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Ferrari OPTIMISTIC ON MEXICO

exeqfind | 01.07.2013

“Forget the hype about China – Mexico is the next big thing for automakers.  Mexico is the next China,” said Ferrari North America CEO Marco Mattiacci.  Mattiacci’s sentiments were expressed during a panel discussion about the future of the global luxury goods market.  The Ferrari CEO was joined by CEO Jonathan Beckett of Burgess Yachts and Gotham Jets CEO Gianpaolo De Felice.  The panel discussion was held aboard a $40 million yacht KATYA which was berthed in the Hudson River near New York Ci

“Forget the hype about China – Mexico is the next big thing for automakers.  Mexico is the next China,” said Ferrari North America CEO Marco Mattiacci.  Mattiacci’s sentiments were expressed during a panel discussion about the future of the global luxury goods market.  The Ferrari CEO was joined by CEO Jonathan Beckett of Burgess Yachts and Gotham Jets CEO Gianpaolo De Felice.  The panel discussion was held aboard a $40 million yacht KATYA which was berthed in the Hudson River near New York City.

Mattiaci stated that Mexico’s revenue and manufacturing growth wasn’t necessarily tied to Ferrari’s growth there.  He pointed to a broader 13 year expansion in the automotive industry which was driven by dramatic wealth creation, an increased appetite for industry and significant investments from abroad.  He was quoted in a June 5, 2013 Forbes article as saying, “We see indicators that a lot of manufacturing is moving back to Mexico.  The quality of education is absolutely outstanding, and you have a proximity with the US as well.  Plus there has been a change of government.”

The head of Ferrari Luca di Montezemolo announced last year that production would be reduced from 7,318 cars produced in 2012 to less than 7,000 for 2013.  This move means the fabled waiting list for a Ferrari just became longer.  However, wealth creation in Mexico means that exclusivity is now valued more than ever before.

Mattiaci backed this up by saying, “When we launched the new La Ferrari we are positively surprised that sadly we now have on-hand a list of 15 millionaires and billionaires who want to request that car.  I can tell you that in 2003 when we launched Enzo in Mexico, we were not having that kind of request.  That’s a big indicator.”

Warren Carter is an executive search consultant and the practice leader of San Diego, California-based – ExeQfind.   ExeQfind is Mexico’s top boutique retained executive search practice and is a subsidiary of The QualiFind Group. 

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