KUALA LUMPUR: Naza Group has lost another crown jewel, this time the Ferrari distributorship, after the Italian sports carmaker decides to end their partnership that strecthes from 2008.

Ferrari S.p.A confirmed on Wednesday the cessation of the distributorship contract with Naza Italia Sdn Bhd effective from April 8.

A Ferrari spokesperson said the decision reflected the desire to refresh the Prancing Horse brand representation in Malaysia.

Naza Italia would continue to fulfill its responsibilities to customers for sales and aftersales activities until a new partner was confirmed, Ferrari said in an email to NST Business.

The company also said it would establish a point of contact for sales and aftersales-related issues for its customers during the handover period.

Acknowledging Naza Italia's contribution towards the success of the brand here, Ferrari said: "Ferrari is committed to Malaysia, and will continue to meet strong demand in the local market and closely engage with its customers there."

Naza Group, when contacted, said it would not comment on the matter other than that the decision was mutual.

The company said it would release an official statement soon.

The Ferrari loss is the latest setback for the family-owned Naza Group, which is now run by the late founder Tan Sri SM Nasimuddin SM Amin's children. Nasimuddin passed away in May 2008.

Since 2020, the group has been talking about the Naza 2.0 transformation plan with a centralised structure across four verticals - property and construction, asset management, automotive and other businesses.

The group's bread and butter used to be the import and distribution of Kia, Peugeot, Naza, Maserati and Ferrari cars, and the operation of Mercedes-Benz and Chevrolet dealerships.

Before Ferrari, Naza Group had ceased its business with Chevrolet, Koenigsegg, Kia and Peugeot.

The latter two brands are now represented by Bermaz Auto Bhd.

The group also lost Harley Davidson, Vespa, Aprilia, Indian and Victory motorcyle franchises.

Its remaining automotive distribution businesses are Maserati, Ducati and Suzuki.

Naza Group still has the Mercedes-Benz dealership business through NZ Wheels Sdn Bhd, which is also the sole importer of offcial CBU Mercedes-Benz models in Malaysia.