High flier Ferrari cuts production

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Ferrari will cut production by at least 4 per cent this year to preserve the exclusivity of its brand but still hopes to increase profits.

Predicting the Italian luxury carmaker will continue to flourish while the global economic outlook remains uncertain, chairman Luca Cordero di Montezemolo said that, despite growing sales, production would drop to less than 7,000 vehicles. “The strength not to listen to people who say ‘your competitors will benefit from this’ is a choice I learned from [company founder] Enzo Ferrari, who used foresight in enhancing the value of the brand,” he told a press conference yesterday.

The move is also designed to protect the resale value of the company’s cars.