Business Maverick: Ferrari sales hold up, but outlook lowered

The Ferrari order book remains “strong,” despite the outbreak and a seven-week shutdown of its Italian plants that could mean lost production of 2,000 vehicles, Ferrari NV Chief Financial Officer Antonio Picca Piccon said on a conference call Monday. Deliveries in the first quarter rose about 5%.

Employees may be asked to work on Saturdays and to shorten their summer holidays to enable Ferrari to make up about half of the lost volume, Piccon added. The manufacturer restarted its Maranello and Modena sites on Monday, and plans to reach full production on May 8.The Italian government, led by Premier Giuseppe Conte, is taking the first steps toward a gradual reopening of the economy after imposing almost two months of confinement to fight the pandemic.

Ferrari has seen several order cancellations, primarily in the U.S. and Australia, “but nothing that we would deem to be alarming,” Chief Executive Officer Louis Camilleri told analysts on Monday.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: ASSESSMENT: Labour minister lays down the ‘direction’ for getting back to workMinister of Employment and Labour Thulas Nxesi had a briefing on Sunday, 3 May to brief South Africa on lockdown level 4 ‘back-to-work readiness’ as over a million people are expected to return to work this week. For employers, there were enough threats and finger-wagging to set a fire pool alight. From Government’s perspective, employees being able to work, and therefore being paid by employers during this time, would reduce the financial burden on the UIF / TERS. A supportive address by the Minister towards employers was called for, as this requires a collective effort.
Source: dailymaverick - 🏆 3. / 84 Read more »