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Has the credit crunch hit Ferrari?

Italian car makers Ferrari talk down any difficulties

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Three hundred workers will lose their jobs this week. That is ten percent of Ferrari’s workforce. The redundancies have been announced and the Maranellos plant will be shut down for twenty days over Christmas.

Only 92 cars were sold in November down from an average of 600 per month. It is in fact an unusual situation as on one hand Ferrari are not selling enough cars but on the other there is still a waiting list of up to two years for some of its most expensive models. There is a lack of interest in the F430 which is the cheapest and core model, the sales have dropped dramatically. The higher priced 612 Scaglietti and 599 Fiorano are no longer selling at all due to the credit crunch these two models have moved into a ‘customisation programme’ in a bid to divert attention away from the small sales numbers.

Ferrari denies the credit crunch has had any effect. They claim the Christmas break is nothing more than a generous gesture to its employees. It may be that even the top end buyers have to ride out the credit crunch just like the rest of us.