The coronavirus has not shaken the foundations of Ferrari, one of the greatest exponents of exclusivity and luxury. The manufacture and delivery of the cars decreased in the second quarter of the year, at the height of the pandemic, a period in which 1,389 vehicles were dispatched, 48% less than the same period of the previous year, in which 2,671 were delivered cars, due to the suspension of the production of vehicles in the factories of Maranello , where the headquarters are since its foundation in 1947, and in Modena , as well as the closure of distributors in most of the points of sale on the planet.
Net income from April to June was 571 million euros, 42% less than the 984 million obtained in the same quarter of 2019, with a drop in Ebitda of 60%, from 314 million euros to 124, According to the results presented this week by the company, which details that, for example, the first deliveries of the new generation of in-house sports cars, the F8 Spider and the 812 GTS, were made in the first quarter of the year, while that the last orders have been made from the family of the emblematic 488 Pista, as this model is nearing the end of its life cycle.
By region, sales in EMEA (Europe, the Middle East and Africa) fell by 40.9%, in America they decreased by 52.6%, while in mainland China, Hong Kong and Taiwan the percentage fell to 91%, as consequence, according to the company, of the anticipation of car deliveries in 2019, in addition to the effects of the Covid-19, while in Asia Pacific the drop was 27.9%. Despite this stumbling block in revenue, the market is rewarding the positive messages the brand has just released.
That is why the company's stock, which is chaired by John Elkann, grandson of Gianni Agnelli, has been listed on Wall Street since 2015, is at historical highs: this Thursday it closed at $ 186 per share, which means a total capitalization of $ 34.5 billion. The market reaction is due, in part, to the fact that demand for Ferrari, which has increased in value by more than 257% since its debut on the American parquet floor, remains high and the firm's order book is full of orders. Once the factories reopened last May , 500 cars are being manufactured , which compensates for the vehicles that were discontinued at this time.
In the roadmap set for this year, under the leadership of Louis Camilleri, the slowdown, due to the pandemic, is recognized in the production of the SF90 Stradale, the first electric hybrid sports model that the firm launched on the market last year. To this is added that the results in Formula 1 do not accompany and continue to reflect uncertainties regarding 2020: 13 confirmed races and most of them will be held behind closed doors.
As great hope and due to the delicate moment that Ferrari is going through in the competition, starting next year, the team, in which the drivers Sebastian Vettel and Charles Leclerc run, has signed for two seasons the Spanish Carlos Sainz . Despite this, Leclerc has acknowledged in an interview with La Gazzetta dello Sport , the current difficulties of the team, in full technical and sports reorganization: "We are going through a very difficult time, but in 2022 there will be a significant change in rules and that will be a great opportunity to open a new cycle of successes for Ferrari ”.
Another relevant fact, well seen by the market, is the certification of equal pay obtained by applying the same compensation to women and men for equivalent roles and jobs.
