The future is darkening for Ferrari. The Italian manufacturer with the image of the prancing horse has just revised for the second time in less than three months its sales forecast for 2020. Before the pandemic, Ferrari expected to reach 4.1 billion euros this year . In May, its leaders estimated that the turnover would be between 3.4 and 3.6 billion euros. Now, they are targeting 3.4 billion euros, against 3.8 billion in 2019. In the second quarter, the luxury car brand saw its net profit fall by 95% and remain positive at 9 million euros. Revenue fell 42% to 571 million euros.
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“ As expected, our second quarter results were weak, but honestly, they are in line with our expectations. They reflect the very difficult time we are all facing, ”commented Ferrari boss Louis Camilleri. Despite these poor figures, Ferrari expects to achieve an operating margin of between 18.5 and 20% in 2020.
The order book is stronger than last year at the same time and cancellations "are not significant"Like all manufacturers, Ferrari suffered from the shutdown of production and the closure of its distribution channels. Its industrial plan provides for the recovery of around 500 vehicles out of the 2,000 lost during the suspension of production. Ferrari also lost the income related to its activity in Formula 1 due to the late restart of the season. Competitions could be canceled.
But the Italian manufacturer remains in the race. The order book is stronger than last year at the same time and the cancellations " are not significant ", assures Louis Camilleri. In the second half of the year, Ferrari will launch production, delayed due to the crisis, of its new model, the SF90 Stradale, its first plug-in hybrid sports car.