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Discussion in 'Ferrari Discussion (not model specific)' started by tonyh, May 22, 2004.
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What a joke,
you make 1.26 Billion Euros (1 Billion US Dollars) in sales and only a 32 Million income.
I guess not just that you can not make it in sales you can not make it in manufacturing as well
I guess this means no price reductions in the Maserati line anytine soon.
I wonder how much the slipping dollar had to do with these results.
Its even worse, the exchange rate is the other way around. 1.26B equals $1.5B
The 3200GT was a wrong design, to start off with. The 4200GT and Spyder didn't thrill the buyers either. If the bread and butter line can't sell, then it's trouble for sure.
Hope the Quattroporte pulls Maserati into black again.
what can you expect.... they purposefully limit supply of their vehicles, msrp is priced lower than mkt and the dealers/consumers are making all the profits by buying at msrp and flipping to the true market price.
not exactly a smart business model. ferrari should be one of the most profitable or at the top in the world.
I wander about financial results sometimes ... I haven't seen the accounts (an probably would not really understand them if I did) but ifI were Fiat, with Ford and Diamler sniffing to purchase Ferrari if the shares ever went public, I would not want my crown jewel to look too good. Then Mediobanca et al would be tempted to offload their shares at a high price as the business would look profitable to investors. Call me cinical but that's the way I would play it.
Despite obstacles, new CEO Leach sees a bright future for Maserati
By BRADFORD WERNLE | Automotive News Europe
LONDON -- Incoming Maserati CEO Martin Leach sees a bright future for the Italian carmaker.
He predicts growing demand for low-volume exotic brands such as Maserati and Bentley.
"The well-established premium brands have grown in such volumes now they have lost some of their exclusivity," Leach said in a telephone interview with Automotive News Europe last week.
"I think we could see a market emphasis on those brands such as Maserati that can offer more exclusivity without being actually priced in the stratosphere."
Leach, a former president and chief operating officer of Ford of Europe, says his experiences at Ford of Europe and Mazda have prepared him well for the top Maserati job.
"Maserati has a good positive culture which will be something I'll be looking to use.
"The fact that it is low-volume means that a lot of the potential baggage and infrastructure that goes with a high-volume car company is not likely to be there."
Fiat group CEO Giuseppe Morchio, who picked Leach for the job, is obviously pleased with his appointment.
"Leach is one of the best automotive top executives," he said. "He is a high-profile choice for Maserati."
Apart from serving on Ford's Jaguar transition team in 1989, Leach has limited experience in luxury brands. But he feels his product-development experience will be an advantage to a company that will have to rely on top-quality new models to return to profitability.
Leach also believes his general approach to business should help him in his new job.
"The fact that I'm a naturally competitive person fits well with the culture at Maserati," he said.
Leach drove the Maserati coupe a year ago and was struck by its spacious interior. "I think Maserati is one of the few options that gives you true four-seat capability with sportiness and luxury," he said.
The new Maserati chief joined Ford in 1979 as a body engineer after a promising career as a racecar driver was aborted by rheumatoid arthritis.
He moved up rapidly at Ford, proving his versatility during the 1980s by supervising Ford of Europe's car marketing plans.
In 1997, he took over as product development chief at Mazda, but he returned to Ford of Europe in 2000. He became president and chief operating officer in 2002.
Leach's career at Ford ended in a controversy that is still unresolved. He was fired after Ford of Europe lost more than $500 million in the second quarter of 2003. Before he was fired, Fiat Auto had approached Leach about taking the top job there.
But Ford refused to release him from his two-year non-compete agreement. Leach subsequently went to court and won the right to work for another company. He has sued Ford for compensation. The case will probably be heard toward the end of the year.
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