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Ferrari postpones 2022 targets due to COVID-19 despite record orders By Reuters

© Reuters. FILE PHOTO: Ferrari Roma is unveiled during its first world presentation in Rome, Italy, November 14, 2019. REUTERS/Guglielmo Mangiapane

MILAN (Reuters) – Luxury carmaker Ferrari (NYSE:) said on Tuesday it postponed by one year its financial targets initially set for 2022 due to the COVID-19 pandemic, despite a record order book at the end off last quarter.

“We expect the prudent steps we took in 2020 and are continuing in 2021 to adjust our expenditure in response to the Covid-19 emergency, will postpone by one year the achievement of our year-end 2022 guidance,” Chairman John Elkann said in a statement, presenting the company’s first quarter results.

Milan-listed shares in Ferrari extended losses after earnings release, to be fall up to 6.8%.

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