including East Jerusalem) or the Golan Heights; the one Ferrari-branded retail location identified, Mediterranean Car Agency in Herzliya, sits within Israel’s pre-1967 territory ^{4, 5}. Two brand-presence events in occupied East Jerusalem were identified, both historic. On 3 November 2017, Ferrari vehicles - reported as ten by one outlet and twenty by another - were parked in the Western Wall plaza in the Old City of East Jerusalem as part of a Ferrari 70th-anniversary tour of Israel; permission was requested by Ferrari in connection with an executive tour and, per the then-importer’s statement, coordinated locally by Auto Italia, Ferrari’s Israeli importer at the time, with the vehicles remaining roughly ten minutes and no payment taken ^{6, 7}. The Rabbi of the Western Wall, Shmuel Rabinovitch, subsequently called the approval “a serious error, an unfortunate error,” and the Western Wall Heritage Foundation adopted stricter rules barring commercial use of the site; no repetition of the event was identified after 2017 ^{7, 8}. Earlier, on 6–7 October 2014, a Ferrari Formula 1 car driven by former F1 driver Giancarlo Fisichella took part in the Jerusalem Formula Roadshow along a two-kilometre course running outside the walls of Jerusalem’s Old City, with Ferrari participating as a brand/vehicle rather than as event organizer ⁹. Israel’s State Comptroller subsequently criticized that event - organized by the Jerusalem Municipality and its Ariel subsidiary under then-Mayor Nir Barkat at a cost of about NIS 15 million - over tender-law breach and budget planning and management failings, criticism directed at the municipal organizers rather than at Ferrari; no further editions were identified after 2014 ¹⁰. Ferrari, Ferrari N.V., Samelet Motors Ltd., Auto Italia (Israel) Ltd., and Mediterranean Car Agency Ltd. do not appear in the OHCHR settlement-business database as reflected in OHCHR’s own 2025 update announcement or its OpenSanctions mirror ^{11, 12}. No public evidence identified of Ferrari, its principals, or its Israeli commercial partners in Who Profits, AFSC Investigate, PAX Companies Arming Israel, BankTrack Don’t Buy Into Occupation, SOMO, Al-Haq, or BDS Movement named-company lists.

Investment, Capital & Financial Exposure

No public evidence identified of any Ferrari N.V.-owned factory, data centre, logistics hub, or real estate holding in Israel or the occupied territories; all Israel-market operations run through independently owned Israeli commercial partners rather than direct Ferrari capital deployment ^{1, 2, 3, 4, 5}. No public evidence identified of a Ferrari-operated R&D facility, technology partnership, or accelerator programme located in Israel - Ferrari’s technology supplier Harman International does operate substantial Israeli R&D and a new regional headquarters, including the acquisition of Israeli in-cabin radar-sensing startup Caaresys, but this is Harman’s own facility and investment, not Ferrari’s ^{13, 14, 15}. Harman’s Israeli footprint was built by acquisition: Red Bend Software, an Israeli over-the-air software-update provider, was bought in 2015 for a reported $200 million and became Harman’s Hod HaSharon-based Israeli R&D centre, and automotive cyber-security firm TowerSec was acquired in March 2016 ^{16, 17}. Secondary reporting states that Harman Israel’s Ready Care in-cabin monitoring system is available in Ferrari vehicles and that the Ferrari Formula 1 team named Harman Israel its official partner for a second consecutive year, indicating that Israel-developed Harman technology reaches Ferrari cabins; the specific component-level provenance of hardware in any given Ferrari model could not be confirmed from primary sources ¹⁷. An industry survey of automotive R&D centres established in Israel between 2008 and 2019 lists General Motors, Porsche, Honda, Volvo, SAIC, SEAT, Mercedes-Benz, Skoda, Volkswagen, Hyundai, Renault, Nissan, Mitsubishi, Ford, and BMW, with Ferrari, Fiat, Stellantis, and Exor absent from that list ¹⁸. At the parent level, Ferrari N.V.’s largest shareholder, Exor N.V. (~20% stake), whose chairman John Elkann is also Ferrari’s Executive Chairman, separately and directly invested in Via Transportation Inc., completing an approximately $200 million investment on 16 April 2020 for an 8.87% fully-diluted shareholding ^{19, 20}; Via Transportation was founded in Israel by Talpiot-programme alumni Daniel Ramot and Oren Shoval according to secondary reporting ^{21, 22}. This is an Exor-level parent investment and is attributable to Exor N.V., not to Ferrari N.V. directly. No public evidence identified of Ferrari N.V. itself holding Israeli-domiciled equities, Israeli sovereign bonds, or Israel-focused fund positions, and No public evidence identified of Ferrari N.V. engaging in any financial-sector activity (underwriting, bond sales, lending) relevant to state financing, as Ferrari is not a financial-sector entity.

Operational Presence & Market Activity

Ferrari maintains no owned office, factory, or facility in Israel; its market presence consists of the independent Samelet/Auto Italia importer chain and the Mediterranean Car Agency showroom in Herzliya ^{4, 5}, alongside a “Ferrari Owners’ Club Israel” listed on Ferrari’s own corporate site, which functions as a customer/brand community rather than an operating entity ²³. Ferrari also maintains an active technology partnership with HARMAN Automotive covering in-cabin experience systems, first announced and then extended in a 28 February 2024 release covering Scuderia Ferrari, with a further reported initiative to equip Ferrari road vehicles with HARMAN Ready Care ^{24, 25, 26}; the supplier relationship dates back at least to a 5 March 2014 Harman announcement that it would provide the Connected Media Center infotainment system for the Ferrari California T unveiled at that year’s Geneva Motor Show ²⁷; this partnership is confirmed ongoing as of the most recent located press material (2024), with no evidence of discontinuation identified. Samelet Motors, the Israeli importer’s ultimate owner, is characterized in its own materials as representing roughly 20% of car brands available in Israel across its full multi-brand portfolio, though no Ferrari-specific (as opposed to Samelet-group-wide) employment or revenue figures were found ^{2, 3}. No public evidence identified of Ferrari N.V.’s own Israeli tax registration, as it operates via an independent local partner rather than a direct subsidiary. Ferrari’s SEC Form 20-F filings reference the Israel-Hamas conflict solely within general geopolitical/macroeconomic risk-factor discussion affecting global luxury demand and supply-chain continuity, not as a characterization of Israel as a strategic market ^{28, 29}; No public evidence identified of Ferrari characterizing Israel as a “strategic growth market” in investor materials. Israeli-market retail demand is documented at the model level: Israeli business press reported that the Israeli allocation of the Ferrari Purosangue - nine units for the following year - sold out in advance at prices of $1.02 million to $1.48 million, approaching $5 million with options, with the report naming only “the local dealership” rather than a specific importer entity ³⁰. Ferrari’s reserve/test driver Robert Shwartzman holds Israeli citizenship and an Israeli passport and, after the FIA’s post-February-2022 restrictions on Russian licences, switched to competing under an Israeli racing licence, as confirmed by then-team principal Mattia Binotto on 30 April 2022 ³¹. Separately, in the context of Formula One sponsorship, Ferrari placed its sponsorship arrangement with a Russian company on hold and removed Russian sponsor Kaspersky Lab branding from its cars, illustrating the team’s general practice of adjusting sponsorship exposure in response to geopolitical pressure ^{32, 33}; broader sports-boycott campaigns targeting Israel have been documented in general reference and press sources, though these did not identify a Ferrari-specific action ^{34, 35}. For comparison of conflict-driven corporate conduct in a different theatre, Ferrari announced on 8 March 2022 that it had decided to suspend production of vehicles for the Russian market until further notice and would donate €1 million toward Ukraine humanitarian relief via the Emilia-Romagna Region with the Red Cross and UNHCR; no equivalent Ferrari action in relation to the Israeli market was identified ³⁶.

Corporate Structure & Foundational Ties

Ferrari was founded in Italy by Enzo Ferrari and was not founded or incorporated in Israel; Ferrari N.V. is domiciled in Amsterdam, the Netherlands, per its SEC Form 20-F filings, with operational headquarters remaining in Maranello, Italy ^{28, 37, 38}. Ferrari has been a separately listed, independent company since its spin-off from Fiat Chrysler Automobiles: FCA distributed one Ferrari N.V. share for every ten FCA shares, the separation completed on 3 January 2016 (following the 31 December 2015 record/completion steps described in FCA’s own transaction materials), after which Ferrari traded standalone on the New York Stock Exchange and Borsa Italiana; Ferrari is consequently not a Stellantis brand, a distinction material to group attribution, although Exor remained the controlling shareholder of both entities at the time of separation ^{39, 40}. No public evidence identified of Ferrari N.V. holding any Israeli operating company as an acquired or controlling subsidiary - the Israeli entities involved (Samelet, Auto Italia, Mediterranean Car Agency) are independently owned Israeli businesses that hold Ferrari’s distribution rights, not the reverse. On the Israeli-nexus floor: Ferrari was not founded in Israel, its headquarters and principal place of management are not in Israel, No public evidence identified of Israeli tax residency or permanent-establishment status, and beneficial control rests with Exor N.V. (~20%) and Piero Ferrari (~10.6%), both Italian/Dutch-domiciled, rather than Israeli capital ^{28, 37, 38}. No public evidence identified of Israeli state ownership stakes in Ferrari, Israeli government board appointees, Israeli government contracts, or critical-infrastructure designation for Ferrari. On board composition, Ferrari’s 16 April 2025 AGM results list executive directors John Elkann and Benedetto Vigna and non-executive directors Piero Ferrari, Delphine Arnault, Francesca Bellettini, Eduardo H. Cue, Sergio Duca, John Galantic, Maria Patrizia Grieco, Adam Keswick, Michelangelo Volpi, and Tommaso Ghidini ^{38, 41}. Non-executive director Michelangelo Volpi is a General Partner at Index Ventures, a venture firm reported to have made 16 Israeli investments (approximately $300 million) over a recent three-year period across AI, cybersecurity, and infrastructure - a professional/fund-level activity of Volpi’s employer rather than a disclosed personal investment ^{42, 43}. Non-executive director Tommaso Ghidini is Head of ESA’s Mechanical Department and a Reserve Lieutenant Colonel in the Italian Air Force with prior Airbus aircraft-programme experience; no Israel-specific affiliation was identified in his available biographical materials ⁴⁴. No public evidence identified of personal or family-office investments by John Elkann, Piero Ferrari, Benedetto Vigna, or other named Ferrari principals directly into Israeli companies. A same-named but wholly unrelated company, Ferrari Group PLC (ticker FERGR, Euronext Amsterdam, listed 13 February 2025), operates as a secure logistics/customs brokerage for jewelry and precious stones and announced an exclusive Israel partnership with D2D Val Express; this entity is confirmed distinct from Ferrari N.V. (ticker RACE, NYSE) and has no corporate connection to the automaker ^{45, 46, 47}.

Profit Repatriation & Economic Contribution

Because the Israeli importer/dealer chain (Samelet/Auto Italia/Mediterranean Car Agency) is independently Israeli-owned rather than a Ferrari subsidiary, the commercial relationship consists of wholesale vehicle sales from Ferrari, based in Italy/the Netherlands, to an independent Israeli buyer ^{1, 2, 3, 4, 5}. Retail profit on new-vehicle and service transactions in Israel accrues to the independent Israeli owner (the Samelet/Levi family), while Ferrari’s own revenue and profit arising from Israel come from wholesale vehicle and parts sales to that importer, flowing to Ferrari N.V., which is Netherlands-domiciled per its SEC filings ^{28, 37}. No public evidence identified of any reverse flow of Israeli-domiciled ownership into Ferrari N.V. No Israel-specific revenue figure is broken out in Ferrari’s public disclosures, and country-level geographic segment reporting for Israel was not confirmed in the Form 20-F materials examined ^{28, 29, 48}. Israel instead sits inside an aggregated “Middle East” region that reporting on Ferrari’s Q1 2026 results describes as approximately 5% of the company’s business; on that occasion CFO Antonio Picca Piccon said guidance was “predicated upon the visibility that we have today on the crisis in Middle East,” CEO Benedetto Vigna cited the company’s flexibility in navigating unforeseeable situations on 5 May 2026, and Ferrari was reported to have used geographical allocation flexibility to bring forward certain deliveries to other regions so that total deliveries were not affected by regional hostilities ⁴⁹. No public evidence identified of any government or industry-report designation of Ferrari or its importer as a key employer, sector anchor, or infrastructure provider within the Israeli economy; Samelet’s own materials describe the group’s role only in terms of its overall multi-brand market share, not a Ferrari-specific economic contribution ^{2, 3}.