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Thu 21 Jun 2007 06:26 PM

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Ferrari can't drive in circles

Piero Ferrari says the car maker must be more innovative and rules out an IPO.

Ferrari must be more innovative, Vice Chairman Piero Ferrari said at an event to mark the Italian luxury sports car maker's 60th anniversary, adding the firm is unlikely to sell shares to the public anytime soon.

"It's important that Ferrari doesn't keep replicating itself," Ferrari, who is the son of founder Enzo Ferrari and owns 10% of the company, said on Thursday.

"We're working on various new models," Ferrari told reporters. "I don't want to give any surprises away."

In March, the company said it would unveil a new eight-cylinder model at the Frankfurt auto show in the third quarter and dismissed speculation it would eventually make a smaller, cheaper car.

Ferrari ruled out selling shares in the company, which is 85% owned by Fiat, to the public in the foreseeable future. "We will not talk about it for a long time," he said.

Fiat Chairman Luca Cordero di Montezemolo said Ferrari's 2007 first-half revenues had improved on last year's.

Asked whether first-half sales were higher than the same period last year, Montezemolo said "a lot more".

Ferrari sold 1,596 units in the first quarter, up 26%, thanks to the success of the 599 GTB Fiorano and all of its F430 versions.