Seriously affected by the crisis, FERRARI cuts workforce and production
The international financial crisis has been deepening its negative effects on FERRARI, especially due to the decrease in engine production for its sister company Maserati from 9.000 in 2008 to 4.500 in 2009. It is evident that Ferrari’s strategy to limit its production has been having damaging effects on its balance sheets. Ferrari’s operating profit dropped by 30% in 2009 compared to 2008 and the negative trend has been maintained for the first quarter of 2010, with a 28% decrease in its operating profits.
Ferrari also announced it will cut this year 120 middle management staff as well as 150 workers in its main production unit. The company is also considering laying off temporarily 600 more employees during the following 10 months. The launch of the new Ferrari California V8 model last week has been overshadowed by the negative financial performance.