How Ferrari increased European sales in pandemic year
The 986-hp Ferrari SF90 Stradale is the company s first production plug-in hybrid car.
Ferrari was the only brand in Europe outside of MG Motor to increase sales in 2020 amid the coronavirus crisis, a testimony to the brand s appeal and the resilience of its super-rich customer base.
According to figures from JATO Dynamics on sales in 26 European countries, Ferrari sold 4,196 cars last year, up 9 percent from the 3,862 sold in 2019. At the same time, the overall market in those countries fell by 24 percent to 11.8 million units.
Europe s luxury and premium brands were not spared by the fallout from the pandemic, although many of them outperformed the market.
7 February, 2021
Ferrari gave no indication on Tuesday of who it was lining up to replace Louis Camilleri as chief executive as analysts said the luxury carmaker appeared to be touching the brakes on its profit outlook.
Italy’s ‘Cavallino Rampante’, or ‘Prancing Horse’, forecast that its adjusted core earnings would be between 1.45 billion euros ($1.7 billion) and 1.5 billion euros this year, after falling 10% to 1.14 billion euros in 2020.
John Elkann, Ferrari’s Chairman and acting CEO told analysts it had set up a search committee to identify the right successor to Camilleri, who stepped down in December but provided no further details.
Things don t look good.
Ferrari makes some amazing vehicles, and its brand is known the world over. Cars like the F8 Tributo have made otherworldly performance easier to handle than ever, and with the Italian carmaker expected to reveal an SUV in the near future, you would think that it knows exactly what it s doing. But after CEO Louis Camilleri stepped down back in December, investors and fans have been patiently waiting for his successor to be announced, but with no joy. More worryingly, Ferrari s earnings have dropped 10 percent to €1.14 billion ($1.37 billion) in 2020. So what s going on with the world s most famous automaker?
BW Businessworld
Ferrari Swerves Questions Over New CEO After Profit Slowdown
Car shipments fell back below 10,000 units last year as the group recovered from a seven-week production suspension in early 2020 triggered by the coronavirus health crisis.
Photo Credit :
Ferrari gave no indication on Tuesday of who it was lining up to replace Louis Camilleri as chief executive as analysts said the luxury carmaker appeared to be touching the brakes on its profit outlook.
Italy s Cavallino Rampante , or Prancing Horse , forecast that its adjusted core earnings would be between 1.45 billion euros ($1.7 billion) and 1.5 billion euros this year, after falling 10% to 1.14 billion euros in 2020.