The Italian manufacturer posts a rise in profits even though it is now making fewer cars to maintain brand exclusivity
Matt Burt
11 September 2014

One day after chairman Luca di Montezemolo announced his decision to step down, Ferrari has posted record trading results for the first half of 2014.

The company also confirmed that it will unveil a new limited-edition car in Los Angeles next month, at a special event that is expected to be di Montezemolo's public swansong.

Di Montezemolo said: "To celebrate Ferrari’s 60th year in the USA, we have developed a special car of which just ten examples will be built".

Entitled 'Race Through The Decades: 1954-2014', the event on Rodeo Drive in Los Angeles on 12 October will celebrate 60 years since Luigi Chinetti set up the USA's first Ferrari dealership.

As well as the world premiere of the new car, the celebration will feature a public display of 60 of the most spectacular Ferraris ever assembled and a parade through Beverly Hills.

In the first six months of the year, the Maranello company's revenues were up 14.5 per cent to 1348.6m euros, with net profit improved by 9.8 per cent to 127.6 million euros.

The company also set another new record for its net industrial financial position which stood at 1.594 million euro at the end of June even though product investment remains high.

It delivered 3631 cars to customers in the first six months, which is a drop of 3.6 per cent compared with the same period in 2013.

Ferrari cited the fact that the Ferrari California went out of production, with deliveries of the new California T beginning only in summer as one reason for this, in addition to the strategic policy of capping the number of road cars it will build each year to maintain exclusivity.

It expects end-of-year deliveries to show an increase of five per cent compared with the whole of 2013.

The USA remains Ferrari's largest market and recorded 13 per cent growth compared with 2013, with a total of 1062 cars sold.

A total of 408 cars were sold in Great Britain, which was seven fewer than in the first half of last year. Deliveries to Italian customers rose by 13 per cent to 131 vehicles, although Ferrari's home market accounts for just three per cent of its total global sales.

Sales to China were down from 344 cars in the first half of 2013 to 285 this year, which Ferrari put down to "the impact of the controlled reduction in deliveries".

Di Montezemolo chaired the board meeting that discussed the financial results and said: “It gives all of us here at Ferrari a sense of great satisfaction to continue to achieve record financial results, particularly given that production was limited. I am sure that in a few months’ time, we will be marking the end of a truly extraordinary and unprecedented year".

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Comments
3

11 September 2014
Less for more!

12 September 2014
Less cars more tat!

 

Hydrogen cars just went POP

1 April 2016
Even though this automaker only releases a limited quantity during each car launch, every piece can fetch a hefty sum each. Hence, it is not surprising that the financial results are still positive regardless of the limited number of cars that have been or are being produced. That is the exclusive factor of such a market brand which makes customers remain loyal.

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