Everyone wants a Prancing Horse.
With no vacations to take in 2020, many wealthy individuals instead decided to spend their cash on expensive exotic vehicles. Bentley recently posted record profits through the first half of 2021, and during a recent earnings call, Ferrari announced similar success. Ferrari has shipped 2,685 vehicles so far this year, doubling last year s number and increasing 0.5% compared to 2019. Strong demand helped Ferrari bring in 1.035 billion euros ($1.23 billion) in revenue, more than double 2020 s revenue and 5.2% more than 2019.
Earnings before interest, taxes, depreciation, and amortization (EBITDA), the most important financial figure, was 386 million euros ($459 million). This is triple last year s EBITDA and up 23% compared to 2019. Ferrari is hugely successful right now, and we only see this momentum continuing.
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And the product offensive is just getting started.
The Volkswagen Group s electric car renaissance is off to a strong start in the United States with the arrival of the 2021 Volkswagen ID.4 and other EV models from the automaker s luxury Audi and Porsche brands. The VW brand posted its best US sales figures since 1973, and the Porsche Taycan nearly outsold the iconic 911. With an influx of new models, the VW Group has more than doubled its global EV sales from 64,462 to 170,939 units in the first half of 2021.
A whopping 74.9% (128,078 vehicles) of these deliveries were in Europe, where VW Group leads with a 26% EV market share. Another 10.8% of deliveries were in the US, where the group delivered 18,514 vehicles. China was surprisingly smaller than the European and US markets, with 18,285 vehicles (10.7%). VW hopes to increase its sales in China with the three-row ID.6, built specifically for that market.