Ferrari breaks another record – but this time, it’s not on the racetrack
2017 was a record-breaking year for iconic supercar maker Ferrari. The company saw its sales and profits soar, as it produced more of its ultra-exclusive cars, came round to the idea of an SUV, and even discussed electrification!
In 2017, the company increased the number of cars it shipped to 8,398 – a 4.8% increase from the previous year. That brought in €3,417 million in net revenues, and €537 million in profit. It’s yet another chapter in what has been an incredibly successful – and, for shareholders, rewarding – story since Ferrari‘s spin-off from Fiat Chrysler two years ago.
Ferrari shares have risen almost 20% already this year!
SOURCE: Yahoo Finance
The man responsible for this on-going “good news” story is Sergio Marchionne. However, Mr. Marchionne won’t always have his hands on Ferrari’s wheel, as he’s set to step down as CEO in 2021. We heard a lot from Marchionne last year, and he’s not keeping quiet now.
Speaking about the results, Marchionne said that Ferrari was approaching a “resistance level” in the number of cars it could produce before damaging the brand’s notorious exclusivity. He also talked about the (possibly) upcoming SUV that has been the source of so much discussion recently.
He said that the vehicle – if it ever comes to market – will embody the “Ferrari style for the selected few.” And that its claim to fame would not be “being able to climb rocks.”
As to the possibility of an electric supercar? Marchionne, who was long an opponent of the trend, has recently come around. He told reporters:
"Whenever Ferrari does express itself in a fully electric vehicle, it will do so by making sure that both sound and handling are reflective of Ferrari’s heritage. What is already on the market falls substantially short of that."
Dominion holds Ferrari in its Global Trends Luxury Fund.
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