Ferrari has announced that it now plans to resume production as of 14 April 2020 subject to supply chain continuity. Production at several automobile facilities has been shut for days now due to the COVID-19 coronavirus pandemic that has affected industries around the world. Ferrari have stated that 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.
The statement continues: 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.’
In related news, Volkswagen Passenger Cars brand, Volkswagen Commercial Vehicles, and Volkswagen Group Components are extending the suspension of production at their German plants for four working days especially as a result of the continued fall in demand for vehicles and the challenges faced by the supply chain.
An application for an extension of short-time working for a total of 80,000 employees of Volkswagen AG has been submitted. It is planned to end short-time working with the night shift of April 9 to 10. The plants affected are Dresden, Emden, Osnabrück, Wolfsburg and Zwickau as well as the Volkswagen Commercial Vehicles plant in Hanover, the plants of Volkswagen Group Components at Brunswick, Kassel, Salzgitter, Chemnitz and Hanover and the German plants of SITECH. At the same time, the company is preparing intensively for the resumption of production.
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