Alexandre
Like other carmakers, the Italian brand Ferrari has just published its figures for the first quarter of 2024. As you'd expect, they're good, even if growth seems slower than in previous years.
According to Ferrari, orders slightly down in Q1 2024 vs Q1 2023with 3,560 cars compared with 3,567. This did not prevent the brand from earning a little more money (+10 %) and making more profits, with 352 million euros compared with 297 million for the same period last year. Is Ferrari in control of its orders, or is this an initial stagnation in demand?
| Years | Sales | CA | Benefits |
|---|---|---|---|
| Q1 2024 | 3560 | 1.6 billion | 352 million |
| 2023 | 13663 | 5.97 billion | 1.25 billion |
| 2022 | 13221 | 5.09 billion | 939 million |
| 2021 | 11155 | 4.27 billion | €833 million |
| 2020 | 9119 | 3.46 billion | 609 million |
| 2019 | 10131 | 3.76 billion | 699 million |
Well, if we look in detail, Europe and North America are up slightly, while Asia, and more particularly China, is down by 20 %. According to Ferrari, this can also be explained by end-of-life products such as the Portofino M, which is no longer produced, or the 812 GTS and SF90 Stradale, which are reaching the end of their cycle. According to some analysts, the reason is that Chinese consumers are increasingly looking for electrified products, like BYD's new supercar, the Yangwang U9. As for Purosangue, the order book is still full. To be continued...
It's also worth noting that, while last year hybrid engines outperformed combustion engines, the reverse is true at the start of the year. And it's not Purosangue or the new Ferrari 12 Cilindri which will once again reverse the trend. In the product mix, it is interesting to note that car customization (Tailor Made) increased by 13.5 %. And yes, if you sell more Ferraris, you can't have the same one as your neighbor.
"Our strategy of focusing on value rather than volume continues to bear fruit.
CEO Ferrari Benedetto Vigna
We're still on course for 2024, with sales of over 6.4 billion euros, profitability still at 38 % (as in 2023), and a year-end cash position in excess of 900 million euros. There's no doubt that these targets will be met with the new Ferrari 12 Cilindri and 12 Cilindri Spider, whose prices are on a par with, if not better than, those of the Purosangue. It will be interesting to watch sales. Will Ferrari surpass 14,000 orders this year, or will the new Purosangue be more expensive?