8:22 am, February 3, 2023
Bosses at Ferrari have hailed a ‘remarkable’ year in 2022 with the firm reporting a record-breaking set of financial results.
The legendary Italian outfit saw net profits, sales and revenue go through the roof during a stellar period last year and is expecting more growth in 2023.
Overall, the company saw its turnover rise by 19 per cent to €5.1bn (£4.6bn), which allowed for a bumper net profit of €939m (£840m).
That figure was up 13 per cent on the previous accounting period with shipments also rising to 13,221 vehicles and free cashflow rising by 18 per cent to €758 million (£677m).
The booming sales were largely driven by the entry-level Portofino M GT car and the SF90 hybrid hypercar.
Europe remained the brand’s biggest market – selling 5,958 vehicles – but there was also a 73 per cent rise in China and a 22 per cent increase in the Americas.
Benedetto Vigna, CEO of Ferrari, told investors that the firm is expecting 2023 sales to rise from €5.1bn (£4.6bn) to about €5.7 bn (£5.1bn).
The 53-year-old said the company has a ‘robust’ order book for the next two years and is expecting improved pre-tax profits of up to €1.5bn this year.
He also outlined Ferrari’s plans for electrification and denied claims that the Prancing Horse had been ‘dragging its heals’ over going green.
Benedetto Vigna
Vigna says the company filed four times as many patents last year as it did in 2021 – the majority of which were in relation to electrification.
It has also been working on a distinctive sound for its future EVs and is expecting to be able to mimic the engine notes of its existing cars by 2025.
Following the release of its latest accounts, Ferrari shares rose by 4.8 per cent to close at $265.42 on the New York Stock Exchange last night (Feb 2).
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