Global Ferrari Sales Collapse

Discussion in 'OT Driven' started by TriShield, Dec 9, 2008.

  1. TriShield

    TriShield Super Moderator® Super Moderator

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    Ferrari denies sales crisis

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    Monday, December 08, 2008

    Ferrari has denied falling victim to the global economic crisis, even though it plans to shed up to 10 per cent of its workforce this week.

    Global sales at the Italian supercar maker have dived from almost 600 a month to just 92 cars in November and Ferrari is now negotiating with Italy’s trade unions to trim unwanted road-car production staff.

    The company has admitted it could shed up to 300 employees as early as this Friday.

    Ferrari will also shut its Maranello production plant for an unprecedented 20 days over Christmas, which sources insist will be to prevent vehicle stockpiles reaching unmanageable levels.

    The company won its 16th F1 World Constructor’s Championship last month and still boasts of a two-year waiting list on its high-priced, exclusive road cars, but sources said that troubling stocks have built up at some of its distributors around the world, particularly in the UK.

    As recently as the Paris motor show last October, Ferrari chairman Luca di Montezemolo had been speaking of a sales target of 10,000 cars for 2010 which, even with the new Ferrari California on stream early next year, now seems wildly optimistic.

    Back then di Montezemolo insisted the financial crisis held no concerns for Ferrari because a reduction in sales would allow it to respond quickly to markets that might have otherwise waited years for cars.

    “Of course the economic problems are being considered,” he said. “It depends how long this crisis goes on, if this is close to the end or not. Because we will see a different world out the other side."

    The Ferrari chairman went on castigate the financiers whom he regards as responsible for the economic meltdown.

    “It will be a world more close to industry and real numbers and products and not close to speculation," said di Montezemolo.

    “I hope that when it finishes there will be more feet on the ground in the financial world,” he said.

    Insiders have confirmed that sales of the V12-powered Ferrari 612 Scaglietti and Ferrari 599 Fiorano have effectively stalled and Ferrari has moved both models into a special customisation program to mask the seriousness of the problem.

    Even worse, sales of its smaller, V8-powered Ferrari F430 – the core of the company's volume and profit, and due to be replaced late in 2009 – plummeted after the official unveiling of Ferrari’s new California in October.

    Ferrari has denied that the company has been adversely affected by the credit crunch. The company said that the extended break was merely Ferrari being generous to its employees, even if all contracts were under review.

    “We are going to have a meeting with the trade unions this week and we had a meeting with the union last week,” a Ferrari spokesman said.

    “We don’t know if there is a figure decided, but we are certainly not taking people on board unless they are crucial.

    “What’s being talked about [with the unions] is not renewing the people on one-year contracts, which would be about 300 people, and closely examining the consultancies and advisors and that kind of spending.

    “We are just being careful. Nobody knows the future anymore and even having a waiting list like ours doesn’t guarantee anything for your future.”

    Ferrari has said that the Christmas break (19 December to 7 January) is a coincidence of dates: “The two weekends have come at the right moment. If we needed to stop production we could have taken the entire week off instead of coming back on the Thursday.”

    And, while sources insisted F430 stockpiles were growing and V12 production was at a virtual standstill, Ferrari’s spokesman insisted sales of luxury cars always slowed in the last months of the year.

    “The only region where there are stocks is the UK,” he said.

    “It’s the market where we have some problems. In the US, nothing much has changed for us apart from a slight braking of sales.”

    “For sure, the F430 Spider is not doing very well, because of winter and the California, so there are stocks in some places.”

    Michael Taylor

    http://www.autocar.co.uk/News/NewsArticle/AllCars/236380/#
     
  2. Cachee0

    Cachee0 OT's Technical Recruiter, Send me your resume

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    Even the rich are holding back on spending money on toys.
     
  3. deusexaethera

    deusexaethera OT Supporter

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    Of course. The rich lost the most money. Granted, they can afford to lose a much larger percentage of their savings before they go sailing up shit creek, but they still lost a lot more dollars than "normal" people did.
     
  4. dr.zed

    dr.zed DR.ZED OT Supporter

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    You must not have any real wealth to your name.

    None at all to make a comment like this.
     
  5. deusexaethera

    deusexaethera OT Supporter

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    My salary is just shy of 2x the median household income in the US, but then again I'm living in one of the most expensive local economies in the world and I'm not one of the guys driving to work in an AMG Kompressor, so...:dunno:

    Care to explain why you think my comment is wrong? Or were you just practicing being a douche?
     
  6. dr.zed

    dr.zed DR.ZED OT Supporter

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    You're insane to think that anybody can afford to lose 50% of their wealth. Anybody with any substantial wealth spends more as they makes more, so who are you to say that can afford to lose it?

    What about car payments, university payments, retirement?

    People with any true wealth have planned for the future socked away for the future and probably are in a worse shape because they're scared shitless they're going to lose it.

    You're a couch potato critic who speaks from no experience whatsoever. It has been proven here again, and in countless posts. You're a loser with no life, no real friends and a computer. Way to go champ.
     
  7. Cicada

    Cicada OT Supporter

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    time to buy myself that 348 :coold:
     
  8. Cachee0

    Cachee0 OT's Technical Recruiter, Send me your resume

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    You know I'm going to have to agree with you on this one. :bigthumb:
     
  9. Cachee0

    Cachee0 OT's Technical Recruiter, Send me your resume

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    Step up man and get the 355 or even better the 360
     
  10. Variant

    Variant Cast in the name of God, ye not guilty.

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    if you're looking at the lamer models, why stop there? Get a Mondial or a 400.
     
  11. Cachee0

    Cachee0 OT's Technical Recruiter, Send me your resume

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    love the Mondial:bowdown:
     
  12. Variant

    Variant Cast in the name of God, ye not guilty.

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    skip that. And the 348. If you like that style, get a 328.
     
  13. GQ

    GQ OT Supporter

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    i see where he was going with that though.....

    if you make $25,000-$35,000 a year and lose half of it....ur in deep shit of trying to find somewhere to live and money to eat.

    if you make $300,000-$400,000 a year and lose half of it.......it's not like ur on fucking welfare, it just brings you down to normal standards.
     
  14. Cachee0

    Cachee0 OT's Technical Recruiter, Send me your resume

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    you can fit 3 hot girls in the Mondel
     
  15. Cachee0

    Cachee0 OT's Technical Recruiter, Send me your resume

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    I don't think 150K is normal, it's a very good living.
     
  16. Priest Tango

    Priest Tango Custom User Tits

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    you dont live on long island. try paying $10k just on property taxes. thats not including school taxes and monthly bills and $7.49 big mac meals :mad:
     
  17. redfred18t

    redfred18t New Member

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    Yeah but chances are you're not living in a normal home thats what, i dunno, 300k. you're probably in a 500+ house and have more shit to pay for like vacation homes and such. I still dont have any remorse for the wealthy people losing a lot. They'll spring back and make their money they lost in a couple a years.
     
  18. theanomaly

    theanomaly Active Member

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    so? move somewhere else then. sell 4 of your 6 cars. you readjust for your income, and can still live well without your ferrari. thiss is assuming of course that they are fairly liquid assets, and even if you take a hit, you'll still be able to "afford" it, maybe not with the upper class status you had before, but you should still have an acceptable standard of living.

    and anyways no one forced you to live there, or buy that vacation house, or that ferrari. living on the edge of your means when you are already in the upper class, while particularly appealing to one's short-sited goals, is an asinine thing to do from a long-term, risk management perspective.

    but hey, this is america. credit and self-vaunting ftw
     
  19. Lue

    Lue Mega Member

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    people that buy a new Ferrari don't make $300k


    The people that can afford to buy these kinds of toys are not hurting financially right now, they're just opting not to spend money right now, there's a difference.
     
  20. Cachee0

    Cachee0 OT's Technical Recruiter, Send me your resume

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    People that can afford these cars a holding onto there money for signs of a bottom or investing in thier own business to be able to have the toys later. When we bottom out and the indicators in the market are holding steady we are going to see a huge rally. The only good thing about this down turn is that everyone is suffering which is the great equilizer.
     
  21. Intro

    Intro New Member

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    His argument is that they will be up shit creek..... Taking this in the context it is being used probaly refers to them not being able to pay to live or having to live on the street or such.
    But a person with lots of money can lose a bigger percentage of his/her money before s/he is at thispoint. Im not sure where he is confusing you but it makes sense to me.
     
  22. GammaRadiation

    GammaRadiation Active Member

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    When I first read the first sentence I thought it said 2x the mexican household income. :rofl:


    Oh and the answer to your question is, rich people dont lose money....moderately wealthy people may still have money tied up in stocks and mutual funds, but truly wealthy people have their money in secure investments and live off of interest for the most part.
     

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