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Ferrari to limit 2013 car sales to protect brand image

Ferrari Chairman Luca Cordero di Montezemolo puts the brake on sales, vowing to sell ‘less than 7,000' cars.

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A Ferrari F12 berlinetta car is displayed during the media day of the 2012 Beijing International Automotive Exhibition at Beijng International Exhibition Center. (Lintao Zhang/AFP/Getty Images)

Italian luxury car manufacturer Ferrari has announced it will sell fewer cars in 2013 to preserve the exclusivity of its brand.

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Unit sales “will be less than 7,000," Chairman Luca Cordero di Montezemolo told reporters at Ferrari's headquarters near Bologna, according to the Wall Street Journal. "We want to avoid the risk of injecting too many cars in the market.”

In 2012, the company sold a record 7,318 cars, five percent more than in 2011.

For the first quarter of this year, sales were up four percent, putting the company, which is owned by Fiat SpA (F.MI), on pace to sell 7,192 cars by year’s end, AutoWeek reported.

However, sales of the cars, which cost 185,000 euros to 272,000 euros, will be scaled back for the rest of the year, di Montezemolo said.

"The strength not to listen to people who say 'your competitors will benefit from this' is a choice I learned from (company founder) Enzo Ferrari, who used foresight in enhancing the value of the brand," di Montezemolo said, according to Reuters.

Di Montezemolo also noted other steps the company is taking to remain exclusive. He said the company would not add sedans or sport utility vehicles to its line.

And, he added, as long as he is chairman, "we will never manufacturer an electric car.”

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http://www.globalpost.com/dispatch/news/regions/europe/italy/130508/ferrari-limit-2013-car-sales-protect-brand-image