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Volkswagen Golfs beat his Ferrari
Too Many Ferraris
Under Fiat, Ferrari tried to fix its slump by making more cars and sharing parts with Fiat. Production climbed from 2,200 in 1982 to 4,500 in 1991, until demand dried up so much that cars went unsold for the first time and the factory furloughed its workers. That was when Gianni Agnelli called Luca back and told him they were putting Ferrari in his hands.
The Worst Car
Luca called the 348 the worst car Ferrari ever made. It had no personality, no technology, and no power, and it lost to Golfs at stoplights. He had Ferrari's test drivers take a 348 and a Honda NSX around the test track as hard as they could, and the NSX blew the Ferrari away.
Cutting Production
He cut production to 2,300 by 1993, nearly half of the 1991 level in two years. The 348 gave way to the 355, which cost $127,000, was far easier to drive, and made sense for someone who was not a track driver. By 1997 it accounted for 70 percent of sales, and Ferrari's production did not pass 4,500 cars again until 2006.
Why did unsold Ferraris pile up in 1991?
Prices of collectible Ferraris soared in the late 1980s, helped by speculative buying that included heavy demand from Japan during its asset-price bubble. That boom collapsed in 1990 and 1991, and prices of new and used exotic cars fell hard. A recession in many major markets also cut demand for luxury goods. Japan's Nikkei stock index peaked in December 1989 and then fell sharply.
How did the Honda NSX shake up supercars?
Honda introduced the NSX in 1990 as a mid-engined sports car with an all-aluminum body. It was designed to be as easy to drive and as reliable as an ordinary Honda. Ayrton Senna, then driving for McLaren-Honda, tested prototypes, and Honda has credited his feedback with leading to a stiffer chassis.
Why was the Ferrari 355 easier to drive?
Ferrari introduced the 355 in 1994 as the 348's replacement. Its flat underbody improved airflow and stability at speed. Its 3.5-liter V8 used five valves per cylinder, three for intake and two for exhaust, and could rev to 8,500 rpm.
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