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Old 12-09-2008, 01:19 PM   #1
AVANTI R5
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Default Financial crisis hits Ferrari! Montezemolo denies it!





Quote:
It is denied by Ferrari that it has been affected by the current global financial downturn, although it is in the process of laying off this week alone about 10 percent of its workers. The international sales of the Italian supercar manufacturer have plummeted from an estimated 600 a month to just 92 vehicles by the end of November and currently Ferrari is bargaining with Italy’s trade unions to reduce surplus road-car production employees. Ferrari has acknowledged that it could lay off as many as 300 people this Friday at the earliest.

It will also close down its Maranello manufacturing plant for a record 20 days over Christmas, which sources claim is for the purpose of avoiding the stockpiling vehicles which may reach uncontrollable proportions. Ferrari won its 16th F1 World Constructor’s Championship the previous month and still brags of a two-year waiting list on its pricey, limited road cars, however sources have pointed out that there are stockpiling happening in some of its distributors around the world, most especially in the United Kingdom

As lately as last October’s Paris Motor Show, the chair of Ferrari Luca di Montezemolo had been talking about a sales goal of 10,000 cars for 2010 which, even with the new Ferrari California on stream early in 2009, now appears to be too hopeful. At that time di Montezemolo held strongly that the economic catastrophe will not affect Ferrari because a decrease in sales would allow it to swiftly respond to markets that might have been waiting for stocks. “Of course the economic problems are being considered,” di Montezemolo 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.” He further went on criticize the investors whom he regards as to blame for the economic downturn. “It will be a world more close to industry and real numbers and products and not close to speculation,” he said.


Di Montezemolo said, “I hope that when it finishes there will be more feet on the ground in the financial world,” Inside sources have established that sales of the V12-propelled Ferrari 612 Scaglietti and Ferrari 599 Fiorano have in actual fact slowed down and Ferrari has moved both versions into a unique customization line up to disguise the gravity of the predicament.


And what is worse, is that sales of its smaller, V8-propelled Ferrari F430, the heart of the firm’s volume and profit, and scheduled to be replaced late next year, went down after the official revealing in October of Ferrari’s latest California. It is being denied by Ferrari that the firm has been unfavorably impacted by the credit crisis. Ferrari said that the longer break was simply Ferrari being generous to its workforce, even if all contracts were under evaluation.


“We are going to have a meeting with the trade unions this week and we had a meeting with the union last week,” a spokesman for Ferrari 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.” It is asserted by Ferrari that the Christmas break, which begins on the 19th of December to 7th of January, is a merely 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.”



Although sources claimed strongly that F430 stockpiles were increasing and V12 manufacture was practically at a standstill, spokesman for Ferrari strong pointed out that sales of luxury cars generally slowed in the end months of each year. “The only region where there are stocks is the UK,” the spokesperson 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.”
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Old 12-09-2008, 01:32 PM   #2
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I'll buy a couple if, you know, you do that whole buy 1 for $40k, get one free like those Dodge trucks.
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Old 12-09-2008, 01:44 PM   #3
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If they just chop a measly 100k off of each of their cars...I still probably couldn't afford one.
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Old 12-09-2008, 02:33 PM   #4
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I would be surprised if they really ran out of their 2 year waiting list. I wouldn't be surprised if they started shorting supply just because the waiting list is starting to dwindle...
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Old 12-09-2008, 05:45 PM   #5
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Although sources claimed strongly that F430 stockpiles were increasing and V12 manufacture was practically at a standstill, spokesman for Ferrari strong pointed out that sales of luxury cars generally slowed in the end months of each year. “The only region where there are stocks is the UK,” the spokesperson 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.”
Sounds dodgy, and the quotes all have that "stick your head in the sand" feel to them. I don't think there's any shame in admitting that your company has been affected by the economic downturn. It seems to have hit every sector -- unless you're one of the lucky ones like McDonald's -- including just about every automobile manufacturer. I know the exotic manufacturers have to maintain this outlook because of their brand image/clientele, but I'll take honesty and humility over reading a few months from now that your company is bankrupt.

-Mike
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Old 12-09-2008, 05:49 PM   #6
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I agree, Mike.

I wouldn't expect that Ferrari would have anything to seriously work about. I'd like to think that, when times are tough, they'd just decrease production and tighten up the belt.

Everyone should be as good as Bill Crutchfield (of the A/V company):
http://www.crutchfield.com/mediarela...illLetter.html

Quote:
Our valued customers,

The international financial crisis is weighing heavily on all of us. As consumers, one factor that we all need to consider is the stability of the companies with whom we do business. In the current economic climate, many retailers will stumble and some will even fail. For that reason, I personally want to explain Crutchfield’s unique situation.

For many years, I have been concerned about the growing credit bubble. It was obvious to me that it was unsustainable and that an inevitable day of reckoning would come. To protect our customers, our employees, and my family from the disastrous consequences of a financial meltdown, I positioned Crutchfield to withstand the worst. We became very frugal with how we spent money. We did not pay outlandish executive salaries and bonuses. We did not build fancy facilities. We did not expand our retail store operations. And we did not buy other companies. Instead, we worked extremely hard to improve how we serve our customers, while we managed every aspect of our business with excellence. Furthermore, we paid off all of our debt and accumulated cash reserves.

When shopping in times like these, you need to be certain that the retailer will be around to provide you with years of after-the-sale support. We know that you expect guarantees, warranties and promises of lifetime product support to be kept when you purchase with us – and I have positioned our company to deliver without compromise on all of these important elements. As retailers go, Crutchfield is a “Rock of Gibraltar.” We have no debt, a perfect credit rating and a legacy of fiscal prudence. Therefore, we will be around to serve you as we have served millions of customers for the past 34 years and throughout the last four recessions.

Purchasing from Crutchfield today means you are choosing a company that will help you use and enjoy your purchase now and in the future. I hope that you’ll give Crutchfield a chance to exceed your expectations. I thank you for your time and, most importantly, for doing business with Crutchfield.
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Old 12-09-2008, 06:00 PM   #7
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Nice letter from Crutchfield. I almost feel like buying something from them, even though it would mean paying roughly 30% more than other reputable online retailers for the TV I've been eyeing.

-Mike
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Old 12-09-2008, 06:02 PM   #8
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Some of their stuff is priced a little high, some is low, depends on the product. Always cross-shop, indeed. Hard to beat their customer service, though.
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Old 12-09-2008, 09:50 PM   #9
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Quote:
Originally Posted by ghibli99 View Post
Nice letter from Crutchfield. I almost feel like buying something from them, even though it would mean paying roughly 30% more than other reputable online retailers for the TV I've been eyeing.

-Mike
lol i felt the same way when i saw that on the front page.. but then like you said they are 30% more then other places so I came back down
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