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Ferrari slowed by COVID-19 but not driven off course
Luxury sports car maker Ferrari (RACE.MI) still expects to make more than $1 billion in core profit this year, providing a relative beacon of stability in an auto industry ravaged by the coronavirus crisis. The company, known for its iconic Formula 1 programme and its prancing horse logo, cut its 2020 core earnings forecast on Monday, blaming a hit to motorsport revenues among other pressures, and warning of an extremely tough second quarter. But the Italian firm said it still expected to generate free cash flow this year, and its guidance contrasted with others in the industry – including U.S. electric carmaker Tesla (TSLA.O), Germany’s Daimler (DAIGn.DE) and Porsche-owner...
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