Maranello, IT. --(BUSINESS WIRE)-- April 1, 2004-- Ferrari has today announced what can only be described as a major change in their strategy. With current massive over-production in the car industry worldwide, affecting even the very high-end luxury and exotic car market, Fiat, Ferrari s parent organisation, have forced Ferrari to look at their current model line up with a radical eye on the future and continuing its trend of profitability, thereby assisting to abate the hemorrhaging of red ink at Fiat. At a packed press conference in Modena, spokeswoman Pilar Lofo announced that Ferrari, with immediate effect, will be discontinuing the manufacture of their 575 model range, putting all of the production capacity this frees into running out the existing forward orders of their 360 range. The 360 model range will also be trimmed to include only the 360 Spider and the 360 Challenge Stradale, with all models only being available with Ferraris racing derived F1 gearbox. Production of the 612 Scaglietti will not be affected, but prices of the ultra-luxurious 2+2 have been increased by 23.000 euros. Production of the 360 replacement, the 420 Monza, has also been announced with first shipments due before the end of 2004. The 420 Monza is a 2+2 seater, mid engine sports car based largely on the existing 360 Modena but powered by a 4.2 litre Maserati engine. Designed to be a volume production sports car, the addition of a small rear seat will enable it to better compete against the Porsche 911 line. Prices have been announced to start at around 190.000 euros. Most shockingly to industry analysts, to reflect Fiat's change in global strategy and the desire to build volume and profitability in the Maserati subsidiary, all 2005 Maserati Coupés, Spyders and the Quattroporte will be branded as Ferraris, complete with the legendary Cavallino Rampante, and the Maserati name will be retired. Ferrari president Luca di Montezemolo stated, "Enzo Ferrari himself authorized the sale of Dinos as 'Ferraris' to increase sales volume and ensure the continued funding of the Ferrari Formula 1 team. In order to afford our F1 'dream team' of Messrs. Schumacher, Barichello, Byrne, Brawn and Todt through 2006, we must generate additional profit from automobile sales. We recognize the power of the Ferrari brand throughout the world, and the appeal to enthusiasts. Accordingly, the sale of these fast, stylish Italian automobiles as Ferraris is entirely appropriate, and we expect that sales and profits will increase by no less than 25-30% per annum over the next two years." _______________ Statements in this news release about the introduction and expectations of the new revised model lineup are made under the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties that could materially affect future results. Among these risk factors are: general economic and business conditions and growth in the flat panel display; the impact of competitive products and pricing; availability of third-party components; loss of significant customers; acceptance of the Company's products; continuation of strategic relationships; and other risk factors and cautionary statements listed in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. These include, but are not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2003.
You got me, LouB! My 575 will be delivered in the next weeks (hope so!) and while reading this, I was near a collapse. In fact I started a reply until I realized the current date. Thank god I did not press the "submit reply" button. Nice work.
haha Dammit, you really got me! i was a little bit shocked when i read this, but it's a really good one!
Hmm... this seems to coincide with their Columbian Marching Dust event held every April 1. Guess the higher energy level brings about such things.
I was wholeheartedly believing it until the next post came into view. I stopped reading before the stuff about Maserati. Man that is just sick. I thought Luca had lost his mind.
Wow, in a way I was disappointed.......about this: I was thinking "yes! They're reintroducing the Mondial" Guess I'll go sulk now..... (good job, had me convinced!)
The Lotus Group has the announcement that Lotus has sold all the Esprit production dies etc. to Kia. I think in the Lambo room the 4/1 post is that a recent Road & Track found that Lamborghinis are better handling cars than Ferraris. Ken
They did for real with the last Elan, why not with the Esprit? I called up my Kia dealer and asked to put on the waiting list. 7 years later and I have not heard back, but I am #1 on their list. Should I ask for my deposit back?
That might be true??? A Kia Esprit....They'll have to solve the problem of no more critical parts, like transmissions for one. Ken
was it not the same issue with the Elan, in that the Isusu engine was going out of production and kia dropped their own / another power plant. Maybe Kia could buy up ferrari 360 running gear to help out the old fiat empire
Kia never made an Elan. The 1991 model also known as the M100 was actually a GM product as GM owned Lotus at the time. Why there was the Isuzu engine I don't know, but that car is the red headed stepchild among Lotus owners. This isn't entirely fair as it's a pretty neat car if a little stubby looking. Ken
that also had me going, good one. The 2+2 modena repleacement had me right pissed off, but, when it was stated that Maserati will have Ferrari badging on their cars, it clicked in my head what day it was.
I bet very few noticed the name of the spokeswoman, Pilar Lofo (aka April Fool)..... Have been lurking here for a few months now and this is my first post. Hoping to land an F-car soon.
My God. I need smelling salts. I think I will sue you over this April Fools joke. There are certain things one does not joke about. LOL
