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Ferrari teams with Italian Olympic Committee

Ferrari may be best known for its world-class sports car, but the Italian automaker will be focusing more on sporting equipment in the coming months. Ferrari has announced that it will be teaming up with the Italian Olympic Committee to develop equipment for the Italian teams for the upcoming summer Olympics.

Ferrari will help develop canoes and sailboats for the Summer Games, and then will turn its attention to bobsleds, luges and skeletons for the Winter Games.

According to Edmunds, the teams will also have access to Ferrari's wind tunnel for testing.

"If there is even a millimeter of Ferrari help in Italian wins, we will be proud," Luca Cordera di Montezemolo, president of Ferrari, said of the announcement.