Ferrari looks at layoffs, cuts back production

We guess it's not all GTOs and 458 Italias. The word out of Italy is that Ferrari is looking at cutting production and eliminating 9 percent of its workers after sister company Maserati cut engine orders.

Ferrari made only about 4,500 engines for Maserati last year, compared with nearly 9,000 in 2008.

According to Automotive News Europe, workers walked out for four hours on Tuesday because Ferrari wants to cut 120 office positions and 150 factory jobs.

Ferrari plans to close its Maranello, Italy, plant for a week starting on May 17, giving about 600 workers the week off. Ferrari employs about 3,000 people.

Ferrari also is cutting 2010 production to 11,000 cars, from 20,000. The company claims it is focusing its money on product development, technological innovation and reaching new customers, although Ferrari's first-quarter profit was down 28 percent.

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