Eight Ferrari drivers were caught speeding in a convoy along a public expressway in China over the weekend -- one traveling as fast as 231 kilometers (132 miles) per hour -- in an incident that has reignited negative publicity for the Italian automaker amid fervent public debate over the social conscience of the country's wealthy elite.

Traffic police suspended the licenses of five drivers caught traveling at 150 kilometers per hour or more on a stretch of highway linking the eastern Chinese cities of Hangzhou and Jingdezhen,...