GERMANY: US downturn would hit Ferrari
Ferrari's sales could suffer next year if the US economy slows down as a result of the recent turbulence in financial markets, its general manager told Reuters on Monday.
But it would likely suffer less from the dollar's weakness against the euro because it had hedged itself, Amedeo Felisa told the news agency's auto summit in Frankfurt.
"Until now it is a tough condition but we are still managing to make money," he told Reuters. "We can reduce the effect of a depreciation of the dollar."
Ferrari had hedged 80% of its exposure to the dollar for 2008 and about a third for 2009, Felisa said. About 40% of its sales are tied to the dollar.
Earlier, at the Reuters Auto Summit in Detroit, top car industry investors gave a grim forecast for the US market next year, with one of them predicting a possible slump in sales to levels not seen in 15 years. The United States is Ferrari's single biggest market.