Ferrari scores excellent results in 2024 and launches 6 new models this year

On Tuesday, Ferrari raised its targets for 2025 after a bumper 2024 and announced six new models this year, including its first BEV. The iconic sports car manufacturer said it is revising its 2025 targets upward, with revenues above €7 billion, up at least 5% compared to 2024.

2024 was a fantastic year for Ferrari, with “excellent results” exceeding all the targets. Net revenues were €6.67 billion, up 11.8% compared to the previous year; deliveries were 13,752 units (89 more). Operating profit was equal to €1.88 billion, up 16.7%, with an operating profit margin (EBIT) equal to 28.3%, while net profit was equal to €1.5 billion (+21%).

Revenue quality

Benedetto Vigna, CEO of Ferrari: “We are focusing on revenue quality rather than volume. I believe this is the best explanation for the extraordinary financial results in 2024, driven by a strong product mix and growing demand for customization.”

“On this solid foundation, we expect robust growth in 2025, which will allow us to reach the top end of most of our 2026 profitability targets one year ahead of schedule,” he added. “Last year’s results reflect great teamwork across all company areas, essential for a competitive sports season.”

“The desire for progress, which has always characterized us, has led to innovation in infrastructure, with the inauguration of the e-building, and in products, best highlighted by the new supercar, the Ferrari F80.”

“Furthermore, we have focused on innovation in R&D with the new E-Cells Lab, which will further strengthen our electrochemical knowledge to prepare us for the future. And we will talk to you about the future on October 9th at our Capital Markets Day,” Vigna explained.

First EV

Ferrari wants to launch six new models this year, including the Prancing Horse’s first electric car, Vigna added. “This year, we will launch six new models and, among these, the first electric Ferrari about which I can say little, except that it will be fully electric.”

“The presentation will take place innovatively and uniquely at Capital Markets Day on October 9th; that day, there will be a lot of electrons around Maranello,” he added. “We have never talked about electric transition but about addition. We are not leaving something to replace it with another, but we are adding the fully electric traction car to the thermal and hybrid cars. We are proceeding as planned,” he explained.

Vigna announced that the 5,000 Ferrari employees in Italy will receive a competitiveness bonus of €14,400 this year, up from € 13,500 last year. As said, Ferrari’s Capital Markets Day will be held on October 9th, 2025, in Maranello.

In 2024, Ferrari’s deliveries in the EMEA region increased by 141 units; the Americas reported an increase of 192 units, mainland China, Hong Kong, and Taiwan recorded a decrease of 328 units, and the rest of the APAC region reported an increase of 84 units.

The Ferrari Purosangue, Roma Spider, and the 296 GTS drove the increase in deliveries during the year. Deliveries of the SF90 XX family and the 12Cilindri began in the second half, while those of the 812 Competizione A, nearing its life cycle, decreased.

Last year, the Portofino M, the SF90 Stradale, the 812 GTS, the 812 Competizione, and the Roma also reached the end of production. Daytona SP3 deliveries increased year-over-year, which was in line with plans.

Ten internal combustion engine (ICE) models and six hybrid models were delivered in 2024, accounting for 49% and 51% of total deliveries, respectively.

Immune for the crisis?

Every car sold in 2024 produced a €137,000 benefit for Ferrari. The brand proves that car manufacturers can raise their profits without increasing volume. Of course, one has to consider that Ferrari is the brand with the highest income from merchandising its name, with all sorts of accessories produced at reduced costs and sold with incredible margins.

Another explanation for the vast profits is the increased personalization and the relative scarceness of the cars from Maranello. Even fortunate clients have to fight for their spot on the assembly line. And almost no Ferrari comes out of the line without a bespoke and personalized option pack.

Many Ferraris delivered cost more than double their ‘basic’ price tag; some limited series will even cost millions, but their wealthy owners can be sure that they will not quickly lose value, on the contrary.

Ferrari’s stock value rose to €83 billion yesterday, while the shareholders reacted positively (+3%) to the financial results. That’s the combined stock value of VW Group and Stellantis Group. Both produced 1,300 times more cars than the Italians but were struggling to make serious profits last year.

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