RE: Ferrari Stay Stoic
Tuesday 9th December 2008
Ferrari is robustly talking up its state of health in spite of news that 10 percent of its workforce will be laid off this week.
Ferrari Stays Stoic
Carmaker says economic crisis has left it 'unscathed'
According to Autocar sources, the Italian company is in talks with unions that could see up to 300 workers on annual contracts laid off. Ferrari also plans to shut its factory for 20 days over the Christmas period as stockpiles of its products threaten to grow at distributors globally, something that is already happening in the UK.
On top of woes caused by the credit crunch hitting exotic car sales globally – Ferrari sold 92 cars this November against 600 in November 2007 – it is reported that the F430 demand has been damaged by the reveal of the new California in October. According to Autocar’s sources, sales of the 612 Scaglietti and 599 Fiorano have slumped to the point where they have been moved into a ‘special customisation’ programme, apparently to mask the seriousness of the problem.
Ferrari has since released a statement that says the company has been left unscathed by the global financial crisis. The carmaker denied that 300 in-house contracts were to be cut and reiterated that 2008 will be 'even better' than 2007 with new records expected.
Regarding the closure of the factory Ferrari said that this is for the Christmas holidays and is 'slightly longer than normal because of way the weekends fall around New Year and because the Company wants to ensure that employees from outside Maranello get to spend sufficient time with their families.'
Discussion
F430 Spyder has a 3 year waiting list ...... each order is taken with a deposit. Cars not usually "just built" they are sold as order - not like a normal vehicle. So stock piling is happening as buyers pull their orders so lose the deposit - ok not much - 25k on deposit. If they slow production it won't stock pile much. But they, the same as others, going to have issues as the limited buying market will buy less and more selectively.
Perhaps too many people without a pure passion for the cars they buy having been running wild since 2004.
Lets hope only the manufacturers with no clue go bust - Gm, Ford and that other crap company in US deserve to go.
Perhaps too many people without a pure passion for the cars they buy having been running wild since 2004.
Lets hope only the manufacturers with no clue go bust - Gm, Ford and that other crap company in US deserve to go.
oagent said:
Who needs an expensive private plate on their ferrari to show their wealth nowdays? Just buy a 58 reg and it will instantly mark you out as someone impervious to the recession.
Is there such a person ? - I would like to meet them...if you think it's tough now wait until this time 2009 - its going to get very very serious out there for at least the next 6 months. Time to put up the shutters and head for the beach...Noe said:
F430 Spyder has a 3 year waiting list ...... each order is taken with a deposit. Cars not usually "just built" they are sold as order - not like a normal vehicle. So stock piling is happening as buyers pull their orders so lose the deposit - ok not much - 25k on deposit. If they slow production it won't stock pile much. But they, the same as others, going to have issues as the limited buying market will buy less and more selectively.
Perhaps too many people without a pure passion for the cars they buy having been running wild since 2004.
Lets hope only the manufacturers with no clue go bust - Gm, Ford and that other crap company in US deserve to go.
Hi TherePerhaps too many people without a pure passion for the cars they buy having been running wild since 2004.
Lets hope only the manufacturers with no clue go bust - Gm, Ford and that other crap company in US deserve to go.
Not sure where you've got your fact from.......the F430 Spider (not Spyder, thats Maserati) are being built whether the dealer likes it or not......and will arrive as stock if a customer hasn't commited.
You're correct that a customer needs to deposit "if they are buying" and this is to stop cars being ordered at muliple dealers around the country and speculated.....in other word more than one each isnt allowed unless there's a very good reason.
Big car factory volumes (even the size of Ferrari) are planned months in advance and it's a myth that they are built "to order".........customer orders - dealer allocates a pre determined slot......just thought I'd add some fact for a more accurate debate. PS......there certainly is nothing like a 3 year waiting list any more.
Remember the Jaguar fom the last recession, Why oh Why is anyone supprised anyone who remembers the xmas of 1990 - 1991 that devestatated the construction industry and the start of the last long recession, well welcome to the same again x mass 2008.
Houses had got over inflated in the 80's, Welcome to the boom of the Noughties, the Torey's went down the high interest rate route (common economic policy problems)then controlled spending with an austerity package. Still took forever to turn it round. Now the Labour Paty are going for the spend route, by borrowing! Surely this got us into the situation through personnel debt in the first place.
Neither party got a clue and cackers still paid £370 a week on teh welfare state.
Sorry Rant over, 10000 Ferrari a year shows exclusivity lost, and the fact they have problems paying means they were financing thedamn things, either through equuity release or borrowing.
Sorry rant really over know.
Houses had got over inflated in the 80's, Welcome to the boom of the Noughties, the Torey's went down the high interest rate route (common economic policy problems)then controlled spending with an austerity package. Still took forever to turn it round. Now the Labour Paty are going for the spend route, by borrowing! Surely this got us into the situation through personnel debt in the first place.
Neither party got a clue and cackers still paid £370 a week on teh welfare state.
Sorry Rant over, 10000 Ferrari a year shows exclusivity lost, and the fact they have problems paying means they were financing thedamn things, either through equuity release or borrowing.
Sorry rant really over know.
Remember the Jaguar fom the last recession, Why oh Why is anyone supprised anyone who remembers the xmas of 1990 - 1991 that devestatated the construction industry and the start of the last long recession, well welcome to the same again x mass 2008.
Houses had got over inflated in the 80's, Welcome to the boom of the Noughties, the Torey's went down the high interest rate route (common economic policy problems)then controlled spending with an austerity package. Still took forever to turn it round. Now the Labour Paty are going for the spend route, by borrowing! Surely this got us into the situation through personnel debt in the first place.
Neither party got a clue and cackers still paid £370 a week on teh welfare state.
Sorry Rant over, 10000 Ferrari a year shows exclusivity lost, and the fact they have problems paying means they were financing thedamn things, either through equuity release or borrowing.
Sorry rant really over know.
Houses had got over inflated in the 80's, Welcome to the boom of the Noughties, the Torey's went down the high interest rate route (common economic policy problems)then controlled spending with an austerity package. Still took forever to turn it round. Now the Labour Paty are going for the spend route, by borrowing! Surely this got us into the situation through personnel debt in the first place.
Neither party got a clue and cackers still paid £370 a week on teh welfare state.
Sorry Rant over, 10000 Ferrari a year shows exclusivity lost, and the fact they have problems paying means they were financing thedamn things, either through equuity release or borrowing.
Sorry rant really over know.
Of course its good for image to big up your prospects and blame falling sales on things like the california teasing a few too many f430 buyers but it doesn't take a sherlock to see that Ferrari could be in more serious trouble compared to others.
Although they don't make a lot of cars necessarily, they are in fact a volume producer and have huge overheads as evidenced by laying off of 300 workers.
Why not say that your'e in the s
t at the moment because the world economy is up the shoot and we can't sell enough cars to make ends meet.
Ferrari are for the most part bought by very rich people and not by the untouchable mega rich (who largely prefer their 50's cars). A lot of those very rich people are not very rich at the minute and even if at the best they are delaying their ferrari purchase for a year it could have a profound affect on Maranello.
I think Ferrari will survive though if historical precedent shows through, hope they do.
Can't see the Italian government standing by as they sink either.
Although they don't make a lot of cars necessarily, they are in fact a volume producer and have huge overheads as evidenced by laying off of 300 workers.
Why not say that your'e in the s
t at the moment because the world economy is up the shoot and we can't sell enough cars to make ends meet.Ferrari are for the most part bought by very rich people and not by the untouchable mega rich (who largely prefer their 50's cars). A lot of those very rich people are not very rich at the minute and even if at the best they are delaying their ferrari purchase for a year it could have a profound affect on Maranello.
I think Ferrari will survive though if historical precedent shows through, hope they do.
Can't see the Italian government standing by as they sink either.
predding said:
Is there such a person ? - I would like to meet them...if you think it's tough now wait until this time 2009 - its going to get very very serious out there for at least the next 6 months. Time to put up the shutters and head for the beach...
Such people DO exisit, they are the "super wealthy" usually (multi-)millionares.....lets face it if you have £20m and it goes down by 10% you still have £18m so not exactly skint, and you can always afford to wait for it to go back up in 10-20 years?If your an "oil sheik" then you might blink and not miss the money?
Ferrari are owned by FIAT and hence the Italian Government and I cannot imagine for a moment that they will allow such a potent symbol of Italy to go to the wall, unlike the UK with good old Jenson in the 70's.
However if they only managed to sell 90 odd cars in one month then they are probably looking at selling less than 2,000 cars next year - which will be a big problem given that they were gearing up for 10,000.
The drop in sales does not really surprise me given Lotus sales were down 70% as they are a classic feel good purchase. I suspect that most owners of new F cars were succesful businessmen and given the new austerity who wants to go shouting that they are doing well in this economic climate.
Also the rising green influence cannot help as many celebs etc seem to want to be seen in Prius type cars rather than a V8/V12 ferrari
However if they only managed to sell 90 odd cars in one month then they are probably looking at selling less than 2,000 cars next year - which will be a big problem given that they were gearing up for 10,000.
The drop in sales does not really surprise me given Lotus sales were down 70% as they are a classic feel good purchase. I suspect that most owners of new F cars were succesful businessmen and given the new austerity who wants to go shouting that they are doing well in this economic climate.
Also the rising green influence cannot help as many celebs etc seem to want to be seen in Prius type cars rather than a V8/V12 ferrari
Kickstart said:
Ferrari are owned by FIAT and hence the Italian Government and I cannot imagine for a moment that they will allow such a potent symbol of Italy to go to the wall, unlike the UK with good old Jenson in the 70's.
However if they only managed to sell 90 odd cars in one month then they are probably looking at selling less than 2,000 cars next year - which will be a big problem given that they were gearing up for 10,000.
The drop in sales does not really surprise me given Lotus sales were down 70% as they are a classic feel good purchase. I suspect that most owners of new F cars were succesful businessmen and given the new austerity who wants to go shouting that they are doing well in this economic climate.
Also the rising green influence cannot help as many celebs etc seem to want to be seen in Prius type cars rather than a V8/V12 ferrari
I dont think that celebrity endorsements are much of a factor when buying a car.However if they only managed to sell 90 odd cars in one month then they are probably looking at selling less than 2,000 cars next year - which will be a big problem given that they were gearing up for 10,000.
The drop in sales does not really surprise me given Lotus sales were down 70% as they are a classic feel good purchase. I suspect that most owners of new F cars were succesful businessmen and given the new austerity who wants to go shouting that they are doing well in this economic climate.
Also the rising green influence cannot help as many celebs etc seem to want to be seen in Prius type cars rather than a V8/V12 ferrari
If the markets were still booming and the celebs were buying more into green cars i think ferrari would still be sell 600+ cars a month.
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