Ferrari took first steps in reopening their facilities

Ferrari took first steps in reopening their facilities

Ferrari will test its employees for Coronavirus, as the company wants to restart its activity.

As the pandemic slows, automotive factories all over the world are looking for ways to resume their activity in a safe environment. Last week, Ferrari, alongside Renault, Volkswagen, and other renowned names in the automotive industry, said it would consider reopening its facilities. While the others already began or had set a date for it, the Italian carmaker only mentioned it would test its employees soon.

Just a week later, after this announcement, employees signed up for testing as they are eager to start working again. The project is called "Back on Track" and consists of two phases: during phase one, the staff, their families, and suppliers take blood tests to see if they are infected or not. Step two will be a mobile phone app that will tell them if they made contact or have been in the proximity of someone infected. The goal is to create a safe environment, and if someone is positive of infection, the app will alert the person's contacts to stay away until the sick person is healthy again.

If someone is positive, the company will provide insurance coverage to those who need hospitalization, and medical assistance; and accommodation for those who self-isolate.

In the Italian plants, more than 4,000 are employed, out of which 500 took the test. The company's testing potential is around 800 people per day. The aim is to test at least 90% of the staff.

Although the pandemic hit the market, Ferrari stock goes against the general wave. Since March 23, it rose more than 21%. Just last week alone, it gained 13%.

Ferrari will share the results with other companies that are eager to start manufacturing again.

Until the government eases the restrictions, and people are safe and infection-free, the plant will stay closed.

But even though things are into place for Ferrari, the same thing is not applicable for Aston Martin. The James Bond carmaker applied for two rescue deals: one in January worth £55.5 million, and another of £20 million requested in March, as the pandemic made the share price drop.

Another company hit by the pandemic is Rolls Royce. It decided to cut at least 10% of its employees' salaries, while seniors and executives will receive 20% less in 2020. Since the pandemic started mid-March, the share price fell, but at the beginning of the month managed to gain 17% in just one day. As of today, things don't look too rosy, with the price dropping by more than 5% to $310.


Stay updated with the recent changes in the market by checking our website. See the difference when investing with Capex. Register now!


Sources: cnbc.com, independent.co.uk, forbes.com

The information presented herein is prepared by CAPEX.com and does not intend to constitute Investment Advice. The information herein is provided as a general marketing communication for information purposes only and as such it has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation. Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.

The information presented herein is prepared by CAPEX.com and does not intend to constitute Investment Advice. The information herein is provided as a general marketing communication for information purposes only and as such it has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.

Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.