FERRARI ENTERS A MULTI-YEAR AGREEMENT WITH ANDRETTI FORMULA RACING  

Ferrari (NYSE/EXM: RACE) has announced a multi-year agreement with Andretti Formula Racing, set to begin in 2026.

Rhea-AI Summary

Ferrari (NYSE/EXM: RACE) has announced a multi-year agreement with Andretti Formula Racing, set to begin in 2026. Under this agreement, Ferrari will supply power units and gearboxes to the Andretti racing team, which is led by TWG Global and General Motors. The agreement is contingent upon Andretti Formula Racing receiving official confirmation and approval from the FIA for their entry into the 2026 FIA Formula One Championship.

Positive

• Strategic expansion into power unit supply business for F1
• New revenue stream through multi-year supply agreement
• Partnership with established automotive player General Motors

Negative

• Agreement contingent on Andretti's F1 entry approval
• Potential resource allocation requirements for additional team support

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Maranello (Italy), December 10, 2024 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces a multi-year agreement starting from 2026 with Andretti Formula Racing LLC, regarding the supply of power unit and gearbox to the racing team led by TWG Global and General Motors, subject to Andretti Formula Racing LLC receiving written confirmation from the FIA – F1 that its entry to the 2026 FIA Formula One Championship has been accepted and approved.

Attachment

• Press Release_10.12_ENG

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will Ferrari (RACE) begin supplying power units to Andretti Formula Racing?

Ferrari will begin supplying power units and gearboxes to Andretti Formula Racing in 2026, subject to FIA approval of Andretti's F1 entry.

What is included in Ferrari's (RACE) agreement with Andretti Formula Racing?

The agreement includes the supply of power units and gearboxes from Ferrari to Andretti Formula Racing.

What condition must be met for Ferrari's (RACE) agreement with Andretti to take effect?

The agreement requires Andretti Formula Racing to receive written confirmation and approval from the FIA for their entry into the 2026 FIA Formula One Championship.

Who are the key partners involved in the Ferrari (RACE) and Andretti Formula Racing agreement?

The key partners are Ferrari, Andretti Formula Racing (led by TWG Global), and General Motors.