Ferrari Profits Down in 2009

<img alt="2009 Ferrari California Picture" src="http://media.il.edmunds-media.com/ferrari/california/2009/ns/2009_ferrari_california_f34_ns_21810_717.jpg" style="width: 463px; height: 309px;" title="2009 Ferrari California Picture" /> <p class="title">2009 Ferrari California Picture</p><p class="title"><strong>Ferrari SpA said its operating profit plunged 28 percent in 2009, due in part to "unfavorable exchange rates" including a weak U.S. dollar. The automaker's vehicle sales saw a modest dip of only 5 percent, to 6,250 cars, while worldwide revenues fell 7 percent, to $2.4 billion.</strong> </p><p>Operating profit declined to $334 million last year, from $465 million in 2008.</p> <p>Noting the "challenging economic climate," Ferrari Chairman Luca di Montezemolo said, "2010 will be a very difficult year, and the first small signs of recovery will not come until next autumn."</p> <p>Among the bright spots was the Ferrari California, as 60 percent of customers are new to the Ferrari brand, according to the automaker. The new 458 Italia went on sale at year's end and thus had a minimal contribution to the firm's revenues in 2009.</p>

Ferrari Profits Down in 2009

2009 Ferrari California Picture Ferrari SpA said its operating profit plunged 28 percent in 2009, due in part to "unfavorable exchang...

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