(Bloomberg) Ferrari NV shares recorded their biggest drop in two weeks after the luxury sports car manufacturer confirmed that it will recall thousands of supercars due to problems with its braking system.
“The vehicles involved in this recall campaign are equipped with a cap on the brake fluid reservoir that may not vent properly, which could create a vacuum inside the brake fluid reservoir,” Ferrari, based in Maranello, Italy, said in a statement. The recall involves some of the automaker's 458 and 488 vehicles.
While Ferrari did not provide details on the total number of cars involved worldwide, it is recalling 2,222 vehicles in China alone, warning owners of potential brake problems.
A recall of that magnitude from China would be equivalent to almost all Ferrari vehicles sold in the country from 2018 to March of this year, according to data from Bloomberg Intelligence.
Ferrari said it identified the problem by working together with supplier Robert Bosch GmbH.
A news item published on the website of China's State Administration for Market Regulation on Friday said that the recall covers 458 Italia, 458 Speciale, 458 Speciale A, 458 Spider, 488 GTB and 488 Spider series cars manufactured between March 2, 2010 and March 12, 2019.
“Vehicles covered by this recall can potentially increase the risk of brake fluid leakage, resulting in reduced braking performance or brake failure,” according to the website, which advised owners to drive with caution and to stop immediately and manage measures to tow their vehicle if the “low brake fluid level” warning light comes on. The retreat begins on May 30.
While the event is negative news for Ferrari, any impact is likely to be only in the short term, Bestinver Securities analyst Andrea Trovarelli wrote in a note. “We remind readers that in fiscal year 2021, Ferrari sent about 3,700 vehicles to the Asia Pacific region, that's about 33% of total shipments.”
Ferrari's Chinese division will replace the brake fluid reservoir cap free of charge for vehicles within the scope of the recall, according to Friday's notice.
Original Note:
Ferrari Recalls Thousands of Supercars Globally on Brake Risk
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