September 18, 2020

The rich continue to order cars from Ferrari | Fortune


T he coronavirus has not shaken the foundations of Ferrari, one of the greatest exponents of exclusivity and luxury. The manufacture and delivery of the cars decreased in the second quarter of the year, at the height of the pandemic, a period in which 1,389 vehicles were dispatched, 48% less than the same period of the previous year, in which 2,671 were delivered cars due to the suspension of vehicle production at the Maranello factories, where the headquarters are located since its foundation in 1947, and in Modena, as well as the closing of distributors in most of the points of sale on the planet.

Net income from April to June was 571 million euros, 42% less than the 984 million obtained in the same quarter of 2019, with a 60% drop in Ebitda, from 314 million euros to 124, According to the results presented this week by the company, in which it details that, for example, the first deliveries of the new generation of sports cars of the house, the F8 Spider and the 812 GTS, were made in the first quarter of the year, while that the family of the emblematic 488 Pista has made the last orders, since this model is nearing the end of its life cycle.

By region, sales in EMEA (Europe, Middle East and Africa) fell by 40.9%, in America they fell by 52.6%, while in mainland China, Hong Kong and Taiwan the percentage fell to 91%, as As a consequence, according to the company, of the anticipation of car deliveries in 2019, in addition to the effects of Covid-19, while in Asia Pacific the drop was 27.9%. Despite this stumble in revenue, the market is rewarding the positive messages the brand just launched.

Image of the F8 Tributo model.
Image of the F8 Tributo model.

That is why the company’s share, chaired by John Elkann, Gianni Agnelli’s grandson, has been listed on Wall Street since 2015, is at all-time highs: this Thursday it closed at $ 186 per share, which represents a total capitalization of $ 34.5 billion. The market reaction is due, in part, to the fact that demand for Ferrari, which has increased in value by more than 257% since its debut on the American parquet floor, remains high and the firm’s order book is full of orders. Once the factories reopened last May 500 cars are being built, which comes to compensate for the vehicles that were stopped being produced at this time.

In the roadmap set for this year, under the leadership of Louis Camilleri, the slowdown, due to the pandemic, is recognized in the production of the SF90 Stradale, the first electric hybrid sports model that the firm launched on the market last year. To this is added that the results in Formula 1 do not accompany and continue to reflect uncertainties with respect to 2020: 13 confirmed races and most of them will be held behind closed doors.

As a great hope and due to the delicate moment that Ferrari is going through in the competition, starting next year, the team, in which drivers Sebastian Vettel and Charles Leclerc race, has signed the Spanish for two seasons Carlos Sainz. Despite this, Leclerc has recognized in an interview to La Gazzetta dello Sport, the current difficulties of the team, in full technical and sporting reorganization: “We are going through a very difficult time, but in 2022 there will be a significant change in the rules and that will be a great opportunity to open a new cycle of success for Ferrari.”

Another relevant fact, well seen by the market, is the certification of equal pay Obtained by applying the same compensation to women and men for equivalent roles and jobs.

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