Shares in Ferrari tumbled the most in more than two weeks after the sports car maker confirmed it will recall thousands of supercars due to problems with their braking system.
“Vehicles involved in this recall campaign are equipped with a brake reservoir fluid cap that may not vent properly, thereby potentially creating vacuum inside the brake fluid reservoir,” Maranello, Italy-based Ferrari said in a statement. The recall involves some of the carmaker’s 458 and 488 vehicles.
While Ferrari didn’t provide details on the total number of cars involved globally, it’s recalling 2,222 vehicles in China alone, warning owners of possible problems with brakes.
A China recall that large would amount to nearly every vehicle Ferrari sold in the country from 2018 through March of this year, according to Bloomberg Intelligence data.
Ferrari said it identified the problem working along with supplier Robert Bosch GmbH.
Shares in the company fell as much as 3.3 percent on the news Friday, bringing declines for the year to 13 percent.
Reuters contributed to this report.
