The stock is proving resilient, jumping 13% in the last week.
Shares of Italian luxury sports car maker, Ferrari, whose famous cars cost between $200,000 and $300,000, have proved remarkably resilient during the coronavirus downturn, as the company looks well-positioned to weather the wider slowdown in auto manufacturing.
Auto manufacturers have been hard-hit by shutdowns and a lack of demand due to the ongoing coronavirus pandemic: In the U.S., big companies like Ford and General Motors have seen their shares plunge 43% and 36%, respectively, so far this year. By comparison, Ferrari has weathered the downturn far better, dropping less than 7% so far in 2020.
Ferrari looks to have been well-positioned before the coronavirus downturn thanks to significant earnings growth over several years thanks to higher profits from increased sports car sales and a consistent base of wealthy clients.
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