Ferrari Proves Recession Proof as Ultra-Luxury Sells Out: Cars
Maserati SpA’s new sport-utility vehicle was one of the most sought-after models at the Frankfurt car show this week and Ferrari SpA predicted record sales as executives said ultra-luxury remains recession-proof.
“If you go to the Ferrari stand, there aren’t any customers worried about the recession,” Fiat Chief Executive Officer Sergio Marchionne said at the International Motor Show. “The last Ferrari customers I saw at the show weren’t crying.”
Fiat’s two upscale brands may help the Turin, Italy-based carmaker weather a decline at its main business as Europe’s credit crisis worsens. Even without the Kubang SUV, Maserati aims to boost deliveries by almost eightfold to 45,000 cars in 2014 as it increases dealers by 150 percent worldwide. Lamborghini SpA’s new Aventador model is sold out for 18 months and Rolls-Royce Cars announced a 10 million-pound ($15.8 million) expansion at its Goodwood, England plant.
Ferrari expects to deliver 7,000 cars in 2011 on demand for its first family car, the $356,000 four-seat FF that came to market this year. Fiat’s most profitable unit plans to cap sales at 7,000 going forward to maintain exclusivity. Ferrari targets “significant” results this year after earnings before interest and taxes rose 23 percent in 2010 to 302 million euros ($414 million) on revenue of 1.92 billion euros, Chairman Luca Cordero di Montezemolo said.
“I’m not worried because we have quality, exclusivity, a strong brand and innovative technology,” Montezemolo said in an interview when asked about the effect of the economic slowdown.