Ferrari Reports Record First Quarter Revenue image

Ferrari reported record revenues for the first quarter, up 8% to 551 million euro ($715 million).

Ferrari also hit record net profit of 54.7 million euro ($71 million), which means an increase of 35.5% compared with the same period last year. Ferrari dealerships received 1, 798 vehicles during the first quarter, an increase of 4%, with the F12 Berlinetta and the 12-cylinder FF being the best-selling models.

One of the automaker’s largest markets is North America which accounted for more than 27% of its sales, which means 492 Ferrari vehicles were sold here, up 9%. Both Japan and Australia reported a double-digit increase and the Far East sold 336 Ferrari units, up 18%. If in Greater China (Taiwan, Hong Kong and the Republic of China) sales were flat, the Middle East saw an increase of 74%. Sales in the company’s home market, Italy, were up 54%.

Earlier this month Ferrari Chairman Luca Cordero di Montezemolo said he plans to reach higher margins without increasing Ferrari’s sales. Montezemolo said that so far this year sales are doing good and that the LaFerrari has been sold out before it was unveiled at the Geneva auto show. But the CEO’s focus is not to increase sales but to increase the company’s exclusivity in order to protect margins and residual values.

Source: Autoevolution