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Ferrari Down On New of New Fuel Tax
Shares in Italian automaker Ferrari are trading a little over 1% lower pre-market on Friday. The company has been hit by news of a proposed new tax fuel in France.
A Bloomberg report this week is citing new draft legislation moving through the legal channels in France which would increase the penalty on Ferrari and Porsche carbon dioxide emission to 50,000 EUR. This would mark a steep increase on the two brands. Both already incur the highest taxes on the continent.
The new fine amount would double the current levy on Ferrari vehicles, due to take effect from 2022. Such an increase could dramatically impact demand for Ferrari in France which is one of the five main European markets for Ferrari. Along with the UK, Italy, Germany, and Switzerland, France accounts for around 30% of all Ferrari sales globally.
Ferrari Shares Reverse Earlier Gains
Following a solid Q2 earnings release, Ferrari saw its stock price rallying by around 10 EUR. The Italian car...
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