Business is looking good for Ferrari in 2017, profits jumped 24% in second quarter

Article by Christian A., on August 5, 2017

2017 is looking great for Ferrari as they have just announced a 24 percent profit increase in the second quarter of the year. Apart from that, they have also shipped 5.3 percent more cars within the period and recorded €920 million ($1 billion) of revenue. That is 13.5 percent more than last year's figures. The company would like to give thanks to the LaFerrari Aperta and the GTC4Lusso for breaking their own record.

In the second quarter alone, the company shipped a total of 2,322 cars - or 118 more cars from the year before. Another contributor to the profit increase would be the V12 based models, these cars took account for another 36 percent sales increase. Besides the LaFerrari Aperta and the GTC4Lusso, the F12berlinetta and the F12tdf were also some of the faster moving models. If you didn't know, these models have already been phased out as the new 812 Superfast makes its way to the market. Other models from the 488 family, the GTC4 Lusso T from 2016 and the California T, are still going strong.

The company feels that by the end of 2017, they will reach over €950 million ($1.13 billion) in profit, while CEO Sergio Marchionne suggests that it could reach about €1 billion ($1.18 billion). This is possible as the company continues its domination in the Unites States and Australia, as well as with the anticipated success of the new Hong Kong dealership. The US has already seen a 3 percent increase, and a 20.5 percent increase in Australia.

It gets even better from there. Sergio Marchionne has implemented a five-year plan that’s supposed to start next year. This will include a “utility vehicle”, as well as hybrid versions of new and upcoming Ferrari models starting 2019. The said utility vehicle will have the same platform as that of the successor of the GTC4Lusso, paired with an all-wheel-drive setup and a hybrid powertrain. The company’s utility vehicle will probably rival Aston Martin’s DBX or the Lamborghini Urus.

The Italian company is quite confident about their new utility vehicle, as they say that it will more than double the profits of the company by 2022. This may be the FUV that the company recently revealed - yes, the one that looks like an SUV but is not one. Ferrari’s utilitarian vehicle is expected to make its debut by 2021, with a price tag of a little over $353,920 (€300,000). When this model comes out, they expect to sell around 2,000 examples in China alone, and a whole lot will be delivered to the United States as well.

Source: Ferrari

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Topics: ferrari, profit, sales

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