This suggests that life at the top is not quite as tough as those who reside there would have us believe.
The Italian supercar business had a vintage year in 2007, shifting 6,465 cars (not including those for track use), up 14% on 2006, and turning over 1,668m Euros in the process. But it’s that operating profit figure that is the real highlight, representing as it does a whopping 45.4% increase on the year before. Although some of the more cynical hacks here at MT Towers were heard to mutter 'Italian accountancy' on hearing the news.
According to the official Ferrari news service, ‘brilliant’ sales of two models in particular – the £130,000 F430 and the £180,000 599 – played a large part in the firm’s high octane financial performance. Sales were up most in the booming Asia-Pacific territories, but even old-money markets like the US, Germany and the UK managed high single figure growth. So much for the ‘r’ word. Although sales of both models in the bankers paradise that is the City of London won’t be helped by mayor Ken’s new £25 a day super congestion charge. The 599 in particular has CO2 emissions of almost twice the 226g/km qualifying value.
In comparison with dismal tidings from the blue-collar end of the global car biz – GM’s announcement that it plans to make up to 70% of its US workforce redundant after making a near $40bn loss in the same period – the story is a petroleum-based parable of the global consumer economy.
These days, there are only two kinds of people – the mega-rich and the rest of us. And while the mega-rich’s business interests may be suffering from the effects of the credit crunch, their personal wealth looks to be holding up pretty well. After all, who is the better credit risk – the rich oligarch dropping £200k on a Ferrari without batting an eyelid, or the subprime wageslave scratching around for the deposit on a Vauxhall Nova?