Ferrari Economic Audit

Target: Ferrari N.V. (luxury automotive manufacturer)
Registered Office: Amsterdam, Netherlands | Operational HQ: Maranello, Italy
Audit Phase: V-ECON
Date: 2026-05-01

Supply Chain & Sourcing Relationships

Direct Supplier Relationships — Agricultural Aggregators

No corporate disclosure, NGO report, customs database, or trade press record establishes any direct procurement contract between Ferrari N.V. and Israeli agricultural aggregators — including Mehadrin, Hadiklaim, Galilee Export, or any Agrexco successor entity — for any product category (citrus, avocados, Medjool dates, fresh herbs, or potatoes). This conclusion is consistent across NGO databases (Who Profits¹⁶, OHCHR²⁴²⁵), corporate filings¹, and trade press reviewed. No public evidence identified.

For reference, Mehadrin is confirmed as Israel’s largest citrus and avocado grower/exporter with approximately $350M in annual sales and more than 70% export ratio, supplying primarily European retail and food service chains²². Hadiklaim is confirmed as Israel’s primary Medjool date cooperative, operating in the Jordan Valley²³. Neither entity lists Ferrari N.V. as a customer in any public disclosure.

Importer of Record Structure

Ferrari N.V. does not operate a wholly-owned subsidiary in Israel acting as importer of record. The official sole authorised importer and dealer for Ferrari (and Maserati) in Israel is Auto Italia IL Ltd., trading as Mediterranean Car Agency Ltd., with showroom, sales, and service operations in Herzliya, Israel⁷⁸.

Ownership of Auto Italia IL Ltd. is entirely held by Israeli private capital. Kardan Vehicle Ltd. (the Avis Israel franchisee operator) acquired full ownership by buying out co-shareholder Zohar Alon for NIS 8 million, with Alon retained as advisor for 12 months at NIS 45,000/month under a three-year non-compete⁷. Samelet Motors — an Israeli automotive importer also representing Subaru and IVECO — is recorded as a prior partial stakeholder¹¹. These ownership details are confirmed by the Globes business press record⁷ and the BDiCODE company profile¹¹. Ferrari N.V. holds zero equity in Auto Italia IL Ltd.⁷⁸ The Globes/Kardan transaction dates to approximately 2014; current beneficial ownership as of 2025–2026 has not been confirmed by a more recent public filing.

Ferrari N.V.’s role in this structure is strictly that of wholesale vehicle exporter to the independent franchise. It does not act as importer of record for its own goods into Israel.

Seasonal Sourcing Patterns

No public evidence identified of any recurring seasonal procurement by Ferrari N.V. from Israeli agricultural suppliers during any sourcing window. Source classes checked include corporate sustainability reports¹¹⁴¹⁵, trade press, and NGO investigations¹⁶²⁴. No public evidence identified.

Third-Party & Indirect Sourcing

Ferrari’s corporate catering operations at its Maranello headquarters are conducted through Ristorante Cavallino, a restaurant originally founded by Enzo Ferrari in 1950¹². The establishment currently operates as a joint venture with Massimo Bottura’s Francescana Group¹³. The culinary identity of the Francescana Group is publicly documented as hyper-local Emilia-Romagna sourcing (Parmigiano Reggiano, Aceto Balsamico, Prosciutto di Parma, regional produce)¹³.

No evidence has been identified of Ferrari N.V. contracting Compass Group, Sodexo, or any other global industrial food service operator for its primary Maranello catering operations. No public evidence identified of Israeli-origin produce reaching Ferrari’s corporate operations via third-party distributors, resellers, or white-label arrangements.

Disambiguation — “VS Ferrari” / Zoko Enterprises

The Who Profits NGO database profiles Zoko Enterprises as an Israeli industrial corporation supplying heavy equipment — including Caterpillar D9 armoured bulldozers — to the Israeli Ministry of Defense and military, and lists “VS Ferrari” among Zoko’s represented brands¹⁶. VS Ferrari (also styled V.S. Ferrari or CVS Ferrari) is an entirely separate Italian company manufacturing heavy industrial port equipment (reach stackers, container handlers, port cranes). It shares only a surname with Ferrari N.V. Ferrari N.V. manufactures no industrial port equipment, and no corporate, legal, financial, or supply chain relationship between Ferrari N.V. (Maranello) and VS Ferrari (industrial equipment) has been identified. This is a homonymic overlap of two unrelated Italian entities. Ferrari N.V. bears no documented relationship to Zoko Enterprises, Israeli Ministry of Defense procurement, or any military equipment supply in Israel¹⁶.

Product Origin, Labeling & Regulatory Compliance

Settlement-Origin Products

No public evidence identified. Ferrari N.V. does not import or retail food products. Consequently, no NGO investigation — including Who Profits¹⁶, Corporate Occupation, or OHCHR²⁴²⁵ — and no DEFRA advisory or customs audit finding references Ferrari N.V. in the context of settlement-origin produce labeling. No public evidence identified.

Labeling Compliance

Not applicable to Ferrari N.V.’s business model. No enforcement actions or government advisories related to product origin labeling have been identified. No public evidence identified.

Corporate Labeling Policy

No publicly stated corporate policy on sourcing or labeling of goods from occupied or contested territories has been identified in Ferrari’s Human Rights Practice document¹⁴ or its Modern Slavery Statement¹⁵. This is consistent with the company’s non-food, non-retail operational profile. Ferrari’s Human Rights Practice document references adherence to UN Guiding Principles on Business and Human Rights, OECD Guidelines for Multinational Enterprises, and the International Bill of Human Rights¹⁴. No public evidence identified of a territory-specific labeling policy.

Investment, Capital & Financial Exposure

Direct FDI — Ferrari N.V.

No direct capital investment by Ferrari N.V. within Israel or occupied territories has been identified. No acquisitions, factories, data centers, logistics hubs, or real estate holdings in Israel are disclosed in the 2023 Annual Report/20-F¹ or prior annual reports. No public evidence identified of Ferrari N.V. as a direct FDI actor in Israel.

R&D & Innovation Centres — Ferrari N.V. Direct

Ferrari’s R&D operations are centralized at its Maranello and Modena facilities in Italy¹³⁰. No Ferrari N.V.-owned or -operated R&D facility, technology partnership hub, innovation lab, or accelerator programme within Israel has been identified in corporate filings or technology press. No public evidence identified.

Parent & Beneficial Ownership Flows — Exor N.V.

Ferrari N.V. is incorporated under Dutch law (commercial register no. 64060977), with its operational headquarters at Maranello, Italy¹. The controlling parent is Exor N.V., the Agnelli family holding company. As of early 2026, Exor N.V. holds approximately 21.20% of outstanding common shares and 32.17% of total voting rights in Ferrari N.V., leveraging Ferrari’s special loyalty voting mechanism²³. Trust Piero Ferrari (Piero Ferrari, son of founder Enzo Ferrari) holds 10.61% of common shares and 16.09% of voting rights²³. Their combined block exceeds 48% of voting rights³.

Exor N.V. and Trust Piero Ferrari renewed their shareholder agreement in January 2026, extending coordination through January 2029 with automatic renewal for a further three years, mandating coordinated voting and reciprocal rights of first offer on share transfers³²⁸. John Elkann, CEO of Exor N.V. and Agnelli family designee, serves concurrently as Chairman of Ferrari N.V.¹⁴, binding strategic and capital allocation decisions between the two entities. Exor N.V.’s broader portfolio includes controlling or significant stakes in Stellantis, CNH Industrial, Philips, Juventus Football Club, and Iveco Group⁴⁵.

Exor Ventures — Israeli Ecosystem Exposure

Exor Ventures (the early/growth-stage venture arm of Exor N.V., formerly Exor Seeds) has deployed capital into technology startups globally⁵⁶. Prior research states it has deployed approximately $500 million across 75+ companies with significant Israel concentration, and operates a physical presence in Tel Aviv led by Noam Ohana (Managing Partner, described as formerly a Policy Advisor at the Israeli Consulate in New York) who later spun out as Ora Global while continuing to manage the Exor Ventures portfolio⁶. These specific operational details are consistent with the Ora Global website⁶ and Exor’s own annual report disclosures regarding venture activity⁵, but the specific claim of a dedicated Tel Aviv office lease cannot be independently confirmed from corporate filings alone (see Evidence Gaps).

Documented Exor Ventures portfolio companies with Israeli nexus include:

• Quantum Machines (Tel Aviv): quantum computing control systems. Exor Ventures listed as backer; confirmed as a real Israeli company with Exor involvement noted in Israeli tech press¹⁸. Status: ongoing as of 2025.
• Stardust Solutions: solar geoengineering / sunlight reflection startup; co-founders Yanai Yedvab and Amyad Spector described as former Israeli government nuclear physicists. A $60M raise with Exor Ventures participation was confirmed by POLITICO Pro/E&E News in October 2025¹⁹. Status: ongoing, confirmed 2025.
• PhaseV: causal machine learning for clinical trials; $15M raise with Exor Ventures reported alongside Viola Ventures and LionBird¹⁸. Exor’s specific lead investor role is [UNVERIFIED-PRIOR]; company existence is consistent with Israeli health-tech press.
• Decart: Israeli AI infrastructure company; $53M funding round confirmed in CTech 2025 coverage¹⁸. Exor Ventures involvement is [UNVERIFIED-PRIOR].
• Luminescent: Israeli waste-heat-to-electricity energy technology company. Exor Ventures backing noted in Global Venturing coverage²⁹. Exor’s confirmed lead role is [UNVERIFIED-PRIOR].
• Via Transportation / Fleetonomy: Via is a global transit technology company with Exor as a documented major backer⁴⁵²¹. Via operates an R&D center in Tel Aviv consistent with SEC filing disclosures²¹. Via acquired Fleetonomy — an Israeli fleet management startup — in a transaction estimated at $15M–$25M, confirmed by trade press²⁰. Status: ongoing.

Direct Portfolio & Fund Exposure — Ferrari N.V.

No publicly disclosed holdings by Ferrari N.V. itself in Israeli-domiciled companies, Israeli sovereign bonds, or Israel-focused investment funds are identified in the 2023 20-F¹. Ferrari N.V. does not operate as an investment holding entity. No public evidence identified of direct portfolio exposure at the Ferrari N.V. level.

Operational Presence & Market Activity

Physical Footprint

Ferrari N.V. operates no offices, manufacturing facilities, warehouses, retail locations, or support centres within Israel or occupied territories. The sole authorised operational presence in the Israeli market is the independent franchise Mediterranean Car Agency Ltd. / Auto Italia IL Ltd., Herzliya⁸⁹¹⁰, which is not a Ferrari N.V. entity. Ferrari’s own physical infrastructure is documented as located in Maranello (manufacturing, HQ, museum) and Modena (engine manufacturing), with a small number of international commercial offices — none in Israel¹³⁰.

Employment & Tax Contribution

Ferrari N.V. employs no staff directly in Israel. No tax or regulatory registration in the Israeli jurisdiction has been identified. No public evidence identified. Israeli employment and tax contribution flows entirely through the independently-owned Auto Italia IL Ltd. franchise⁷⁸.

Market Positioning

Ferrari’s annual reports and investor presentations do not characterise Israel as a named strategic market, growth region, or regional hub. Israel is not broken out as a separate geographic revenue segment in the 2023 20-F¹. The Middle East region as a whole is referenced only as part of a broader rest-of-world category. No public evidence identified of Ferrari explicitly characterising the Israeli market in investor materials.

Authorised Dealer Services

Mediterranean Car Agency Ltd. operates Ferrari’s full brand service offering in Israel, including Ferrari Classiche heritage certification⁹ and the Ferrari Approved certified pre-owned programme¹⁰, under the terms of the standard international franchise agreement. These services operate under Ferrari’s brand standards but under no Ferrari N.V. equity, employment, or direct management relationship.

Corporate Structure & Foundational Ties

Founding & Incorporation History

Ferrari was founded by Enzo Ferrari in Maranello, Italy, in 1947, with predecessor racing activities from 1929 under the Scuderia Ferrari racing team¹³⁰. Ferrari has no Israeli founding history, no Israeli-origin operations, and no Israeli brand identity. It is not an acquired entity with Israeli-origin operations.

Headquarters & Domicile

• Legal domicile: Amsterdam, the Netherlands (Dutch commercial register no. 64060977)¹
• Operational headquarters: Maranello, Modena province, Italy¹

No dual or legacy Israeli headquarters. No Israeli domicile.

State & Institutional Linkages

No Israeli state ownership stake, Israeli government board appointees, Israeli government contracts, or designation as Israeli critical national infrastructure has been identified. No public evidence identified.

Ferrari N.V. does not appear in the OHCHR database of businesses involved in activities related to Israeli settlements (updated September 2025, covering 158 companies across 11 countries)²⁴²⁵. The OHCHR database focuses on construction, real estate, mining, surveillance, demolition equipment, and banking activities sustaining settlements — sectors entirely outside Ferrari’s operational scope.

Ferrari’s Human Rights Practice document references adherence to UN Guiding Principles on Business and Human Rights, OECD Guidelines for Multinational Enterprises, and the International Bill of Human Rights¹⁴. Its Modern Slavery and Human Trafficking Statement is separately published¹⁵.

Structural Governance Features

Ferrari N.V. utilises a special loyalty voting share mechanism that grants long-term shareholders — specifically Exor N.V. and Trust Piero Ferrari — enhanced voting rights relative to their economic ownership, consolidating structural control²³. The renewed January 2026 shareholder agreement between Exor N.V. and Trust Piero Ferrari mandates coordinated voting through January 2029³²⁸. These mechanisms benefit private Italian family interests and do not structurally tie Ferrari to the Israeli state or its policy objectives. No golden shares, charter restrictions, or governance mechanisms tying Ferrari’s operations or mission to the Israeli state have been identified.

Profit Repatriation & Economic Contribution

Revenue Attribution

Israel is not a disclosed revenue segment in Ferrari’s 2023 Annual Report/20-F¹. Ferrari reports geographic revenues in broad regional buckets (Americas, Rest of EMEA, etc.). No Israel-specific revenue figure is publicly available. No public evidence identified of disaggregated Israel revenue disclosure.

Profit Flows

Ferrari N.V. is a profit-generating entity whose dividends and retained capital flow upward to its controlling shareholder, Exor N.V.³⁵. Exor N.V. is domiciled in the Netherlands and is controlled by the Italian Agnelli family⁴⁵. Profits do not flow into Israel via Ferrari’s ownership structure; they flow to a Dutch/Italian-controlled holding entity.

Exor N.V. subsequently redeploys aggregated capital — including dividends from Ferrari — into global investments including Israeli-ecosystem venture capital via Exor Ventures⁵⁶. This constitutes an indirect capital flow from Ferrari’s global profit generation toward Israeli startup investment, mediated by the parent holding company, not a direct Ferrari N.V. disbursement.

The net directional flow in the Israeli market is the reverse: capital extracted from Israeli high-net-worth consumers flows to Ferrari N.V. in Italy/Netherlands via vehicle wholesale margins to the Auto Italia IL Ltd. franchise. Ferrari is a recipient of economic value from Israel’s consumer market, not a net investor into the Israeli economy at the entity level.

Economic Ecosystem Role

No publicly available assessment, industry report, or government designation characterises Ferrari N.V. as a significant actor within any sector of the Israeli economy. Ferrari is not identified as a key employer, sector anchor, or infrastructure provider within Israel by any Israeli government, industry body, or research institution. No public evidence identified.

Evidence Gaps

The following material uncertainties were identified during this audit and could not be resolved from available public sources:

1. Exor Ventures Tel Aviv physical office — Prior research asserts a dedicated Exor Ventures office in Tel Aviv, citing the Ora Global website⁶. The Ora Global website confirms Noam Ohana’s role and Israeli connections, but independently confirming a current, active, leased physical office operated under the Exor Ventures name (as distinct from Ora Global’s own operations) requires corporate real-estate filings or Israeli company registry records not accessible through training data. Status: unresolved; plausible but unconfirmed at lease/registration level.

2. Noam Ohana — Israeli Consulate advisory role — Prior research states Ohana was a Policy Advisor at the Israeli Consulate in New York. Consistent with venture press coverage but cannot be confirmed against Israeli foreign ministry records. Status: [UNVERIFIED-PRIOR].

3. Valens Semiconductor — Ferrari direct supply relationship — Prior research asserts Ferrari is mapped as a “partner and end-user” in Valens Semiconductor’s ecosystem via MIPI A-PHY integration¹⁷. The MIPI A-PHY standard is confirmed as a real automotive connectivity standard; Valens (NYSE: VLN) is a confirmed Israeli semiconductor company. However, Ferrari’s specific design-in of Valens chipsets is not confirmed in Ferrari’s own supplier disclosures¹ or Valens investor materials. Status: [UNVERIFIED-PRIOR]; industry-level plausible, Ferrari-specific unconfirmed.

4. Tactile Mobility — Ferrari supply chain mapping — Prior research maps Ferrari into Tactile Mobility’s procurement network. Tactile Mobility is a confirmed Israeli autotech company (Haifa); Porsche investment is confirmed in trade press. Ferrari-specific integration is not documented in any public Ferrari supplier disclosure. Status: [UNVERIFIED-PRIOR].

5. PhaseV and Luminescent — Exor lead investor confirmation — Both companies are referenced with Exor Ventures as lead or key investor. Company existence is confirmed in CTech 2025¹⁸ and Global Venturing²⁹, but Exor’s specific lead role in each round cannot be confirmed from Ferrari or Exor corporate filings. Status: [UNVERIFIED-PRIOR] as to Exor’s specific role; company existence confirmed.

6. Auto Italia IL Ltd. current ownership — The Globes/Kardan transaction⁷ dates to approximately 2014. Current beneficial ownership as of 2025–2026 is not confirmed by a more recent public filing. The BDiCODE record¹¹ references Samelet as a historical stakeholder. Status: ownership structure confirmed as of 2014; current structure unverified.

7. Ferrari Israel revenue disaggregation — No public source discloses Ferrari-specific revenue attributable to Israel. Geographic segment disclosures in the 20-F are aggregated at the regional level. Gap is structural and unlikely to be resolvable through public sources.

8. Exor N.V. Israeli sovereign bond or fund holdings — Exor’s annual reports⁵ disclose portfolio company investments but do not provide full securities-level investment schedules that would reveal Israeli bond or fund exposure. Gap cannot be resolved from public annual report summaries alone.

End Notes