Ferrari has announced it has suspended production in Maranello and Modena “with immediate effect” amid the coronavirus outbreak.

The Italian firm said it planned to resume production on 27 March 2020.

Ferrari said in a statement the decision had been taken “for its employees’ well-being and follows a number of rigorous preventive measures already implemented by the company”.

The firm added it was experiencing the “first serious supply chain issues”, which played a role in its decision to stop production, but added “non-manufacturing-related activity” would continue.

“At a time like this, my gratitude goes first and foremost to Ferrari’s women and men who, with their tremendous commitment over the past few days, have demonstrated the passion and dedication that defines our marque,” said Ferrari CEO, Louis Camilleri.

“Together with our suppliers, they have ensured the company’s production. And it is out of our respect for them, for their peace of mind and those of their families that we have decided on this course of action.”

The news comes after Volkswagen Group brand Lamborghini announced the temporary closure of its factory in Italy over the COVID-19 outbreak.