Ferrari lifts annual target after record orders

Luxury Italian carmaker Ferrari raised its financial targets for the year on Tuesday after reporting record orders in the second quarter.

The iconic firm delivered a total of 3,455 cars worldwide in the second three months of 2022, up 28.7 percent on the previous year, according to a statement.

“The quality of the first six months and the robustness of our business allows us to revise upward the 2022 guidance on all metrics,” said chief executive Benedetto Vigna.

“Also the net order intake reached a new record level in the quarter.”

Turnover jumped 24.9 percent to 1.29 billion euros ($1.3 billion), while net profit rose 22 percent to 251 million euros.

For 2022, the group is targeting revenues of 4.9 billion euros, compared to 4.8 billion previously.

Europe, the Middle East and Africa remained Ferrari’s biggest market in the second quarter, although deliveries spiked 116 percent in the region of China, Hong Kong and Taiwan.

Shanghai axes some Covid testing requirements

Authorities in China’s financial hub of Shanghai will from Monday scrap some testing requirements in the country’s latest relaxing of its strict zero-Covid policy following nationwide protests unseen in decades.