Ferrari stays profitable, despite corona
For the second time this year, Ferrari has revised its business prognosis for 2020. It hoped to reach a turnover of €4,1 this year, now expectations are that it will be close to €3,5 billion.
In the second quarter, the sports and luxury carmaker has seen its net benefit fall with 95% to a still positive €9 million. Turnover diminished by 42% to €571 million.
Less benefit, but profitable
“We were expecting this,” says Louis Camilleri, Ferrari CEO, “we are all confronted with a very difficult period.” Despite these meager figures, Ferrari is still expecting an operating margin between 18,5 and 20% for 2020.
Therefore, it will try to recuperate some 500 vehicles from the 2 000 lost because of the factory closing due to corona. A lot of revenue has also been lost in the F1 business because the competition has only restarted recently.
Still on course
Nevertheless, the small Italian manufacturer stays on course. The orders are streaming in (more than in the same period last year), “possible annulations are not significative,” says Camilleri.
In the second half of this year, Ferrari will launch the production of the new SF90 Stradale, postponed because of the corona crisis. This will be the company’s first sporty plug-in hybrid with techniques issuing from the experiences in F1.