Business intelligence consultancy IHS Markit and others predicted a global downturn on automotive sales as a result of the pandemic but luxury carmakers like Ferrari and Tesla have just beat sales expectations
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As the economy teeters along the cusp of the next Great Depression, the luxury automotive segment appears to be enjoying an uptick in consumer spending. Ferrari just reported better than expected earnings earlier this week, on Monday 4th May, causing the Maranello carmaker?s shares to jump almost 7%.
The luxury carmaker shut its factory in March as the coronavirus ravaged the brand?s Italian home but total shipments of Ferrari supercars increased 5% to 2,738 during the month-long furlough. Better-than-expected earnings – $1.02 billion, better than the projected $852 million caused Ferrari?s share prices to surge, making the Italian luxury carmaker?s market value worth more than mass market consumer car manufacturers Ford and General Motors. “The unexpected and sudden nature of the impacts of the pandemic are hitting the autos sector hard, with unprecedented levels of uncertainty around prospects for meaningful global recovery,” said Colin Couchman, executive director, global autos demand forecasting at IHS Markit.

Ferrari sales and other Luxury Cars beat Estimates as Global Car sales plummet
The news comes amidst tempered expectations as ...