HomeNewsFerrari Donating $1M To Ukraine Relief Efforts After Suspending Business in Russia

Ferrari Donating $1M To Ukraine Relief Efforts After Suspending Business in Russia

by Megan Molseed
(Photo by Vito Corleone/SOPA Images/LightRocket via Getty Images)

Ferrari announced on Tuesday that the company would be donating funds to Ukrainian relief efforts. This news comes shortly after the Italian carmaker announced the company would be suspending business in Russia amid the Ukrainian invasion.

The Story At A Glance

  • Ferrari speaks out against the Russian invasion of Ukraine, suspending business with Russia and donating $1 million to relief efforts.
  • The italian car company has collaborated with a variety of foundations to support Ukrainian humanitarian projects.
  • Ferrari notes that the company cannot remain indifferent to the “suffering of everyone affected” by the invasion.

Italian luxury car manufacturing giant Ferrari announced on Tuesday that the company will donate €1 million to Ukraine as Russia continues to invade the country. This equals just over $1 million.

“The funds will be channeled through the Emilia-Romagna Region that, in collaboration with the Red Cross and UNHCR, will fund international humanitarian projects supporting Ukraine,” notes the luxury carmaker in a recent statement. “As well as local initiatives focusing on the reception of refugees in the Italian region.”

Ferrari’s Efforts Make A Statement Against the Russian Invasion of Ukraine

Ferrari executives note that the company will continue to monitor the situation closely. Keeping up with all rules, regulations, and sanctions that continue to arise during the Russian war against Ukraine.

“Given the ongoing situation Ferrari has taken the decision to suspend the production of vehicles for the Russian market until further notice,” the company notes of their decisions.

“We continue to monitor the situation closely,” the statement continues. “And will always respect all rules, regulations and sanctions.”

Officials speaking for Ferrari note that aid from the company will be going to multiple areas. All of which are facing crisis’ during the invasion. The company also notes that they hope that a peaceful solution comes forth soon, ending the suffering of all the people affected by the war.

“Additionally, aid will go to the Association Chernobyl of Maranello, Fiorano, Formigine — ONLUS to provide for the needs of the Ukrainians who will be hosted in the area near the Company,” the statement reads.

“While we hope for a rapid return to dialogue and a peaceful solution,” the company continues.

“We cannot remain indifferent to the suffering of everyone affected. Our thoughts and support go out to them,” Ferrari notes. “We are playing our small part alongside the institutions that are bringing immediate relief to this situation.”

In 2021 alone, Ferrari has sold 11,115 cars, each built at the car company’s factory which is based in Maranello, Italy. Of these sales, 1,288 went to the European, Middle Eastern, African regions. This, of course, includes Russia. The exact number of Ferrari’s sold to Russia, however, remains unknown. The price of luxury sports cars ranges anywhere from $220,000 to millions of dollars.