Ferrari’s (NYSE:RACE) ‘Back on Track’ Program to Reopen Factories on 14 April


Wednesday, Ferrari (NYSE:RACE) said it is piloting a project to conduct voluntary screening of employees and their families for coronavirus once the iconic Supercar makers factories in Italy reopen.

In a statement, Ferrari said its “Back on Track” plan, developed with a pool of virologists and experts, was designed to create a safe working environment for when its operations restarted.

In March the luxury Italian carmaker closed its factories in Maranello and Modena, in the northern Italian region of Emilia-Romagna, in a response to the coronavirus outbreak and a shortage of parts.

It declared that it will reopen on 14 April provided it had supplies.

As part of the Back on Track plan Ferrari said it would offer its workers blood tests, on a voluntary basis, to screen for COVID-19.

The tests will also be offered to cohabiting family members and to the staff of suppliers working at the company, it said.

In a final step, each worker will also be given the opportunity to use an App to receive medical support in monitoring the symptoms of the novel coronavirus.

Ferrari said the App would also be used to track the contacts of those involved in the initiative to enhance health monitoring.

In a letter to Exor shareholders, Exor head John Elkann, who is also Ferrari Chairman, said the App, while respecting privacy rules, would help monitor and contain the emergence of any new infections amongst employees.

Ferrari’s project is backed by Emilia Romagna and the carmaker said it would be sharing results of its project with the region’s authorities.

Ferrari is the Aristocrat of the automotive sector.

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 Neutral, there is Key resistance 167.47, and support is 148.15, 1 of my Key indicators has turned Very Bullish, our overall technical outlook is Neutral with a Bullish bias.

Ferrari finished at 154.01, +7.53 Wednesday 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, stay home, Keep the Faith!

Have a healthy day, stay home, Keep the Faith!

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