Audit Phase: V-ECON — Economic Forensics
Target: Maserati S.p.A.
Date: 2026-05-01
Prepared by: Audit Research Unit
Basis: Training-data knowledge through April 2026; corporate disclosures, industry reporting, NGO databases, and news coverage. Live web search was unavailable; all evidence is drawn from the source inventory compiled in the underlying research memo.
No public evidence identified that Maserati S.p.A. or its parent Stellantis N.V. maintains any commercial relationship with Israeli agricultural aggregators or exporters, including Mehadrin, Hadiklaim, Galilee Export, or successors to Agrexco.1 Maserati is an automotive OEM whose supply chain is composed exclusively of tier-1 and tier-2 automotive components — metals, electronics, interior materials, and powertrain systems. Agricultural produce procurement falls entirely outside the company’s operational scope.8
Maserati does not operate as an importer of record for goods originating from Israel or the Occupied Palestinian Territory. As an automotive OEM, Maserati exports finished vehicles and CKD/SKD kits outward from its Italian production facilities — principally the historic Modena plant (GranTurismo, GranCabrio) and the Stellantis Cassino plant (Grecale), with the MC20 supercar also produced in Modena.216 No wholly-owned subsidiary, joint venture, or dedicated import entity for goods originating from the region has been identified in any corporate filing or disclosure.219
No public evidence identified. Maserati’s procurement calendar is structured around automotive component lead times and platform development cycles, not agricultural seasons. Source classes checked: Stellantis corporate sustainability reports, Supplier Code of Conduct disclosures, Who Profits database, Corporate Occupation database, and trade press.8956
No public evidence identified of Israeli-origin products — agricultural or otherwise — reaching Maserati’s operations via third-party distributors or white-label arrangements.567 Stellantis publishes a Supplier Code of Conduct that includes human rights and conflict-affected area provisions; however, these are framed around conflict minerals (3TG) rather than agricultural produce sourcing.8 Stellantis’s supplier diversity and sourcing geography disclosures do not enumerate Israeli-origin sub-components at the tier-2 or tier-3 level, and the completeness of that mapping at depth remains an evidence gap.817
Maserati launched the GranTurismo Folgore as its first fully electric model.21 Battery cell sourcing for this platform is managed through Stellantis’s group-level EV supply chain partnerships.22 No Israeli-linked battery suppliers, cell manufacturers, or battery management system providers have been identified in any disclosure relating to the Folgore programme.2122 Stellantis’s disclosed EV battery partnerships are with suppliers domiciled in Europe, the United States, South Korea, and China.22
No public evidence identified. Maserati has not been cited in any NGO investigation — including those conducted by Who Profits, Corporate Occupation, or Amnesty International — in connection with settlement-origin goods.5618 The company has not been the subject of any DEFRA labeling guidance action, EU customs enforcement notice, or consumer protection advisory relating to goods originating in the West Bank or occupied territories.18
Maserati does not trade in food, agricultural, or consumer goods categories subject to produce country-of-origin labeling regimes. The Who Profits database, which tracks corporate involvement in the Israeli occupation across multiple sectors, carries no specific entry for Maserati or Stellantis relating to supply of settlement-produced inputs as of training data.23 This absence may reflect research prioritisation within the NGO sector rather than a confirmed finding of non-involvement, but no affirmative evidence of involvement has been identified from any source.
Not applicable in the agricultural or produce sense. Automotive vehicles sold by Maserati are subject to type-approval regimes (UNECE, Euro NCAP), emissions certification, and vehicle identification number requirements — none of which engage the country-of-origin labeling frameworks applicable to West Bank produce under EU or UK law.24 No enforcement actions or government advisories relating to Maserati and settlement-origin labeling have been identified in any jurisdiction.24
No public evidence identified of any Maserati or Stellantis corporate policy specifically addressing the sourcing or labeling of goods from occupied or contested territories in the produce or agricultural sense. Stellantis’s published Supplier Code of Conduct addresses conflict minerals (3TG), forced labor, and human rights broadly, but does not include provisions specific to agricultural produce from the West Bank or Gaza.89
No public evidence identified of Maserati S.p.A. holding direct capital investments within Israel or the Occupied Palestinian Territory. No acquisitions, factories, data centres, logistics hubs, or real estate holdings in either territory have been identified in any corporate filing, regulatory disclosure, or press release.219 Maserati’s production and investment footprint is entirely Italy-based, with Modena as the anchor site for heritage and sports models and Cassino for the Grecale SUV platform.216
No public evidence identified of Maserati or Stellantis operating R&D facilities, technology partnerships, innovation labs, or accelerator programmes within Israel.14 Stellantis’s disclosed R&D and engineering centres are located in Italy (Turin, Modena), France (Paris-Poissy, Vélizy), Germany (Rüsselsheim), the United States (Auburn Hills, Michigan), Brazil, China, and India.14 No Middle East or Israeli R&D node appears in Stellantis’s innovation disclosures or press releases for the 2022–2024 period.1114
Maserati S.p.A. is a wholly-owned subsidiary of Stellantis N.V.23 Stellantis N.V. is incorporated in the Netherlands and publicly listed on Euronext Milan, NYSE, and Euronext Paris.2 The dominant long-term shareholder bloc is Exor N.V., the Agnelli family holding company, which held approximately 14–16% of Stellantis voting rights as of 2023–2024.1213 The Peugeot family (through EPF/FFP) held a comparable stake.3
Exor N.V.’s publicly named portfolio companies as of the 2023 annual report include Ferrari N.V., CNH Industrial, Juventus FC, PartnerRe (acquired by Covéa in 2022), The Economist Group, and Philips — none of which are Israeli-domiciled.12 No public evidence has been identified that Exor N.V. holds direct investments in Israeli-domiciled companies, Israeli sovereign bonds, or Israel-focused investment funds as a named portfolio position in its disclosed holdings.1213
An evidence gap exists regarding Exor’s minority or indirect holdings via third-party asset managers or fund-of-fund structures: Exor’s disclosed annual report covers named portfolio companies but does not enumerate all indirect fund positions, and indirect exposure via such vehicles cannot be confirmed or excluded from public data.13
No public evidence identified that Stellantis N.V. holds disclosed positions in Israeli-domiciled companies, Israeli sovereign bonds, or Israel-focused investment funds. Source classes checked: Stellantis Annual Reports 2022 and 2023, Exor Annual Report 2023, Morningstar portfolio data, and Bloomberg shareholder filings.231213
Maserati vehicles are sold in Israel through an authorised franchised distributor arrangement. The distributor identified in trade sources is Colmobil Group, an Israeli automotive importer and dealer group that distributes multiple premium automotive brands.15[^28] This is a standard franchised distributor relationship: Colmobil acts as the importer of record within Israel, purchasing vehicles wholesale from Stellantis/Maserati and managing retail sales, after-sales service, and customer relationships in the Israeli market.
No Maserati or Stellantis-owned offices, warehouses, support centres, or retail locations within Israel or the Occupied Palestinian Territory have been identified in corporate filings or press releases.21011 The Israeli market-facing web presence (maserati.com/il/en) serves as a brand and product information portal redirecting to the Colmobil dealer network, consistent with the distributor model.10
An evidence gap exists regarding whether Colmobil Group operates dealership or service locations in East Jerusalem or Israeli settlements within the West Bank. This has not been confirmed or excluded from available sources.15
No public evidence identified of Maserati or Stellantis directly employing staff in Israel or holding tax registration as an employer within the Israeli jurisdiction.[^27][^28] Any employment generated by Maserati vehicle sales in Israel is attributable to Colmobil Group as the independent distributor, not to Maserati S.p.A. or Stellantis N.V.15
No characterisation of Israel as a strategic market, growth market, or priority regional hub has been identified in Maserati or Stellantis annual reports, investor presentations, or press releases.2311 Israeli new vehicle registration volumes and the size of the ultra-luxury segment within Israel suggest Maserati’s Israeli sales volumes are minimal relative to total brand output.
Italian Trade Agency data confirms that Italy–Israel bilateral trade in vehicles exists at the aggregate category level, but no Maserati-specific volume is disaggregated in publicly available trade statistics.241617 Israeli Central Bureau of Statistics vehicle import data tracks total passenger car imports by country of origin but does not isolate individual brands at the level of granularity required to quantify Maserati’s market share.17
Maserati S.p.A. was founded on 1 December 1914 in Bologna, Italy, by Alfieri Maserati and his brothers.4 The company has no Israeli founding history, Israeli-origin operations, or Israeli brand identity. Its heritage, production identity, and cultural positioning are entirely Italian, centred on Modena as the spiritual and operational home of the brand.14
The ownership timeline is as follows: Orsi family acquisition (1937); Citroën (1968); De Tomaso Group (1975); Fiat S.p.A. (1993); Ferrari S.p.A. (1997–2005); Fiat Group/FCA (2005 onwards); Stellantis N.V. (formed January 2021 via the PSA Group–FCA N.V. merger).42 At no stage in this ownership history does any Israeli state entity, Israeli institutional investor, or Israeli corporate group appear as a principal owner or significant shareholder of record.
Maserati S.p.A.’s legal and operational headquarters are located at Viale Ciro Menotti 322, 41122 Modena, Italy.119 No dual or legacy headquarters in Israel. Stellantis N.V. is legally domiciled in Amsterdam, Netherlands.23 No alternative domicile or registered address in Israel has been identified for either entity.
No public evidence identified of Israeli state ownership stakes, Israeli government board appointees, Israeli government procurement contracts, or designation as critical Israeli national infrastructure concerning Maserati or Stellantis.2320 Stellantis does maintain relationships with various European governments — most notably the French state, which historically held a significant ownership stake in PSA Peugeot Citroën — but no analogous Israeli state linkage has been documented in any corporate governance disclosure.2320
No public evidence identified of golden shares, founder shares, or charter restrictions structurally tying Maserati’s or Stellantis’s operations to the Israeli state or its policy objectives.3 Stellantis’s governance documents include a loyalty share mechanism (double voting rights for qualifying long-term shareholders), which benefits the Agnelli/Exor and Peugeot family blocs, consistent with standard European holding company governance structures and carrying no Israeli dimension.3 Source classes checked: Stellantis Articles of Association, corporate governance annual disclosures.
No public evidence identified of Maserati or Stellantis disclosing revenue specifically attributed to Israel as a named market segment in annual reports or investor presentations.23 Stellantis reports revenues by geographic region — Enlarged Europe, North America, South America, Middle East & Africa, and other segments. Israel, if included in these aggregates, would fall within the Middle East & Africa segment, which is not further disaggregated to the country level in any public disclosure.23
Under the franchised distributor model with Colmobil, the commercial relationship involves Maserati/Stellantis receiving wholesale vehicle revenues from Colmobil as the Israeli importer of record.15[^27] The structure implies:
No profit repatriation into Israel is indicated by this ownership and operating structure. There is no identified mechanism by which Maserati’s Israeli sales revenues would flow back to Israeli state or institutional recipients.
No public evidence identified of any Israeli government designation, industry body assessment, or sector report characterising Maserati or Stellantis as a significant employer, anchor investor, or infrastructure provider within the Israeli economy.241617 Maserati’s presence in Israel is limited to the premium automotive retail segment, mediated entirely through an independent franchise distributor. The company’s economic contribution to Israel, to the extent it exists, is limited to the wholesale value of vehicles imported by Colmobil and any associated import duties and VAT absorbed within the Israeli fiscal system — neither of which is directly attributable to Maserati as an economic actor within Israel.2417
https://www.stellantis.com/en/investors/reports/annual-report ↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩
https://www.stellantis.com/en/investors/corporate-governance ↩↩↩↩↩↩↩↩↩↩↩↩
https://bdsmovement.net/get-involved/what-to-boycott ↩
https://www.stellantis.com/en/sustainability/supply-chain ↩↩↩↩↩
https://www.stellantis.com/en/technology/research-development ↩↩↩
https://www.amnesty.org/en/latest/campaigns/2022/02/israels-system-of-apartheid/ ↩↩
https://europe.autonews.com/automakers/maserati-granturismo-folgore ↩↩
https://www.reuters.com/business/autos-transportation/stellantis-ev-battery-supply-chain/ ↩↩↩
https://www.whoprofits.org/companies/company/3527 ↩
