Day: May 4, 2021

Ferrari Hits a Bump – WSJ

Ferrari investors may have gotten too used to smooth driving.

The luxury sports-car maker isn’t pulling away from the challenges posed by the pandemic quite as effortlessly as some were hoping. Its shares fell 7% in New York Tuesday after the company said it would hit its 2022 financial targets a year late due to Covid-19. Ferrari delayed some spending last year; now it has worked through its delivery schedule enough to expect a knock-on impact on profits next year.

The selloff highlights just how high the stakes are when a stock fetches more than 40 times prospective earnings. If investors are spooked by some relatively minor post-pandemic grinding of gears, they may not be properly prepared for Ferrari’s move into the electric age—a process fraught with much greater risks for a brand based on engine noise.

Chairman John Elkann said last month that Ferrari would launch its first

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Cox Automotive Signs Service Deal With U.S. Commercial EV Maker | Investing News

DETROIT (Reuters) – U.S. electric commercial vehicle maker Electric Last Mile Solutions (ELMS) said on Monday it has signed a letter of intent for Cox Automotive to supply service and repairs for the delivery van it will launch later this year.

Under the deal, Cox’s Pivet unit will provide warranty repairs, vehicle maintenance, roadside assistance, collision repairs and EV battery servicing to ELMS’ customers, the companies said. Cox boasts a network of more than 6,000 service centers, 3,000 partners and over 800 mobile technicians. Financial terms were not disclosed.

“The opportunity to collaborate with industry leader Cox Automotive helps put us on track to offer customers one of the most comprehensive service solutions that addresses their fleet needs in the most time and cost-efficient manner,” ELMS Chief Executive James Taylor said in a statement.

Cox, a subsidiary of privately owned Cox Enterprises, owns the Autotrader online automobile market, Kelley Blue

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