If the Italian region of Tuscany has Chianti, Emilia-Romagna has “Motor Valley,” an area that boasts one of the highest concentrations of luxury sports cars and motorbikes in the world.
The so-called “Land of Motors,” covering about 1,000km2 of prime agricultural land between Bologna and Modena, is home to Automobili Lamborghini SpA, Ferrari SpA, Maserati SpA and Ducati Motor Holding SpA, in addition to less well-known brands.
Every year — with a hiatus during the COVID-19 pandemic — industry types and fans flock to Modena for a weekend to talk business, and admire the spectacular vehicles and bikes displayed around town.
Photo: AFP
Among those on show this year was a Pagani Huayra, a futuristic hypercar produced just a few kilometers away in Pagani Automobili SpA’s base at San Cesario sul Panaro, where vehicles are made to measure — and start at a cool 2.6 million euros (US$2.78 million).
Christopher Pagani, the son of the founder and head of communications, told Agence France-Presse that it takes eight to nine months to manufacture a vehicle, with customers normally waiting two years between order and delivery.
“In 2022 we are producing some 40 to 45 cars. They are all special because every customer has the opportunity to get in touch with us, visit us and go on this journey,” he said.
In the factory — dubbed the “workshop” — a few dozen mostly young people work in the hushed and ordered environment of a science lab.
For the brand, weight is everything, and it uses 40 different types of carbon fiber, as well as titanium and aluminum to make the vehicles as light as possible.
However, Pagani said talks were underway with clients about a potential electric version, even if it would be heavier due to the battery, as part of a trend toward greener vehicles.
Christopher Pagani’s father, Horacio Pagani, founded the company in 1998 after working at Lamborghini, another of Italy’s top luxury brands based in the area.
According to legend, Ferruccio Lamborghini, the wealthy owner of a tractor factory, turned his hand to sports cars in the 1950s after complaining about the Ferraris he owned.
Ferrari founder Enzo Ferrari is said to have told him that if he did not like what he made, he should go and build his own.
Ferrari’s Maranello site is located outside Modena, while the region also boasts Dallara, which provides cars for IndyCar racing in the US, and motorbike firm Energica.
“The success dates a long way back, it is the fruit of several generations,” said Andrea Corsini, who handles transport, infrastructure and tourism for the Emilia Romagna region.
The name “Motor Valley” alludes to California’s Silicon Valley, where a grouping of tech companies drew talent and cash.
Here, manufacturers found a ready skills base among farmers who, in the immediate aftermath of World War II, had to learn to repair their own machinery.
Today, the area comprises 16,000 companies, four racing tracks and six training centers, and employs more than 90,000 people, data compiled by think tank Riparte l’Italia showed.
“In terms of job opportunities and contacts with companies, this is the best place to be,” said 24-year-old Emilio, who is studying vehicle engineering in the south of Italy and who came to Modena for the weekend.
The sector records a turnover of 16 billion euros a year, of which 7 billion is in exports, and is in good health, with Bugatti Automobiles SAS, Ferrari, Lamborghini, Bentley Motors Ltd and Porsche AG all posting record results last year.
TECH PARTNERSHIP: The deal with Arizona-based Amkor would provide TSMC with advanced packing and test capacities, a requirement to serve US customers Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is collaborating with Amkor Technology Inc to provide local advanced packaging and test capacities in Arizona to address customer requirements for geographical flexibility in chip manufacturing. As part of the agreement, TSMC, the world’s biggest contract chipmaker, would contract turnkey advanced packaging and test services from Amkor at their planned facility in Peoria, Arizona, a joint statement released yesterday said. TSMC would leverage these services to support its customers, particularly those using TSMC’s advanced wafer fabrication facilities in Phoenix, Arizona, it said. The companies would jointly define the specific packaging technologies, such as TSMC’s Integrated
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
Protectionism: US trade chief Katherine Tai said the hikes would help to counter unfair trade practices from China, while boosting domestic clean energy investments US Trade Representative Katherine Tai (戴琪) defended stiff tariff hikes against countries such as China, saying that paired with investment, they were a “legitimate and constructive” tool for reinvigorating domestic industries. Tai’s comments come a week after sharp tariff increases on Chinese electric vehicles (EVs), EV batteries and solar cells took effect — with levies down the line on other products also recently finalized. The latest moves targeting US$18 billion in Chinese goods come weeks before next month’s US presidential election, with Democrats and Republicans pushing a hard line on China as competition between Washington and Beijing intensifies. In an interview on Thursday