Market News

Ferrari Halts Orders for Purosangue SUV

Luxury performance car maker Ferrari (NYSE:RACE) has halted accepting orders for its Purosanggue SUV as the waiting list for the vehicle now extends to two years according to Reuters.

Ferrari unveiled the four-door four-seater car earlier in September and plans to keep Purosangue sales lower than 20% of the company’s total shipments. The strategy is designed to maintain the exclusivity of the vehicle.

Separately, Mattia Binottohas resigned as Scuderia Ferrari Team Principal. The company is now in the process of identifying a new candidate for the role which is expected to be filled in 2023.

The Street, in the meantime, has a Moderate Buy consensus rating on the stock alongside an average price target of $237.87 implying a nearly 10.5% potential upside.

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