Ferrari has established itself as a crisis-proof luxury myth.
The Italian firm has not stepped on the brake for a long time.
Neither inflation, nor war, nor bottlenecks in supply chains can with the
The company closed the 2022 financial year with a profit of 939 million euros, 12% more than the previous year;
sold 2,000 more vehicles than in 2021;
and managed to increase its income by 16%, up to 5,095 million.
The market has rewarded these figures: the shares are trading near their all-time high and the company is worth almost 48,000 million euros on the stock market.
Analysts see an investment opportunity in Ferrari shares due to the powerful image of its high-end luxury sports cars.
This makes the company more resilient during economic downturns like the current one.
Furthermore, it is an isolated case in the automotive sector, where most manufacturers, such as Stellantis, have suffered a sharp loss of capitalization.
For Enzo Baglieri, Professor of Economics at the Bocconi University of Milan, these results are the result of "well-planned actions" and a powerful business strategy that has been consolidated for decades and that has allowed the leap from "a family-sized company to a global signature.
As keys to success, Baglieri cites the "hiring of high-level leaders",
the "industrial investments" or a "studied production structure" that is supported by a powerful own assembly line, capable of responding to high demand.
This expert also highlights the "extraordinary benefits" of red bullets, beyond the image.
"The consumer expects performance and high technology, in addition to the horse in the logo, he wants the horsepower of the engine," he adds.
Ferrari is confident that the 2023 financial year will be even more positive thanks to the launch of new models.
The firm based in Maranello (Italy) will place four brand new models on the market, in addition to the new four-seater Purosangue with a price of 390,000 euros that will begin to be delivered in the second quarter and that will considerably increase its customer base.
The demand for this car is such that the company has closed its order book and has established waiting lists that last two years.
While Ferrari sells some 13,000 vehicles per year, some estimates put the demand at between 30,000 and 40,000 cars.
Angelo Meda, financial analyst and head of research at Banor Sim, highlights the example of the successful Purosangue, with an expected production of around 3,000 copies per year, compared to 5.
“This gives total security when selling what is produced, there is no need to produce to have stock.
In addition, there is a black list of those who cannot buy a Ferrari to avoid behaviors that are detrimental to the image;
we know that rapper 50 Cent, Kim Kardashian, Justin Bieber are in it… All of this reflects the incredible strength of the brand”, says the analyst.
And Meda adds: “This strength translates into an average sale price of more than 300,000 euros [the cheapest model is sold from 254,000 euros];
although there are manufacturers with even higher prices (McLaren, Bugatti…), none of them exceeds 5,000 units, which makes Ferrari a unique company capable of having volumes above a significant threshold for a high average price”.
Baglieri believes that increasing production has been a wise move, especially to conquer strategic emerging markets.
“Before, Ferrari did not produce more than a certain number of cars, today it has exceeded those limits and has left behind that historical orthodoxy in terms of having the number of products on the market under control.
That strategy was correct from the point of view of exclusivity, but in a global market, the brand must face a higher demand”, he says.
And he points to the firm's success in the Asian market, where it grew considerably last year.
In mainland China, Hong Kong and Taiwan its turnover increased by 72%, while in Japan, Singapore, Indonesia, South Korea, Thailand, India and Malaysia it grew by 17%.
Decarbonization is the great challenge of the next decade.
Benedetto Vigna, Ferrari CEO since 2021, leads the brand's transition to electric cars.
According to his plans, the first fully electric car will arrive in 2025, although Ferrari already has three hybrid models, which in 2022 represented 22% of sales.
Vigna has extensive experience in the technology sector and has spent almost his entire career at STMicroelectronics, as an expert in microsensors.
Maintaining the characteristic roar of its engines, tuned to detail as a piece of music and a fundamental part of the driving experience, and at the same time being sustainable is a titanic goldsmith's job for the firm.
Vigna has ensured that the first electric vehicle will be "an authentic Ferrari" and will maintain its unique sound.
The house is already patenting a system that reproduces the noise of combustion engines in electric vehicles.
“Today's Ferrari buyer wants engine roar and performance.
With the electrification of the engine, we risk losing the emotional part of driving a Ferrari.
We will see what the company manages to create, thanks also to its experience in Formula 1”, says Meda.
Gabriele Grea, a professor at the Bocconi University of Milan, points out the mandatory electrification of the industry as a challenge, since the EU has banned the sale of combustion cars from 2035: "Ferrari will enter a market with new competitors, some of them already consolidated, like Porsche, and with a totally different strategy: they buy technology instead of developing it as Ferrari does;
they could be faster launching models”, warns the teacher.
For now, the mythical horse is still running amok.
There is nothing stopping it.
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