Ferrari extends Italian plant shutdown to April 14

Ferrari 488 Challenge

Luxury automaker Ferrari stated on Friday it would extend the shutdown of its two Italian plants and resume on April 14, provided it had supplies, and update 2020 forecasts in May when it reveals its first-quarter earnings.

Ferrari this month shut down factories in Maranello and Modena, in the northern Italian region of Emilia-Romagna, for two weeks until March 27 in a response to the coronavirus crisis and a shortage of components.

Investment company Exor, which controls Ferrari, on Wednesday stated that current plant closures at Ferrari along with other controlled firms Fiat Chrysler and CNH Industrial though temporary, might continue.

Ferrari – which mentioned the significant uncertainty and “lack of predictability that the COVID-19 has created” – said it would continue to cover all days of absence for those workers who could not work remotely.

The company added it would provide further financial guidance during a conference call on its first-quarter earnings, planned for May 4.

In February, Ferrari stated it planned its adjusted core profit to boost to between 1.38-1.43 billion euros this year, compared to a previous guidance of more than 1.3 billion euros.

Ferrari stated on Friday it was confident that it would keep creating “value for all stakeholders beyond the near-term uncertainties”.

Coronavirus has so far infected more than 650,919 people and killed more than 30,299 people worldwide. In Italy, it has killed 10,023 and infected 92,472 people.

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