Ferrari back to Full Production by End of the Week
Some good news emerged from Italy today, Ferrari have opened their production plant with plans to be in full production by the end of this week, but all staff who can work from home will remain working from home. The iconic car producer has gone to great lengths and considerable expense to ensure staff safety called ‘Project Back on Track’, including providing staff health checks, accommodation for self isolating staff, saying they consider it an investment in the company and their staff.
The luxury car maker has reduced its 2020 core profit forecasts due to the coronavirus disruption saying the second quarter will be the hardest hit. Ferrari also forecast that revenues from its Formula 1 operation will be hardest hit.
Ferrari’s shares were down slightly today after the forecast release but the markets have been encouraged by Ferrari still aiming to generate free cash flow this year. Ferrari also said their forecast may need to be adjusted if a second wave of the virus causes measures to be re-introduced in Italy.