Ferrari lifts outlook, Aston Martin struggles
STORY: Ferrari isn’t troubled by any cost-of-living crunch.
The luxury car maker said Wednesday (November 2) that it was raising its forecasts for the year.
It now expects adjusted earnings to exceed previous predictions of up to around $1.71 billion.
The Italian brand says almost all models are sold out, while currency movements have also boosted its income.
Margins could edge lower, however.
Ferrari says it has faced higher research and development costs, among other factors.
It’s a different story over at rival Aston Martin.
The British company says supply-chain problems are holding back an expected turnaround.
Logistical difficulties hit hundreds of planned vehicle deliveries.
Aston has now cut its forecasts for profit margins and deliveries as a result.
The company has faced a series of troubles since listing on the stock market in 2018.
It’s gone through restructurings and management upheaval.
In September, it raised around $660 million to cut debt and invest in new models.
On Wednesday, Aston Martin shares were down around 16% by early afternoon.
