Ferrari says to cut 2013 output to preserve brand

MARANELLO, Italy Wed May 8, 2013 8:40am EDT

MARANELLO, Italy May 8 (Reuters) - Italian luxury carmaker Ferrari will cut production to less than 7,000 vehicles in 2013 to preserve its brand exclusivity, its chairman Luca Cordero di Montezemolo said.

Ferrari, owned by Fiat, has no plans for an initial share offering, Montezemolo said on Wednesday.

"The decision we have made to sell fewer cars this year despite stronger sales is due to protect brand's exclusivity," Montezemolo.

Last year, Ferrari sold 7,318 cars. In the first four months of this year, revenues grew 4 percent to 551 million euros.