Ferrari will cut production by at least 4% this year to preserve the exclusivity of its brand but still hopes to increase profits, its chairman said on Tuesday.

Predicting the Italian luxury car maker will continue to flourish while the global economic outlook remains uncertain, Luca Cordero di Montezemolo said that, despite growing sales, production would drop to fewer than 7,000 vehicles.

"The strength not to listen to people who say 'your competitors will benefit from this' is a choice I learnt from (company founder) Enzo Ferrari, who used foresight in enhancing the value of the brand," he said at a press conference. The move was also designed to protect the resale value of the company's cars. Ferrari's entry-level California model starts at €185,000 in Italy, and its top-range 12-cylinder F12 costs €272,000.

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Source: http://www.bdlive.co.za