Ferrari hits a wall in China

Italian sports-car and luxury-goods company Ferrari has become the latest to point a finger at China for a contraction in sales volumes.

Shares of Ferrari’s US-listed ADR are down 7.5% as of Tuesday afternoon, on track for their largest one-day loss since March 2022.

Shipments in greater China were down nearly 30% compared to the same quarter one year ago, according to the firm.

Ferrari Group shipments by region:

CEO Benedetto Vigna said that because of the “tax structure over there,” Ferraris in China “can cost up to 3x what the client will pay in Europe.”

The likes of Starbucks and Royal Philips, as well as pretty much every company in the luxury-goods and beauty industries, have flagged softness in Chinese demand as a headwind for their businesses.

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