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AUTOS: Ferrari Cutting Jobs, Idling Plants
Italian automaker lowers production forecast for 2010; engine orders from Maserati lagging.
SPEED Staff  |  Posted May 12, 2010   Maranello (IT)
Ferrari's 458 Italia helped raise the automaker's sales during 2011. (Photo: Ferrari)
Even Ferrari is feeling the pinch. The acclaimed Italian automaker announced this week that it would temporarily halt production and lay off nine percent of its workforce, Bloomberg news service reports.

The Fiat-owned supercar builder plans to close a factory in Maranello, Italy, for a week starting May 17, idling 600 workers. Ferrari also wants to permanently cut 120 office workers and 150 factory jobs.

Angry union workers walked off the job for four hours on Tuesday when Ferrari made the announcement of the pending job losses as it reduces production targets for 2010.

The temporary factory closure comes because automaker Maserati, also a Fiat brand, has sharply reduced orders for the Ferrari engines that power its high-end automobiles, Bloomberg said in its report. Ferrari built about 4,500 engines for Maserati during 2009, about half what it produced in 2008.

Ferrari said it has lowered its production target for 2010 to 11,000 from the earlier target of 20,000. Ferrari sold 6,294 cars last year.

Ferrari's first-quarter trading profit declined 28 percent this year compared with the first quarter of 2009, the company said April 21. Sustaining the company have been sales of the new 458 Italia, which is priced at about $250,000.

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