The importance of Ferrari winning Formula 1 races and championships cannot be underestimated, boss Sergio Marchionne has declared, claiming the company is only defined by its ability to race.
Marchionne took the reins at Ferrari from Luca di Montezemolo last year in addition to his role as head of Fiat Chrysler Automobiles. Marchionne’s desire to reverse the F1 team’s ailing fortunes was understood to be a key reason behind the switch.
Ferrari has not won a race in F1 since early 2013. This compares to the ever-improving fortunes of the road car division, which in 2013 recorded an increase in revenue of 5% year-on-year to £1.885 billion. Trading profit was £299.5 million and its net profit £201m for the year.
Marchionne, speaking at the recent Geneva motor show, said “there was nothing else like Ferrari” on the market.
“A comparison to any other brand is irrelevant,” he said. “At the heart of our brand is racing. This is not an accident, we’re not Aston Martin.