After U.S. President Donald Trump threatened to put 25% tariffs on European Union imports on Wednesday, European markets saw a general decline on Thursday.
At 11:20 am, the Stoxx 600 index was down 0.25%, reversing earlier losses, but the 3% decline in cars persisted.
Earlier this month, the increasingly globalised industry was shook by predictions of more trade conflict between the United States and other countries.
Sentiment surrounding the industry has been further tempered by data released earlier this week that showed a 2.6% year-over-year drop in passenger car sales.
After Exor, the holding firm of the Agnelli family from Italy, revealed that it had sold almost 4% of its position in the company, Ferrari shares plunged more than 7%.
Source (CNBC)
