MARCH 2, 2004
Ferrari reaffirms commitment to the US market
Ferrari may be suffering at the moment because of the weak dollar but the Italian car firm has no plans to change its marketing focus. Speaking at the Geneva Motor Show, Ferrari president Luca di Montezemolo said that nearly 40% of Ferrari sales come from the US and that the company must grin and bear the current situation. Montezemolo said that all of Ferrari's Formula 1 sponsorship deals have been negotiated in dollars, which means that in real terms the team has taken a huge hit in its 2004 budget.
The Geneva motor show also saw General Motors boss Rick Wagoner complaining that the Japanese government's efforts to weaken the yen is unfairly helping Japanese car companies in Europe. Toyota and Honda are winning market share in Europe, increasing their production in Europe and becoming more and more of a force.
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