With a massive donation.
The automotive industry, much like the rest of the world, has ground to a halt due to concerns over the spread of coronavirus (COVID-19). Many US auto factories have paused production while European plans have been more greatly impacted. Ferrari has completely shut down its operations in Maranello and Modena until March 27 at the earliest.
While Italy already has 21,000 coronavirus cases and over 1,441 deaths, Ferrari's decision to close down the plants is more of a supply chain issue. Without parts, the company can't build sports cars like the Ferrari Roma and the SF90 Stradale. Ferrari will obviously lose revenue during this shutdown but the Italian automaker is dedicated to helping people who have been affected by the outbreak.
The Agnelli family, original founders of Fiat and current owners of Ferrari, are now working with the Italian Civil Protection Department to support the Italian national health service. The family has provided a 10 million euro (about $10.6 million) donation, which will go towards helping to respond to the local health and social needs in the city of Turin and Piedmont. In addition to the financial donation, Fiat Chrysler Automobiles, Ferrari, and CNH Industrial have teamed up with outside companies Ermenegildo Zegna and Pesenti Group to purchase a total of 150 ventilators and other medical equipment.
Leasys (FCA Bank) has also provided the Italian Red Cross and ANPAS (the Italian National Association for Public Assistance) with a fleet of vehicles to distribute food and medicine across Italy. In times of crisis, it is great to see companies like Ferrari step up to help people in need. In the US, Honda has agreed to pay its employees during plant closures and Genesis will pay up to six months of payments. No one knows when things will go back to normal but with the help of large corporations, we can fight the virus.