The European debit crisis is crippling automakers and consumer spending, but doesn't appear to be affecting Ferrari as Chairman Luca Cordero di Montezemolo has revealed they are on track to post record sales for 2012.

The European debit crisis is crippling automakers and consumer spending, but doesn't appear to be affecting Ferrari as Chairman Luca Cordero di Montezemolo has revealed they are on track to post record sales for 2012.

Despite the obstacles, Ferrari sales are up 7 percent, to 3,664 units, for the first six months of the year. This is due, in large part, to sales of V12 models which skyrocketed a whopping 66 percent. The boost helped to raise Ferrari's operating profit to €152 ($191 / £121) million - an increase of 13 percent.

The profits will help offset the development of the turbocharged 1.6-liter V6 engine that will be used in the 2014 Formula One racing season. Nothing is official, but analysts estimate its cost at €40-60 ($50-75 / £32-48) million to develop.

 

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