Car-makers from Toyota to General Motors and Jaguar to Bentley are paring down production to prepare for the onslaught of the economic meltdown.
But Maranello's Prancing Horse is still cheerfully bullish, on the back of its newly unveiled California coupe-cabriolet, a model slated to be its new volume seller.
At a press presentation last week, Ferrari said it will produce 2,500 Californias next year. That is nearly 40 per cent of its total output last year.
The car is priced at ¥179,000 (S$340,000), or slightly lower than the current volume seller: the F430, which goes for 'more than ¥180,000'. Singapore prices for the F430 hover around S$830,000.
Whether the California will cannibalise on sales of other Ferrari models or garner conquest sales from the likes of Aston Martin, Bentley and Porsche remains to be seen.
Despite its superlative performance (0-100kmh in under 4 seconds and top speed of 310kmh), Ferrari is pitching the California as an 'everyday car'.
Indeed, the car is easier to get comfortable in than the F430 and feels no more demanding to drive than a family sedan. The convertible hardtop sees that it can be used in rain or shine while the boot accommodates briefcases and even the odd overnight bag. It even has a pair of tiny seats in a rather cosy second row.
Curiously, in the light of weakened buying power from the United States (traditionally Ferrari's biggest market), California customers are expected to come from emerging markets such as China and India.
Ferrari's performance in the first nine months of this year remained rosy. It delivered 5,026 cars to customers, 2.6 per cent more than the same period last year. But observers reckon the American financial tsunami that began to spread across the world from last month will dampen demand for high-end goods and services.
In Australia, the California, which was unveiled at the Sydney Motor Show last month, has been hit by an undisclosed number of order cancellations. And in Singapore, initial bookings of about 120 have reportedly been halved.
Singapore Ferrari agent Hong Seh has not been contactable for comment.
Meanwhile, Ferrari Asia-Pacific spokesman Matteo Bonciani dismissed talk that changes are afoot for the importer in Singapore. For several months now, the motor industry has been rife with speculation that Ferrari would do what it did in Japan in July - take over as its own importer.
Rumours intensified when Hong Seh, which has been representing Ferrari since 1984, started a firm to represent Dutch supercar brand Spyker.
'There is no change,' Mr Bonciani said. 'Singapore is not comparable to Japan, which is our most important market in the region.'
In the first nine months of this year, Hong Seh sold 42 new Ferraris, two more than the corresponding period last year. Its archrival Lamborghini sold 37 cars in the January-to-September period, versus 29 same time last year.
The first California is expected to be put on the road here in the second half of next year.
Additional reporting by Christopher Tan
This article was first published in The Straits Times on Nov 8, 2008.
