Currently reading: Ferrari 458 'will defy recession'
Company boss bullish despite falling revenues

Ferrari boss Amedeo Felisa has predicted the new Ferrari 458 Italia will help the company defy the recession.

Talking after announcing revenues down eight per cent year-on-year in the first half of 2009, Felisa, Ferrari's chief executive, said: "The world economy is not in good shape, and for sure we are losing customers because the crisis is affecting their business. But a new product is a good way to face the crisis, and to keep on producing quality goods."

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Ferrari had revenues of 891 million euros (£761m) in the first six months of 2009 and a trading profit of 124m euros (£106m).

Felisa also spoke out against the manner in which Formula One's governing body, the FIA, had tried to cut the costs of competing in the sport.

He said he was in favour of reducing costs, but "not at the expense of the essence of Formula One, which is technology."

He added: "Racing is part of the business model of Ferrari. For us it is an investment, not a cost. If racing was just a way to advertise, we wouldn’t want to be part of it, so you have to keep the heart of racing in technology."

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