The Power of Ferrari Rises Record-Breaking Year for Luxury Carmaker

The Power of Ferrari Rises Record-Breaking Year for Luxury Carmaker

Ferrari, the iconic Italian luxury carmaker, has achieved a remarkable feat by posting record-breaking results for 2024. The company's net profit surged to an impressive €1.53 billion, marking a significant 21% increase from the previous year.

A Closer Look at the Numbers

Ferrari's revenues reached €6.68 billion, exceeding its own target of more than €6.55 billion. Despite only selling 89 additional cars compared to the previous year, with shipments increasing a mere 1% to 13,752, the company's profit margins remained strong.

The Secret to Success Quality Over Volume

According to Ferrari's CEO, Benedetto Vigna, the key to their success lies in focusing on quality over volume. Quality of revenues over volumes I believe this best explains our outstanding financial results in 2024, thanks to a strong product mix and growing demand for personalizations, he said.

A New Era of Electric Vehicles

Ferrari is also embracing the future by introducing its first all-electric vehicle on October 9th. This move marks an exciting new chapter for the company as it expands its range to include six new models in 2024.

The Power of Loyalty

Interestingly, Ferrari revealed that many of their customers are repeat buyers. In 2024, they sold approximately 81% of their new cars to existing Ferrari clients and 48% to clients who currently own more than one Ferrari. This loyalty is a testament to the brand's commitment to excellence and customer satisfaction.

Regional Performance

Ferrari's sales performance varied across regions in 2024. Europe, the Middle East, and Africa remained the company's main markets, with 6,204 vehicles delivered overall, up 2% on the year. Shipments fell 22% to mainland China, Hong Kong, and Taiwan, but rose by 5% in the Americas and 4% in the rest of the Asia-Pacific region.

A Strategic Plan for the Future

Under its strategic plan adopted in June 2022, Ferrari forecasts turnover of up to €6.7 billion by 2026, fueled by the launch of 15 new models over the 2023-2026 period. This ambitious goal is expected to be achieved through a combination of product innovation and geographic expansion.

Conclusion

Ferrari's record-breaking year is a testament to its commitment to excellence and customer satisfaction. As the company looks to the future, it's clear that its focus on quality, innovation, and loyalty will continue to drive growth and success.

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Edward Lance Arellano Lorilla

CEO / Co-Founder

Enjoy the little things in life. For one day, you may look back and realize they were the big things. Many of life's failures are people who did not realize how close they were to success when they gave up.