Luxury carmaker Ferrari suspends production of vehicles for Russian market

MILAN (Reuters) – Luxury carmaker Ferrari said on Tuesday it would suspend exports to Russia due to Moscow’s invasion of Ukraine.

“Given the ongoing situation Ferrari has taken the decision to suspend the production of vehicles for the Russian market until further notice,” the Italian company said in a statement.

“We continue to monitor the situation closely and will always respect all rules, regulations and sanctions,” it said.

Ferrari adds to a number of companies, including carmakers, other manufacturers and luxury goods groups, that have taken action to limit, put on hold or exit business activities in Russia following Moscow’s invasion of Ukraine.

Rival sports car maker Lamborghini, a unit of Volkswagen, said on Tuesday it had put on hold its business with Russia.

Last week Ferrari said Russia was a very small market for it and that it did not see any impact on its supply chain at the moment as a consequence of Russia’s invasion of Ukraine.

Ferrari on Tuesday also said it was donating one million euros ($1.09 million) to support Ukrainians in need.

($1 = 0.9180 euros)

(Reporting by Giulio Piovaccari, editing by Cristina Carlevaro and Susan Fenton)