News
Despite Lower Deliveries, Ferrari Still Smiles To the Bank
In a struggling automotive world, Ferrari is in good health with profits increasing, despite slightly lower deliveries. The crisis? Where?
We’re not going to go back over factory closures, both at equipment suppliers and at car manufacturers. Nor over wage cuts. Nor even over the sales figures for 2024, which are looking grim – to put it mildly – at many manufacturers. But rest assured, if you were ever wondering how Ferrari is doing in this ambient slump, know that the Prancing Horse has never stood on its two hind legs so well. In this period of financial results announcements, following the closing of the third quarter, the Maranello firm announced on Tuesday, November 5, a 7% increase in its net profit for the quarter. And this, even though car deliveries have slightly decreased.
Sharp drop in sales in China
Thus, in the third quarter, Ferrari deliveries decreased by 2% to 3,383 units worldwide. In China, as for most manufacturers, the drop is spectacular, at -29%. With a profit of 638 million euros for the period July-September, in line with what was expected, the Italian manufacturer confirmed the forecasts it had communicated last August for the whole of 2024, namely a profit (before taxes, duties, etc.) of at least 2.5 billion euros.
In detail, if Ferrari is in such good shape, it is already because the purchasing power of the wealthiest people does not seem to be as impacted as that of the rest of the population. But it is also and above all due to Ferrari’s strategy, with a rather wide range and new models. And a customization offer that continues to make customers spend more and more and allows them to increase profits.
A V12 that fills the order book
Far from the problems of the transition to electric that generalist manufacturers are encountering, and even if Ferrari intends to go there too, it is rather the 12-cylinder cars that continue to do good for the brand. In particular thanks to the success of the Daytona SP3 (at 2 million euros). Or the new 12Cilindri, launched last May and whose orders allow Ferrari to have “exceptional visibility of the order book until 2026”, as explained by Benedetto Vigna, CEO of the brand.
