When Ferrari's contract with rival watchmaker Girard-Perregaux expired in 2005, Ferrari and Panerai entered into a five year agreement to design, manufacture and distribute Panerai watches displaying the Ferrari trademark. The collection was branded Ferrari engineered by Panerai and consisted of two product lines: the sport/elegant "Granturismo" and the aggressively sporty "Scuderia". The collection consisted of 11 models priced between USD$5,000 and USD$30,000.
Despite unique cases that were not shared with other Panerai watches and unique watch faces displaying the Ferrari brand, the Ferrari engineered by Panerai watches did not sell well, except for a brief time after their initial release, and were usually available for discounted prices. Panerai and Ferrari did not renew the agreement when it expired in 2010.
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