Ferrari profits from cutting its car sales
Ferrari has managed to lift its revenues and profits despite capping production last year in a bid to keep the exclusive image of its sports cars intact.
The Italian car maker has today posted revenues of €2.3bn (£1.9bn) for 2013, up five per cent, while net profits were up 5.4 per cent at €246m.
Meanwhile the number of cars delivered to dealerships fell 5.4 per cent to 6,922. The UK has overtaken Germany to become the biggest buyer of Ferraris in Europe, with British motorists placing orders for 677 cars.
German sales fell by 100 to 652, while Italians also bought fewer Ferraris. The firm’s home turf is now described as a “marginal market for the luxury car sector”.
The US remains by far the biggest Ferrari market, followed by China.
“This is a very important result that comes as a direct consequence of the huge effort made by everyone. We wanted to maintain a high level of exclusivity, designing amazing products such as the LaFerrari, the 458 Speciale and the just launched California T, the result of significant investment in product and technological innovation,” said president Luca di Montezemolo.
Ferrari was today named the world’s most powerful brand for the second year in a row by Brand Finance – a sign that its picky sales tactics are paying off.
| Ferrari global sales | 6,922 | -5.40% |
| USA | 2,035 | +9.00% |
| Greater China | 700 | -25.00% |
| UK | 677 | "slight rise" |
| Germany | 652 | -13.30% |
| Middle East & Africa | 599 | +8.00% |
| Japan | 380 | +20.00% |
| Italy | 205 | "decrease" |
| Others | 1,674 |