Ferrari has suspended production at its Maranello and Modena facilities with immediate effect and until March 27 due to coronavirus fears.
Italy has been hit particularly hard by Covid-19 and is in total lockdown with more than 17,000 cases of the virus confirmed there. In a statement, Ferrari confirmed that the virus has started to take a toll on its supply chain meaning it can no longer continue production. Ferrari employees with the ability to work remotely will do so.
Scuderia Ferrari, the brand’s Formula 1 team, has also suspended its operational activities.
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“At a time like this 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,” Ferrari chief executive Louis Camilleri said in a statement.
“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. Our clients and fans are also top of mind for us at this time, as we prepare for a strong restart,” the executive added.
Ferrari’s decision to close its Italian factories came just a day after Lamborghini announced it would do the same, suspending work at its Sant’Agata headquarters until at least March 25.
Analysts expect the coronavirus to not only impact car production but also car sales. According to Morgan Stanley, U.S. auto sales could fall by 9 per cent this year to 15.5 million units, down significantly from the 17.1 million autos sold across the country in 2019.