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☆ Stellantis, Foxconn form 50-50 JV on semiconductors for auto industry
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, February 23, 2022. REUTERS/Gonzalo Fuentes/File PhotoMILAN, June 20 (Reuters) - Carmaker Stellantis (STLAM.MI) and iPhone assembler Foxconn (2317.TW) have created a 50-50 joint venture to design and sell semiconductors for the automotive industry from 2026. The joint venture, called SiliconAuto, will supply Stellantis, including its new 'STLA Brain' electronic and software architecture, Foxconn and other customers, the two companies said in a statement. The deal, for which no financial details were provided, follows a preliminary agreement that Stellantis and Foxconn signed in December 2021 to partner in semiconductors for the automotive industry. Separately, Stellantis and Foxconn already have the Mobile Drive joint venture to develop in-car and connected-car technologies for the auto industry.

Persons: Gonzalo Fuentes, MILAN, Foxconn, Stellantis, Ned Curic, SiliconAuto, Giulio Piovaccari, Keith Weir Organizations: REUTERS, Fiat, Peugeot, Thomson Locations: Velizy, Villacoublay, Paris, France, Netherlands

☆ Italy rules Pirelli's Chinese top investor cannot choose CEO
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] Pirelli CEO Marco Tronchetti Provera attends a theatrical performance on the occasion of the 150th anniversary celebration of Italian tyremaker in Milan, Italy, January 28, 2022. Rome's move came after Sinochem notified the Italian government in March of plans to renew and update an existing shareholder pact with fellow investor Camfin, the vehicle of Pirelli's CEO Marco Tronchetti Provera. Rome also ruled Sinochem should pick no more than eight members of Pirelli's 15-strong board, leaving four to Camfin. Pirelli shareholders vote to pick a new board on July 31, with current deputy CEO Giorgio Bruno set to replace Tronchetti Provera, who would stay on as executive vice-chairman. Analysts see the move as an initial step to build an alternative and stable group of Italian shareholders for the company.

Persons: Marco Tronchetti Provera, Flavio Lo Scalzo, China's, tyremaker Pirelli, Rome's, Sinochem, Camfin, Giorgia, Tronchetti Provera, Pirelli's, Giorgio Bruno, Giuseppe Fonte, Valentina Za, Giulio Piovaccari, Louise Heavens Organizations: Pirelli, REUTERS, Reuters, Thomson Locations: Milan, Italy, China, Rome, Camfim

Sinochem was not immediately available for comment, while Pirelli declined to comment. Sources had previously told Reuters that the government was concerned about Sinochem's growing influence on Pirelli, as the proposed pact would have allowed the Chinese group to appoint more board members and potentially choose Pirelli's future CEOs. Founded in 1872, Pirelli is one of Italy's most storied companies. CHANGES NEEDEDMeloni's government refrained from imposing even tougher conditions on Sinochem, including blocking its voting rights in Pirelli. The Chinese group earlier this year confirmed its plans to remain a long-term investor in Pirelli.

Persons: China's Sinochem, Marco Tronchetti Provera, Giorgia, Sinochem, Rome, Camfin, Giorgio Bruno, Tronchetti Provera, Alvise Armellini, Giuseppe Fonte, Giulio Piovaccari, Sandra Maler Organizations: Beijing, tyremaker Pirelli, Camfin, Pirelli, Reuters, Big, Ferrari, Porsche, BMW, Formula, Initiative, Thomson Locations: Beijing ROME, China, Beijing, Italy, Europe, Rome, Milan

☆ Pirelli CEO 'confident' Rome will act to curb Chinese influence over tyremaker
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

MILAN, June 15 (Reuters) - Pirelli's CEO (PIRC.MI) said in a recent private meeting that he is "very confident" Rome will use its Golden Power to curb Chinese influence over the Italian tyremaker, deemed a strategic asset, a person with knowledge of the matter said. Italy's right-wing government led by Giorgia Meloni is assessing a new governance agreement at Pirelli between its largest shareholder, China's Sinochem (600500.SS), and fellow investor Camfin, the vehicle of Pirelli CEO Marco Tronchetti Provera. The source said that Tronchetti Provera had expressed confidence at a recent meeting that the situation would be resolved positively. Tronchetti Provera had previously warned Rome, in a hearing with government officials, that the tyremaker's independence is at stake because of Sinochem's growing grip, the Wall Street Journal has reported. A spokesperson for the Pirelli CEO said Tronchetti Provera had no information to enable him to make - and he has not made - any predictions as to what decisions the government might take.

Persons: Giorgia Meloni, China's Sinochem, Camfin, Marco Tronchetti Provera, Tronchetti Provera, Sinochem, Giorgio Bruno, Giorgio Bruno ', Andrea Bruno, Giulio Piovaccari, Giuseppe Fonte, Susan Fenton Organizations: MILAN, Pirelli, Reuters, Wall Street, Camfin, Thomson Locations: Rome, Italy

☆ Italy's Meloni to meet Musk in Rome, sources say
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

ROME, June 15 (Reuters) - Italy's Prime Minister Giorgia Meloni is scheduled to meet with Tesla (TSLA.O) CEO Elon Musk in Rome later on Thursday, two government sources said, after holding brief talks with Foreign Minister Antonio Tajani in the morning. One of the sources said Musk's meeting with Meloni will take place as part of a "European tour" by the Tesla chief, who will also meet French President Emmanuel Macron on Friday. Macron said he would promote France to Musk as a possible site for one of the electric vehicle (EV) maker's factories as well as tech regulation. Earlier on Thursday, Musk and Tajani held a discussion on the automotive and aerospace sectors, the minister said in a tweet. Reporting by Angelo Amante, Giuseppe Fonte and Giulio Piovaccari; editing by Federico Maccioni and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Giorgia Meloni, Elon Musk, Antonio Tajani, Meloni, Emmanuel Macron, Macron, Tesla, Tajani, Angelo Amante, Giuseppe Fonte, Giulio Piovaccari, Federico Maccioni, Jonathan Oatis Organizations: Italy's, Tesla, Foreign, Thomson Locations: Rome, France

☆ Stellantis Ventures spends first 100 million euros on green drive
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

The world's third largest carmaker by sales, last year launched Stellantis Ventures with an initial 300 million euros to invest in start-ups developing technologies that will further its 2030 goals, including those concerning the transition to lower-emission mobility. "We are using the strength of Stellantis Ventures to connect with companies that are developing cutting-edge technology that we believe can transform the in-cabin experience and improve the mobility sector," Stellantis technology chief Ned Curic said in a statement. Stellantis Ventures' global head Adam Bazih said the arm had so far used roughly a third of its funding to support 10 start-up companies and one mobility venture fund. They include lithium-sulfur EV batteries start-up Lyten, which Stellantis separately announced last month. Stellantis did not disclose the name of the U.S.-based mobility venture fund it is helping to fund due to a pending regulatory process, Bazih said.

Persons: Ned Curic, Adam Bazih, Stellantis, Bazih, Giulio Piovaccari, Gilles Guillaume, Jane Merriman, Barbara Lewis Organizations: Stellantis, MILAN, Stellantis Ventures, Products, Thomson Locations: U.S, Europe

☆ Italy's Meloni meets Musk in Rome
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

ROME, June 15 (Reuters) - Italy's Prime Minister Giorgia Meloni met with Tesla (TSLA.O) CEO Elon Musk in Rome later on Thursday, a government source said, after holding brief talks with Foreign Minister Antonio Tajani in the morning. Talks between Meloni and Musk focused on the low birth rate in Italy, the issue of deregulation in the European Union and the risks related to the use of artificial intelligence, the source said. Another official said the meeting with Meloni was part of a "European tour" by the Tesla chief, who will also meet French President Emmanuel Macron on Friday. Macron said he would promote France to Musk as a possible site for one of the electric vehicle (EV) maker's factories as well as tech regulation. Earlier on Thursday, Musk and Tajani held a discussion on the automotive and aerospace sectors, the minister said in a tweet.

Persons: Giorgia Meloni, Tesla, Elon Musk, Antonio Tajani, Musk, Meloni, Emmanuel Macron, Macron, Tajani, Angelo Amante, Giuseppe Fonte, Giulio Piovaccari, Federico Maccioni, Jonathan Oatis Organizations: Italy's, Foreign, European Union, Thomson Locations: Rome, Italy, France

The funeral homily by Milan's Archbishop Mario Delpini appeared to acknowledge his excesses as well as his qualities. "What can we say about Silvio Berlusconi? [1/9] People wait for the funeral of former Italian Prime Minister Silvio Berlusconi, in Milan, Italy June 14, 2023. These included Qatar's Emir Sheikh Tamim bin Hamad al-Thani, Iraqi Prime Minister Mohammed Shia al-Sudani and Hungarian Prime Minister Viktor Orban. "Final farewell to Silvio Berlusconi.

Persons: Silvio Berlusconi, Berlusconi, Silvio, Marta Fascina, Marina, Donald Trump, Milan's, Mario Delpini, Lucia Adiele, Sergio Mattarella, Giorgia Meloni, Brothers, Matteo Salvini's, Giuseppe Conte, Rosy Bindi, Tomaso Montanari, Emir Sheikh Tamim bin Hamad, Mohammed Shia, Viktor Orban, Orban, Vladimir Putin, Putin, there's, Cristiano Corvino, Angelo Amante, Alvise Armellini, Gavin Jones, Federico Maccioni, Alexandra Hudson, Nick Macfie Organizations: MILAN, Wednesday, AC Milan soccer, Reuters, Forza Italia, Police, Italian, REUTERS, Matteo Salvini's League, European Commission, Siena's University for Foreigners, Thomson Locations: Milan, Italian, Altamura, Italy, Thani, Iraqi, Hungarian, Ukraine, Kyiv

Italian premiers have been given state funerals in the past, but this is the first time a national day of mourning has been called for one. Italy is ruled by a right-wing coalition of Prime Minister Giorgia Meloni's party Brothers of Italy, Matteo Salvini's League and Berlusconi's former party Forza Italia. Bindi, a woman often targeted by Berlusconi's sexist jibes, said the national day of mourning was "disrespectful towards the majority" of Italians who opposed the late leader. WREATHS AND SOCCER BANNERS[1/9] People wait for the funeral of former Italian Prime Minister Silvio Berlusconi, in Milan, Italy June 14, 2023. Hungarian Prime Minister Viktor Orban was also confirmed, but few other senior European politicians were expected.

Persons: Silvio Berlusconi, Berlusconi, Giuseppe Conte, Rosy Bindi, Giorgia, Matteo Salvini's, Donald Trump, Tomaso Montanari, Nardi, Lucia Adiele, Sergio Mattarella, Elly Schlein, Mario Draghi, Mario Monti, Paolo Gentiloni, Emir Sheikh Tamim bin Hamad, Mohammed Shia, Al Sudani, Viktor Orban, Cristiano Corvino, Angelo Amante, Alvise Armellini, Federico Maccioni, Alexandra Hudson, Gavin Jones Organizations: MILAN, Italian, Reuters, Matteo Salvini's League, Forza Italia, European Commission, Siena's University for Foreigners, REUTERS, Democratic Party, Thomson Locations: Milan's Cathedral, Milan, Italy, Altamura, Thani

☆ Italy's former PM Berlusconi in hospital for leukaemia scheduled checks
▼ + stars: | 2023-06-09 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +3 min

Berlusconi, 86, left San Raffaele Hospital last month after six weeks of treatment for a lung infection linked to a chronic myelomonocytic leukaemia, a type of cancer that affects the white blood cells. "Silvio Berlusconi is currently at the San Raffaele Hospital to undergo scheduled tests in connection with his known hematological pathology," the San Raffaele hospital bulletin signed by doctors Alberto Zangrillo and Fabio Ciceri said. Berlusconi served as prime minister in 1994-1995, 2001-2006 and 2008-2011 and although he does not have a direct role in government, his Forza Italia party is a member of Prime Minister Giorgia Meloni's right-wing coalition. A source from Forza Italia said Berlusconi might spend the night in hospital, after local media reports that he would stay there overnight. "Come on, Silvio," Deputy Prime Minister Matteo Salvini, one of Berlusconi's main political allies, wrote in an Instagram post, commenting on the news of Berlusconi's hospitalisation.

Persons: Silvio Berlusconi, Berlusconi, Alberto Zangrillo, Fabio Ciceri, Giorgia Meloni's, Matteo Salvini, Berlusconi's, Salvini, Angelo Amante, Emilio Parodi, Federico Maccioni, Stefano Bernabei, Toby Chopra, Nick Macfie, William Maclean Organizations: MILAN, Italian, San Raffaele, Forza Italia, Saturday, Salvini's League, Thomson Locations: Milan, Raffaele

☆ Volvo Cars launches EX30 electric SUV with focus on affordability
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

The EX30, launched in Milan, is the smallest SUV to date from the Sweden-based manufacturer and follows the unveiling of the larger electric EX90 in November. Volvo Cars' CEO Jim Rowan has said the group didn't need to follow Tesla on EV price cuts as market demand was healthy. "Customers get a premium fully electric SUV for a similar price to combustion engine-powered equivalents," it said. It said that, based on initial data in two markets, the total cost of ownership for the new model was lower than that of any other of its fully electric cars and of most competitors in the electric, small SUV segment. The EX30's entry price is comparable to that of the EV version of Jeep's (STLAM.MI) Avenger small SUV.

Persons: MILAN, Tesla, Jim Rowan, Giulio Piovaccari, Marie, Mark Potter Organizations: NMC, Volvo, Tesla, EV, BMW, Mercedes, Audi, Marie Mannes, Thomson Locations: Milan, Italy, Sweden, U.S, Europe, Stockholm

☆ Stellantis in talks for parts and material recycling JV with Galloo
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

Companies Stellantis NV FollowMILAN, June 5 (Reuters) - Carmaker Stellantis (STLAM.MI) and Belgian metals recycler Galloo have entered exclusive talks to create a joint venture focused on parts and material recycling from end-of-life vehicles, the two companies said on Monday. The JV will offer its services to Stellantis and other automakers. Stellantis has set a goal to have 40% of green materials in its vehicles by 2030. The world's third largest carmaker by sales has plans to boost recycling revenue ten-fold and parts revenue 4-fold by 2030, compared to 2021, targeting over 2 billion euros ($2.1 billion) in revenue from its circular economy business by that date. Jones said the JV would also rely on Stellantis' main circular economy hub, which the group is setting-up in its Mirafiori complex in Turin, Italy.

Persons: Galloo, Stellantis, Alison Jones, Jones, Giulio Piovaccari, Gilles Guillaume, David Evans Organizations: MILAN, JV, Global, Thomson Locations: France, Belgium, Luxembourg, Europe, Stellantis, Turin, Italy

☆ Ferrari does not need to buy other supercar makers, CEO says
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

Companies Ferrari NV FollowMILAN, June 5 (Reuters) - Ferrari (RACE.MI) has no plans to purchase other sports car makers, the company's Chief Executive Benedetto Vigna said on Monday. "I don't think it makes sense for us to buy other supercar makers," Vigna said during a conference organized by Bloomberg, replying to a question about possible M&A operations by the Italian company. Vigna said Ferrari would finish building a new assembly facility, its so called 'e-building', in its Maranello hometown in June next year. The CEO said that Ferrari would not only be making fully-electric cars on the new assembly-line. Reporting by Giulio Piovaccari, editing by Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Benedetto Vigna, Vigna, Ferrari, Giulio Piovaccari, Gavin Jones Organizations: MILAN, Bloomberg, Thomson Locations: Italian

The case stems from the estate of Gianni Agnelli, the celebrated Fiat boss who was a symbol of Italy's post-war economic boom and died two decades ago. The second pact covered what would happen to the estate of Margherita's mother Marella, who died only in 2019 aged 91. Italian law prohibits such inheritance pacts. Dicembre is at the heart of a web of companies spanning the vast Agnelli family investments. Giovanni Agnelli BV in turn has a 53% controlling stake in listed Exor, which owns stakes in Stellantis, Ferrari and Juventus.

☆ Italy and EU allies "have the numbers" to block Euro 7 emission rules, Salvini says
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

VERONA (Italy), May 16 (Reuters) - Italy's transport minister said on Tuesday that Italy and its allies in the European Union can block the Euro 7 regulation which tightens vehicle emission limits for pollutants including nitrogen oxides and carbon monoxide from 2025. The proposed Euro 7 regulation was "clearly wrong" and not even helpful from an environmental pint of view, said Italy's Transport Minister Matteo Salvini, the leader of the League coalition party in Italy's right-wing government. "Italy, with France, Czech Republic, Romania, Portugal, Slovakia, Bulgaria, Poland and Hungary, has the numbers to block this leap in the dark," Salvini said during an automotive dealer conference in Verona. European carmakers have been fighting back against the proposed emission regulations they argue are too costly, rushed and unnecessary. The European Commission says are needed to cut harmful emissions and prevent a repeat of the Dieselgate scandal.

"Our commitment to Juventus is unchanged and no meetings have taken place," a spokesperson for Exor said when asked to comment by Reuters on Friday. Juventus also faces potential new penalties, including further points deductions, in a separate case over alleged irregularities in payments to players. The Agnelli family has owned the club, which it listed in 2001, almost uninterrupted since 1923. New potential co-investors could include Middle Eastern or Asian sovereign wealth funds, or U.S. funds or family offices, two sources said. Juventus ranked 11th in Deloitte's European Money League published in January, based on its annual revenue of 400 million euros in 2021/22.

☆ Iveco to fully own venture with Nikola on electric, hydrogen trucks
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +3 min

Despite Nikola's problems, battery electric trucks developed by the venture based in Ulm, Germany are already circulating in the U.S., while orders are being collected in Europe. Fuel cell hydrogen trucks are expected to hit the road next year. As part of the agreement, Iveco will focus on Europe for the further development and commercialisation of its own battery electric (BEV) and fuel cell (FCEV) electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly in shares, with the purchase of 20 million Nikola shares. Iveco will retain a "meaningful" amount of Nikola shares, they said.

☆ Iveco takes full ownership of JV with Nikola on electric, hybrid trucks
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

MILAN, May 9 (Reuters) - Italy's Iveco Group (IVG.MI) has agreed to buy the full ownership of its joint venture with U.S. start-up Nikola (NKLA.O) developing battery electric and fuel cell heavy-duty trucks for 44 million euros ($48 million), it said on Tuesday. Battery electric (BEV) trucks developed by the JV are already circulating in the U.S., while orders are being collected in Europe. Fuel cell hydrogen hybrid (FCEV) trucks are expected to hit the road next year. As part of the agreement announced on Tuesday, Iveco will focus on Europe for the further development and commercialisation of its own battery electric and fuel cell electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly in shares, with the purchase of 20 million Nikola shares.

Stellantis shares were down 2.1% by 0720 GMT, the worst performers within Italy's blue-chip index (.FTMIB). Jefferies analysts said in a note that while revenues were improving, the inventory situation was to be monitored. CHIP FULFILMENTIn the first quarter, Stellantis' net revenue rose to 47.2 billion euros ($52 billion), topping analyst expectations of 45.5 billion euros in a Reuters poll, while consolidated shipments were up 7% to around 1.48 million units. "A better fulfilment of semiconductor orders is slowly but surely improving our capacity to produce vehicles," Palmer said. Sales of battery electric vehicles (BEV) rose 22% in the first quarter, Stellantis said, adding it would add nine new BEV models this year.

☆ TIM to seek new round of higher bids for landline grid - sources
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: 1 min

MILAN, April 28 (Reuters) - Telecom Italia (TIM)'s (TLIT.MI) CEO Pietro Labriola is expected to propose to directors to seek further improvements of multi-billion bids for the company's landline grid at a board meeting on May 4, two sources familiar with the matter said on Friday. Rival suitors KKR (KKR.N) and a consortium comprising Italian state lender CDP and Macquarie (MQG.AX) have offered 21 billion euros ($23.2 billion) and 19.3 billion euros respectively, each raising their initial offers by one billion euros. ($1 = 0.9057 euros)Reporting by Milan newsroom; writing by Giulio Piovaccari, editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

☆ Italy sports authority scraps 15-point penalty for Juventus, orders new trial
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

MILAN, April 20 (Reuters) - Italy's top sports body on Thursday cancelled a decision to dock Serie A club Juventus (JUVE.MI) 15 points in a case centered on the club's transfer dealings, ordering soccer authorities to hold another hearing. The ruling of Italy's Sports Guarantee Board came after Juventus, the most successful soccer club in Italy, appealed a sentence Italy's soccer court issued in January as it looked at the way the club and a number of other teams dealt with player exchange deals. The soccer court had also imposed bans from holding office in Italian soccer on 11 past and present Juventus directors, including former Chairman Andrea Agnelli, a prominent member of the family controlling Juventus through their investment company Exor (EXOR.AS). Partially accepting the Juventus appeal, the Sports Guarantee Board did not clear the club of wrongdoing. It instead ruled that a soccer court made up of different judges should now hold new proceedings against Juventus and the directors and come up with more appropriate punishment.

☆ Juventus await decision on appeal against 15-point deduction
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

Italy's Sports Guarantee Board held a hearing earlier on Wednesday and a decision was expected either later on Wednesday or on Thursday. Juventus, the most successful soccer club in Italy, has appealed a sentence that Italy's soccer court issued in January following an investigation into the way the club and a number of other teams dealt with player exchange deals. As part of the January's sentence, which left Juventus outside the qualifying spots for lucrative European competitions, the court also imposed bans from holding office in Italian soccer on 11 past and present club directors. Juventus's lawyer Maurizio Bellacosa said January's sentence was "full of mistakes" and that it had to be cancelled. Reporting by Angelo Amante and Giulio Piovaccari Editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.

☆ Agnellis' Exor eyes further healthcare investment for expansion
▼ + stars: | 2023-04-17 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

After completing the sale of its reinsurer PartnerRE, Exor has around 6.5 billion euros in cash available for investments, including 5 billion euros for acquisitions. It has already said its M&A activity would mainly focus on healthcare, luxury and technology businesses. Through its venture capital arm Exor Ventures, Exor was also developing partnerships with healthcare companies at an early stage of their development, Elkann said. NEW CHAIRMANExor is the single largest investor in carmaker Stellantis and has controlling stakes in companies including Ferrari (RACE.MI), CNH Industrial (CNHI.MI) and soccer club Juventus (JUVE.MI). It said its profit rose to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021 mainly due to the net gain it booked from the 8.6 billion euro sale of PartnerRe.

☆ Exor picks Nohria as new chairman to succeed World Bank nominee Banga
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

Netherlands-based Exor has proposed Nitin Nohria as its new non-executive chairman, it said in a statement as it presented its full-year results. It said its profit rose to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021. The holding company's net asset value (NAV) amounted to 28.233 billion euros at the end of 2022, 9.1% lower then a year earlier. Exor proposed an ordinary dividend of 100 million euros, or 0.44 euros per share. Exor said that in the first months of 2023 it had increased investments in its private funds strategies by 400 million euros and committed for a further 300 million euros.

These kind of megadeals are at the vanguard of billions of dollars of annual spending on classic cars globally in a wave of investment in this alternative asset. "The track record of the past 30 years tells us classic cars have become a financial asset class we want our clients to have in their portfolios." [1/5] A general view of the classic car collection of Florian Zimmermann, owner of over 300 classic cars, in a warehouse in Lindau, Germany, April 5, 2023. "Electrification will favour classic cars," said Cristiano Bolzoni, head of Maserati's vintage car unit Maserati Classiche. "The classic car community has changed tremendously over the past five to 10 years," Zimmermann said.

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