Ferrari switched to air delivery of supercars assembled to special order to bypass the logistical blockade in the Persian Gulf, according to the Financial Times. The legendary brand was forced to take this step after the region's seaports became inaccessible to vessels due to the US war with Iran.

Details

Ferrari suspended the shipment of most cars to the Gulf countries last week, maintaining only "isolated air shipments" for the most prioritized orders, according to the Financial Times.

If before the war in Iran air delivery cost the company and its clients about three times more than sea transport, now it costs four to five times more, the newspaper claims.

For Ferrari, the personalized car segment is critically important: exclusive equipment and customization services bring the automaker about 20% of its revenue, FT added.

What competitors are doing

British Bentley stated that it is using existing warehouse stocks in the region to fulfill orders placed before the start of the Iranian crisis and is not conducting air deliveries. BMW-owned Rolls-Royce told FT that it is doing "everything possible" to meet the demand of its Middle Eastern clients, but declined to provide details. The Volkswagen Group warned that the war in the Middle East will damage sales of its luxury cars, noting that this region is "significant" for premium brands Porsche, Lamborghini, and Audi.

Former Aston Martin CEO Andy Palmer characterized the situation in the global market as extremely pessimistic: "There is simply no way out. I haven't seen... such a miserable state for every market in a very long time," he noted. And although most manufacturers report no cancellations of already placed orders, industry executives state that no new requests are coming in, FT writes.

"The best market in the world"

The Middle Eastern region is key for luxury car manufacturers, as local wealthy individuals are willing to spend large sums on customizing their cars. Bentley CEO Frank-Steffen Walliser called the Middle East "the best market in the world" in terms of profit contribution. However, he expressed concern about the current state of affairs: "We are very concerned about the situation. Certainly, people in the Middle East have other thoughts at the moment than seeking a new Bentley."

A decline in activity is already noticeable: one European automaker reported that it is suspending plans to open new dealerships in Saudi Arabia due to a drop in showroom attendance in Abu Dhabi. "It has become very, very quiet," acknowledged the head of this European company on condition of anonymity. According to him, reallocating volumes to other markets without losses is nearly impossible: "It's difficult to achieve the same profitability for the business by redirecting cars that would have been sold in the Middle East somewhere else."

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