Ferrari Feels the Pinch, Cuts 10% of Jobs

The global economic crisis has hit home in Italy, apparently, as Ferrari could cut up to 300 workers this week,. That would be about 10% of its employees, and all the cuts would come from the road-car manufacturing side of the business.

Britain's Autocar magazine reports that Ferrari says it's not having a sales crisis, despite the fact that sales have dropped like a stone from nearly 600 cars a month to 92 in November. It'll also shut down the Maranello factory for 20 days over Christmas, which Autocar calls "unprecedented." This probably means that Ferrari head Luca di Montezemolo's goal of 10,000 cars sold in 2010 is going to be a bit harder to reach.

Image by Marcus Q.