Schumacher, 44, was skiing in the French Alps with his son on Sunday when he fell and hit his head on a rock. The German former Ferrari racer underwent emergency surgery and remained in a coma on Monday.
Reacting to the news, the Italian sports car manufacturer said “everyone at Ferrari has been in a state of anxiety since hearing about Michael Schumacher’s accident” including President Luca di Montezemolo.
Di Montezemolo is “in constant contact with the family” through Stefano Domenicali, Ferrari’s Formula One team principal, the statement read.
“Montezemolo has offered his encouragement and support at this very difficult time, with the hope that better news will come soon,” Ferrari added.
Schumacher is being treated in a hospital in the south-eastern French city of Grenoble, following the accident in the upmarket Meribel resort.
He was airlifted to hospital within ten minutes of mountain police officers arriving at the scene of the accident.
Suffering severe brain trauma, Schumacher would not have survived had it not been for his helmet, according to doctors.
Schumacher, who won the last of his world titles in 2004, definitively retired in 2012 in the Brazilian Grand Prix, in which he finished seventh, after an abandoned attempt to quit six years earlier.
Since his debut in 1991, the German towered over the sport, winning more Formula One world titles and races than any other. He had a record 91 wins and is one of only two men to reach 300 Grand Prix.