Ferrari profits hit new record, despite fewer sales

Ferrari's assembly line in Maranello, Italy Ferrari has reduced the number of cars sold to maintain their exclusivity

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Italian supercar and Formula 1 racing firm Ferrari has reported record profits in 2013, despite selling fewer cars than the year before.

The company made net profits of 264m euros ($363m; £217m), up 5.4% on 2012.

That was despite the number of cars delivered to dealerships falling by about 5% over the year to 6,922.

Ferrari said it had decided to reduce the number of cars sold, to maintain the brand's luxury status and increase the cars' value.

As a result, the firm says, revenues rose by 5% over the year to a record 2.3bn euros.

"We wanted to maintain a high level of exclusivity, designing amazing products such as the LaFerrari, the 458 Speciale and the just launched California T," said Ferrari's president, Luca di Montezemolo.

The company said the UK had now overtaken Germany to become its strongest market in Europe, with 677 sales over the year.

However, sales in Italy fell again, to just 205 orders. Ferrari says its home country is now a "marginal market for the luxury car sector", representing less than 3% of the company's global sales.

The US remains Ferrari's biggest market, with more than 2,000 deliveries last year - an increase of about 9% on the previous 12 months.

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