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FERRARI CUTS LOOMING.(NEWS)

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| December 15, 2008 | COPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: MICHAEL TAYLOR

The world's most glamorous car company denies it has fallen victim to the global economic crisis, even though it plans to shed up to 10 percent of its workforce this month.

Italian supercar maker Ferrari saw its global sales sink from almost 600 a month to just 92 cars in November, and it is negotiating with Italy's trade unions to trim unwanted road-car production staff. It admitted that it could cut as many as 300 employees as early as Dec. 12.

It also will shut its Maranello plant for 20 days during the holidays, from Dec. 19 to Jan. 7.

Ferrari won its 16th Formula One World Constructors' Championship last month and still boasts a two-year waiting list for its exclusive road cars, ...

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