Ferrari SpA has no intentions of moving outside of Italy, according to parent company Fiat Chrysler Automobiles NV.

In an attempt to quash media reports this week that the famed Italian automaker was considering moving its fiscal headquarters outside Italy to save on taxes, Fiat Chrysler released a statement Thursday calling the reports “rumors” that “have no grounds.”

“There is no intention to move the tax residence of Ferrari S.p.A. outside Italy, nor there is any project to delocalize its Italian operations, which will continue to be subject to Italian tax jurisdiction,” the company said in a statement.

The reported Ferrari move sounded similar to what happened following Fiat SpA merging into Fiat Chrysler. The automaker is registered in the Netherlands and based in London for tax reasons and traded primarily on the New York Stock Exchange.

The Ferrari headquarter reports came just over a month after Fiat Chrysler announced intentions to spin Ferrari off into its own publicly traded company.

On Oct. 29, as part of a plan to raise billions in capital, Fiat Chrysler announced plans to sell 10 percent of Ferrari in an IPO and distribute the rest of its 80 percent ownership to Fiat Chrysler shareholders for free. The remaining 10 percent of Ferrari is owned by Piero Lardi Ferrari, a son of company founder Enzo Ferrari. 222-2504

Read or Share this story: