Nov.5 (GMM) The chief executive of Ferrari's Italian carmaker parent Fiat has survived a high speed crash on a Swiss highway, according to reports.

Sergio Marchionne's Ferrari 599 GTB Fiorano, valued at about (US) $270,000, was travelling at 100kph on the A1 highway on Saturday when it collided with another car.

Media photographs of the scene show heavy front-end damage to the red sports car. The Swiss daily Blick said the Ferrari is too damaged to repair.

Another Swiss daily, Aargauer Zeitung, reported that nobody was hurt.