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Yes, perhaps hell is freezing over. Despite claiming it has not been effected by the global economic crisis, Ferrari has announced plans to cull around ten percent of its workforce, some 300 employees, as a result of slowing sales and a gradually increasing stockpile of inventory.

This announcement follows Ferrari’s recent reports that November sales figures had dropped from around 600 units to an alarmingly-low 92 units sold worldwide. A 20-day holiday has been scheduled for the Christmas period this year, a first in Ferrari’s history, which is aimed at bringing stock levels back in line with current demand.

Ferrari has rejected implications that it too may be feeling the strain from the global economic fallout, explaining that this is traditionally a slow time of year. It went on to explain that sales of the F430 have naturally been affected by the announcement of the California and the Scuderia Spyder 16M

Given sales of the California and the 16M have not exactly taken off, it is unlikely that the appearance of these two vehicles is entirely responsible for flagging F430 sales figures and stalled V12 sales. It’s far more reasonable to suggest that buyers are in shorter supply and they simply don’t have the cash to splash around. The US, in particular, is suffering a very severe case of collapsed wallet in the stockbroking classes.

Ferrari chairman Luca di Montezemolo has recently trumpeted Ferrari’s plans to reach 10,000 sales by 2010. But, even taking the current two-year waiting list into consideration, at the current rate this figure is looking unattainable. It’s pretty much a sign of the times that manufacturers everywhere are struggling with unsold inventory and taking action to cut costs. Ferrari is no different.