In response to the healthcare crisis caused by the global pandemic of the novel coronavirus, Ferrari executives have agreed to donate all or part of their annual salaries to fund a series of initiatives supporting their local communities.

The Ferrari fund was established through donations from Ferrari's Chairman, CEO, and board members, who pledged their full salaries from April through the end of the year. The senior management team also contributed 25% of their salaries during the same period. The circle of goodwill has since expanded, with Ferrari owners also making donations, bringing the total to nearly 2 million euros.

The collected donations will be used for focused support in Maranello, Fiorano, and Formigine, Ferrari's home base in Italy.

Specifically, funds will be allocated to purchase serological molecular testing equipment capable of detecting COVID-19 positivity or negativity in 4-8 hours, and to donate notebooks, tablets, and portable modems to primary and secondary schools to enable children to participate in online classes.

Additionally, the funds will support families struggling during this critical period by providing food vouchers and assistance for purchasing essential goods.

The fund plans to identify further areas for support in the coming weeks, as Ferrari aims to assist Italy and its regions during these challenging and uncertain times.