Amidst global recession, Ferrari posts record profits

Global economic recession? What’s that again…?!

In an environment where most carmakers are struggling to cut their losses, iconic Italian supercar manufacturer Ferrari has actually posted record profits. The company, which released its 2008 financial results recently, posted a profit of US$441 million – an increase of 27% over the year-ago period.

Sales were up 2%, with 6,587 Ferrari cars delivered to customers worldwide in 2008. The US remains Ferrari’s biggest market, though Eastern Europe is said to be catching up fast. India, for now, is nowhere in the picture.

‘The economic climate in 2009, still remains very uncertain as the crisis takes its toll across the globe and it is hard to say how the situation will develop from here,’ says Ferrari Chairman Luca di Montezemolo, so whether Ferrari can put in a repeat performance in 2009 remains to be seen.

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