Update Maranello, 10 April 2020 - Ferrari N.V. (“Ferrari” o la “Società”) (NYSE/MTA: RACE ) has extended the suspension of its manufacturing activity until 3 May 2020, in accordance with today’s Government announcement.
All activities that can be managed by smart working will continue regularly as in the past weeks. The Company will continue to paydays of absence for all of those unable to adopt this solution, as it has done since the closure of its premises on 14 March.
This week the Company began with the introduction of “Back on Track”, the project which at the reopening of the Maranello and Modena workplaces will guarantee the adoption of the most advanced practices for the protection of employees’ health.
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Update Maranello, 27 March 2020 – Ferrari N.V. (“Ferrari” or the “Company”) (NYSE/MTA: RACE) announces today that subject to supply chain continuity it now plans to resume production as of 14 April 2020.
All activities that can be conducted in smart working will continue to be performed as has been the case in recent weeks. The Company will continue to cover all days of absence to those unable to take advantage of this solution.
Given the huge uncertainty and lack of predictability that the Covid-19 has created, the Company is taking all appropriate actions to assure the wellbeing and welfare of its employees and that are deemed to be in the best interest of all stakeholders. The Company anticipates that it will be in a position to provide further financial guidance to the investment community during its first-quarter earnings’ call on May 4, 2020. It remains confident that in view of its brand equity, strong balance sheet and sound business model it will continue to create value for all stakeholders beyond the near term uncertainties.
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Maranello, 14 March 2020 – Ferrari has decided to suspend production in Maranello and Modena with immediate effect and until 27 March.
The decision has been taken by the Company for its employees’ well-being and follows a number of rigorous preventive measures already implemented by the Company to guarantee the highest health standards in light of the Italian Government’s decree on COVID-19 issued on March 11, as well as previous decrees. The Company, that had ensured continued production so far whilst placing employees’ wellbeing as its main priority, is now experiencing the first serious supply chain issues, which no longer allow for continued production.
All non-manufacturing related activity will continue on a regular basis, leveraging the opportunities provided by smart working.
Scuderia Ferrari, in line with manufacturing, has also suspended its operational activities.
Ferrari CEO Louis Camilleri
“At a time like this,” commented Ferrari’s CEO, Louis Camilleri, “my gratitude goes first and foremost to Ferrari’s women and men who, with their tremendous commitment over the past few days, have demonstrated the passion and dedication that defines our marque. Together with our suppliers, they have ensured the Company’s production. And it is out of our respect for them, for their peace of mind and those of their families that we have decided on this course of action. Camilleri added “Our clients and fans are also top of mind for us at this time, as we prepare for a strong restart.”