Italian luxury carmaker Ferrari announced they'll cut production to less than 7,000 vehicles in 2013 to "preserve its brand exclusivity."
Ferrari, owned by Fiat, has no plans for an initial share offering, chairman Luca Montezemolo said this week according to Reuters.
"The decision we have made to sell fewer cars this year despite stronger sales is due to protect brand's exclusivity," said Montezemolo.
The last time that Ferrari, known for models like the 12-cylinder F12 Berlinetta, purposely sold fewer cars was in 2003.
The company said that they have a policy of selling fewer cars than the number of orders it receives according to Montezemolo. Demand for high-priced, high-performance cars is growing around the world, especially in markets like China.
Ferrari unveiled the $1.32 million LaFerrari hybrid model at the Geneva car show in March, and is hoping to boost profitability with high-end, customized version of its vehicles while holding back on their availability.
Ferrari plans to hire 250 workers in 2013, and sold 7,318 cars in 2012 according to Montezemolo. In the first four months of 2013, revenues grew 4 percent to 551 million euros according to Reuters.
Montezemolo made clear this week that Ferrari would never break from the tradition of powerful gasoline engines, no matter the pressure from other companies.
"We will never manufacture an electric car as long as I'm chairman," said Montezemolo according to Yahoo.
Of all Fiat vehicles, Ferrari is one of the only companies that is currently making money according to the Wall-Street Journal.
IHS Global Insight predicts the market for luxury cars to grow from 26,000 vehicles in 2012 to 32,000 in 2017, with less than half of the total made up of high-performance cars like Ferrari.
Related Articles:
105-Year-Old Bacon Woman: Is Eating Pork The Secret to a Long Life? (VIDEO)
Texas Explosion Cause: Ammonium Nitrate Triggered Blast at Fertilizer Plant That Left 14 Dead (VIDEO)
Driver 'Didn't Do Anything' to Help Passengers Claims Limo Fire Survivor (VIDEO)
Tesla CEO Elon Musk Talks With Google About Driverless Electric Cars (VIDEO)
BMW Recalls 220,000 Vehicles Globally for Faulty Passenger Airbags
See Now: OnePlus 6: How Different Will It Be From OnePlus 5?
