Workers at Ferrari (NYSE:RACE) are signing up en masse for voluntary coronavirus screening so they can return to work as soon as possible in an ambitious plan that may serve as a blueprint for manufacturers around the world anxious to restart production.
Under its “Back on Track” project, Ferrari staff, families and suppliers first take blood tests to see if they’re clear and will then be given an app which will alert them if they have been in close contact with any members who contract COVID-19.
As manufacturers in Europe and North America look to find ways to restart their businesses while keeping the virus out of production sites, Ferrari’s plan to test workers and track possible cases of COVID-19 is being closely watched.
The aim is to ensure only healthy staff resume work but if someone does get the disease, their close contacts will be alerted by the smartphone app to stay away from the plant until they’ve been given the all clear.
“We all understand we are not indestructible,” said Alberto Zanetti, head of the UILM union in northern Italy’s Modena province, which is home to Ferrari’s Maranello plant. “Workers want to get tested.”
Ferrari said 500 out of the 4,000 workers at its Italian plants in Maranello and Modena had already taken tests and the company had the potential to do about 800 a day.
“This screening will allow us to take an initial picture of the health status of the tested company’s population,” said Ferrari’s head of human resources Michele Antoniazzi, adding that almost everyone offered a test had agreed to have one.
The blood tests show whether an employee is healthy, or might be infected. In the second case, they then need a swab test to confirm whether they actually have COVID-19.
Under the plan, Ferrari will also give specific insurance coverage to those hospitalized after testing positive and will arrange temporary accommodation and medical assistance for anyone who has to self-isolate.
For now, Ferrari’s plants remain shut along with other businesses in Italy deemed non-essential. But the Supercar maker says its plan developed with virologists will help provide a safe working environment as soon as restrictions are eased.
Union boss Zanetti said the aim was to protect individual production units from the spread of the virus and that he expected more than 90% of employees to take tests. “Other companies are calling us to see how it works,” he said.
Ferrari’s app adheres to an European initiative called Pan-European Privacy Preserving Proximity Tracing (PEPP-PT), which is designed to track transmission chains of COVID-19 without infringing individual privacy.
The Ferrari app was developed by tech startup Bending Spoons in Milan, the same firm picked by the Italian government to create a national tracking platform as part of efforts to lift the nationwide lockdown.
“People will be guaranteed anonymity and privacy.”
HeffX-LTN overall technical outlook for RACE is Bullish to Very Bullish, there is Key resistance 164.23, and support is at 152.74.
Our overall technical outlook is Bullish to Very Bullish in here, 2 of my Key indicators are still Very Bullish.
Ferrari finished at 153.15, -3.86 Tuesday in NY, the Maranello Outfit’s shares were raised to Buy from Hold at HSBC.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I have called it at it at 200+/share long term, adjusting it to 200/share short term (after the virus) and siding with BAML to 230 long term for now.
Have a healthy day, Keep the Faith!