EXOR, the holding of Italy’s billionaire Agnelli family, told investors Thursday (Apr 11) that even after years of active diversification, cars remain its first love.

Super-car maker Ferrari and Jeep-maker Stellantis were again the largest contributors to Exor’s gross asset value last year – at nearly 60 per cent – Exor chief executive officer John Elkann said in his annual letter to shareholders.

Ferrari and Stellantis rose in value by 52 per cent and 59 per cent respectively last year, with a combined increase of 8.2 billion euros (S$11.9 billion), Elkann said.

Under Elkann, Exor has been diversifying beyond its roots in the auto industry to investments in healthcare, technology, financial services and luxury.

The holding controls Juventus Football Club and The Economist Group, and has significant stakes in Koninklijke Philips. In March Exor made headlines as it teamed up to buy a stake in women’s fashion brand Subdued, a trendy favourite among Italian teens.

The communication from Elkann, a direct descendant of Fiat’s founder, comes at a tense time for Italy’s car industry. Stellantis chief executive officer Carlos Tavares warned this week that the group may have to make “unpopular decisions” if the government entices a Chinese electric vehicle manufacturer to set up shop in Italy. That could lead the Fiat and Alfa Romeo maker to reduce its number of plants in the country, the CEO said.

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Exor is fully supportive of Philips’ leadership and strategy, Elkann said, and the holding sees the stake as a good fit for its healthcare portfolio. BLOOMBERG