Ferrari NV (NYSE:RACE) said Thursday it has temporarily halted most vehicle shipments to the Middle East. Shares of the Italian luxury automaker listed in Italy were down more than 3.2% during the session, while its U.S.-traded shares declined over 2.5% in premarket trading.
The decision comes as the nearly three-week conflict in the region begins to disrupt operations for luxury goods companies.
“We are closely monitoring the developments in the Middle East and the potential implications for our business,” Ferrari said in a statement to Bloomberg News.
The company added that it has continued to manage a limited number of deliveries by air during the suspension.