Iconic Italian luxury Supercar maker, Ferrari (NYSE:RACE) has become the latest manufacturer to join the European carmakers’ association (ACEA), the auto lobby said Tuesday.
ACEA represents manufacturers of passenger cars, vans, trucks and buses with production sites in the EU and provides benchmark data on vehicle registrations.
Ferrari’s membership took effect on 1 January, following approval at the end of last year by the association’s board of directors, which is made up of the CEO of its member companies, ACEA said.
Ferrari did not comment.
Mike Manley, the CEO of Ferrari’s former parent company Fiat Chrysler (NYSE:FCAU), took over as ACEA’s new President this month.
Ferrari was spun-off from Fiat Chrysler in Y 2016 and became ACEA’s sixteenth member, adding to manufacturers such as luxury carmakers BMW and Jaguar Land Rover, but also mass market producers such as PSA-Peugeot or Ford , as well as truck and commercial vehicle makers such as DAF Trucks.
Ferrari is controlled by Exor , the holding company of Italy’s Agnelli family, which also controls FCA and industrial vehicle maker CNH Industrial , another ACEA member.
Last month FCA and PSA agreed a binding $50-B tie-up to create the world’s 4th-largest carmaker.
Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos.
HeffX-LTN overall technical outlook for RACE is Bullish, overhead resistance is 167.34, and Key support at 164.10, 3 of our Key indicators are Neutral to Bullish, and the stock has established strong long term support ahead of this coming breakout North.
Ferrari finished at 165.22, -0.63 Tuesday in NY.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I see it at 200+/share in that frame.