How the West was F1
Austin 2014
US Grand Prix
Uncertain economic times no problem for Ferrari
Scuderia Ferrari
Darren Heath
Posted By: James Allen  |  20 Feb 2012   |  11:07 am GMT  |  39 comments

Ferrari has posted the strongest sales figures in its history, despite the economic squeeze and the worsening euro crisis.

The luxury sports car maker broke through €2 billion in sales for the first time in 2011, reporting a net profit of €209 million. This was on sales of 7,195 cars, the most that Maranello has produced and sold in a year and almost 10% up on the 2010 sales figures.

Interestingly, although the USA remains the leading market, sales in China increased 62% and the country has moved straight into second position. And despite the anxiety in Europe, sales in the UK were up 23% and in Germany were up 14%.

“We can only be satisfied with these results,” – said Chairman Luca di Montezemolo. “They were achieved against an economic backdrop that remains challenging, particularly in Europe. They are the fruit of heavy investment and a culture of innovation that covers all areas of the business. Our international expansion continues and Ferrari today has a network covering 58 nations.”

Ferrari’s F1 team is also in robust shape with long term deals recently renewed with major backers Santander, Shell and Philip Morris.

This contrasts with the picture across the F1 grid where there are clear signs that a significant number of teams are being obliged to prioritise drivers who being budget with them.

Ferrari withdrew from the F1 Teams’ Association in late 2011 in a disagreement over how to police cost cutting measures, but says it remains committed to working with the other teams to control costs in the sport. Red Bull Racing have also taken a similar stance.

The attempts to resolve this and the engagement of the F1 teams in a new Concorde agreement with the FIA and FOM will be one of the main talking points of 2012.

Featured Video
ferhorsepower
Horse Power – Shell & Ferrari’s journey to 2014
Featured News in ferrari
MORE FROM Ferrari
LATEST FROM THE SCUDERIA FERRARI COMMUNITY
Previous
Next
Share This:
Posted by:
Category:
Tags:
39 Comments
  1. Rob Newman says:

    The results clearly shows exactly who is affected by the recession. It is the ordinary mand and not the rich.

    1. Wayne says:

      Yup and money goes to money as Ferrari still get their completely unfair extra ‘allowance’ from CVC as an ‘indispensible’ asset.

  2. Dan Orsino says:

    we’ve had some recent discussions here from a national perspective about Italian drivers, and Ferrari as an Italian team, etc, and here is a piece of news that spells doom for the Italian workforce producing these very desirable cars: because to replicate these kinds of profits in the coming years, the firm will be tempted to lay off these skilled engineers, relocate to china and build the cars there!
    Such is the insanity of globalisation

    1. Kevin says:

      The simple answer is no. Certainly Ferrari might get some bits and pieces made offshore but all current trends would indicate that they would not relocate. Simply because the brand is about itallian heritage, passion and not being value for money. Their profitability does demonstrate some interesting things (anecdotally only) about globalization. Firstly that there is an increasing divide between rich and poor and secondly that nationality still matters. People still want to buy Italian cars because they are Italian. Globalization does exist but is poorly understood and it’s outcomes paradoxical (im wondering if I should write a paper on this…)

      1. Russell says:

        Not here, ha-ha

        Take care Kevin

    2. Tony says:

      You seriously believe they’ll leave Maranello? That factory is a part of the myth and therefore, the marketing strategy.

    3. goodas says:

      Building a Ferrari is a “highly skilled” job and the majority of the work is done by hand and not machine unlike mass produced road cars. Therefore China is not an option, unless of course you want to invest in a fake “Ferrari.”

      1. Andrew says:

        There is a parallel to this with high end racing bikes. Some of the most prestigious names like Colnago, Pinarello and Bianchi are Italian. However, Colnago have started making their cheaper bikes (up to £1000-£1500) in Taiwan in order to compete with the newer Asian brands like Trek and Giant and there is a lot of debate as to whether this detracts from the appeal of the bikes.

        Perhaps Ferrari may go down this route in the future, particularly if the cars are to be sold in Asia anyway.

    4. hero_was_senna says:

      What have you taken? If there is one product being manufactured in Italy that will never be manufactured in the Far East due to costs etc, it’s Ferrari.
      Would be like the British Royal Family relocating to Timbuctoo…

  3. Tifosi numero uno says:

    So all good down at Ferrari, Now lets please win the constructors title. ;D

    1. F1 says:

      Only if they switch Massa for Vettel.

  4. SP says:

    ….and at the root of all of this is one Mr. Enzo Ferrari! In comparison to LDM, I wonder how he would have gone about running the F1 team if he was around today!?

    I don’t know or haven’t read much to know about him so can’t really comment. Anyone with knowledge care to have an input? :)

    Thanks!

    1. hero_was_senna says:

      Enzo Ferrari was only interested in his racing cars, the road car division was run by FIAT, and to be honest, after all the bland managers that ran Ferrari, any tifoso should be eternally grateful that Montezemolo is in control.

      In addition, he would never have allowed Schumacher the control he had over team-mates because Ferrari won races, the drivers lost them.

      Ron Dennis is trying to emulate Ferrari with his road cars now but the actual closest in method to Enzo Ferrari was Frank Williams. All that mattered was the race team. The road cars were only to pay for the motor-racing.

      1. Michael says:

        Dont forget Colin Chapman! The road cars were again a means to an end…to generate funds for Lotus to develop, build and race cars….

      2. hero_was_senna says:

        Good call, another great man.

  5. Lynn says:

    And do nothing for Italian drivers…

    1. hero_was_senna says:

      Why should they? Ferrari are seen as the pinnacle of motor-sport, have been for generations, they don’t develop drivers, they learn their trade elsewhere.
      I’m sorry, most Italian drivers I have seen are missing that final part of the jigsaw to be consistent winners.
      Very fast, stylish, absolutely. But racers? Not one of them.

      1. Doobs says:

        Ferrari can cherry pick the best drivers so not usually used to bed-in new guys. As for Italian drivers, I don’t think they handle the pressure driving for an iconic team. The pressure in the Italian media just too much for them. The best Ferrari drivers are English I think (apart from Schu)

      2. hero_was_senna says:

        Ok, so we have Mike Hawthorn, 58 Champion with 1 win…
        We have John Surtees, 64 Champion, just…
        and Nigel Mansell, who won 3 races with Ferrari in 1989 and 1990.

        Let me see, 1952, 1953 Ascari, (Italian), 1956 Fangio (Argentina), 1961 Hill (U.S), 1975 and 1977 Lauda (Austrian) 1979 Scheckter (Sth African) and 2000 to 2004 Schumacher (German).
        This list doesn’t include Villeneuve or Alesi or Alonso now.
        Problem really is, there hasn’t been a truly “great” Italian driver since Ascari.
        If Senna had been Italian, do you think Ferrari would have snubbed him due to his nationality?
        Why do you think that Ferrari has repeatedly offered Valentino Rossi a seat at Ferrari. Because he’s the only Italian with a winning mind-set in top-level motor-sport

      3. Denis says:

        Maybe that’s Schumacher’s problem nowdays, He’s German and can’t handle the pressure of driving for a German team.

  6. Franco says:

    These figures reported by Ferrari may be turned into a negative as I can see many F1 fans moaning that Ferrari may potentially kick start an arms race as per years gone by especially as they are no longer within FOTA

    For all Max Mosley faults he was spot on in terms of F1 spending.

    1. hero_was_senna says:

      The problem is the medias portrayal of Ferrari.
      The problem is most fans look at Ferrari (as a F1 team ) vs the other F1 teams, see their successful merchandising and sponsorship and how they would be able to out gun anybody in F1.

      Ferrari are a high end brand, but their turnover of 2billion and profit of 209 million is chicken feed against the Renaults, Mercedes and other global manufacturers.
      BMW, Honda, Toyota, Ford (aka Jaguar) and co are all multi billion dollar companies who could easily outspend Ferrari and Mclaren, yet they have all withdrawn because not winning is more expensive to their image than what they spend in running an F1 team.

      Look at Red Bull, this is quoted from their own website:
      http://www.redbull.com/cs/Satellite/en_INT/Company-figures/001242939605518?pcs_c=PCS_Article&pcs_cid=1242937556133

      “A total of 4,204 billion cans of Red Bull were sold worldwide in 2010, representing an increase of 7.6% against 2009. Owing to currency and price factors, however, company turnover increased by 15.8% from EUR 3.268 billion to EUR 3.785 billion.”

      1. [MISTER] says:

        You, my friend, are confused. You are comparing Ferrari, which is a high luxury brand with Ford and Renault which are crap cars, if I might say that..compared with Ferrari.

        Ferrari are not about quantity..is about quality.
        They produce limited number of cars even if demand is much higher. Their cars are sold before they are even manufactured.

        Is like comparing diamonds with ..shiny stones.

      2. I believe his point was that Ferrari don’t make much money compared to a few of the other teams (Mercedes, RedBull, Renault).

      3. [MISTER] says:

        @Shane: yes, that was his point, but how many people does Renault, Mercedes or RedBull employ?

        Ferrari is all about the brand. They could go and open factories all over the world just like the rest, but they don’t. that’s why I said it was..misplaced to compare things like that.

        That’s just how I see things.

      4. hero_was_senna says:

        Thank you Shane, that’s exactly what I meant!

        Ferrari, 7,195.
        Ford in 2010 sold 413,625 F series trucks. This is only a small part of their vehicle production.
        The biggest car companies in the world are GM, Toyota, Ford, VW, Renault/Nissan and they all produce millions of vehicles a year with turnovers of tens of billions.

        I wasn’t comparing Ferrari’s products to the other manufacturers.
        I was suggesting that despite Ferrari’s iconic position in motoring or motor-sport, they are minnows compared to the truly massive corporations.
        My final point was of the wealth of an energy drink company, which is currently dominating F1.
        The point being, their turnover was bigger than Ferrari’s

      5. Lynn says:

        Media portrayal?? Most journalists everywhere including some “seroius” ones love Ferrari.

        Ferrari could have done more for Ita…

      6. [MISTER] says:

        hero_was_senna: Ferrari and Ford are producing different products for different consumers.

        If Ford would produce 400,000 supercars of the same quality like Ferrari and in only one location, just like Ferrari, then you would have a point.

        To me, you are comparring top quality whisky (Ferrari) with beer (Ford). Maybe I look at this in a wrong way…

    2. Simon Donald says:

      It’s all depends on what kind of F1 you want to see. If ou want to see an F1 dominated by three car teams of Ferraris, Mercedeses and Red Bulls and then subservient junior teams like Toro Rosso then let them spend as much as they want. If you want a deep field with good tight racing with teams like Williams, Force India, Caterham, Lotus-Renault and the likes then a spending cap is required. Otherwise, increasingly these teams won’t be able to compete with the big teams and manufacturers for personnel especially technical staff.

  7. goferet says:

    WOW!!! Impressive figures and people say we have a Euro crisis – Nah, try telling that to the 1% whose idea of a crisis is —> Hmm… Oh dear me, which of my sports car do I drive this beautiful day?

    Anyway, Ferrari is doing well for itself & am not sure if the 2010 F1 season in which they almost clinched it has anything to do with these numbers especially in China but now I understand why China’s human rights record doesn’t mean a thing when companies have so much to lose in terms of revenue if they ever dared rock that boat.

    As for the Yankees, my God, is there such a thing as having too much change for it’s really amazing how that land of the brave always tops the list, it’s like some people over there get a brand new prancing horse every birthday/anniversary.

    I wonder though how many cars (if any) get sold in Italia.

    Myself though, am more a Lamborghini kind of bloke so am afraid to say, I won’t be adding to the Ferrari coffers.

    P.s. Taking these Ferrari numbers into consideration, it beyond belief why they would want to leave FOTA just so to get the lion’s share from Bernie again —> Oh yeah, the more you get, the more you want!!!

    Gotta feel sorry for Italian drivers + small teams like HRT must hate Ferrari’s guts to the core.

    1. Doobs says:

      One of Ferrari’s biggest market’s if not THE biggest, is China. Relatively unaffected by global recession, they have many new millionaires who can afford and want the best.

  8. Rich C says:

    By sheer weight of numbers China will shortly come to dominate the world’s ecomedy. And thus buy even more expensive toys. So expect an additional GP there soon.

    1. CartRider says:

      Could be that all of the golden billion will live in China some day..

  9. Chris C says:

    Strange numbers, just 209 mil profit, i.e. 10% profit level for a luxury product. I would expect at least double this figure. Probably Ferrari is a bit weak in operating efficiency

    1. SAJ1000 says:

      The €209m figure is net of all taxes. The actual profit is €312.4m. Their operating margins are therefore c.15%.

      Also, Ferrari continue to invest heavily in R&D – €279m – which obviously impacts margin.

      From reading the full trading statement it is obvious that they are in rude health on the road car side and the F1 team has financial stability to at least 2017. I wish I owned them…

      Now, let’s hope that they can start to get on top of the F2012 in Barcelona so that we don’t have another year of sports drink dominated F1…

      1. Exactly, they are staying true to their roots, which is why people want their cars.

  10. jonnyd says:

    well why would it affect ferrari?
    distribution of wealth has gone massively to the rich over the past 30 years – you’d expect sales of luxury items to increase….

    1. hero_was_senna says:

      I won’t go too far with politics, ethics and history, but wealth has been kept by the rich for milleniums, not just the last 30 years.

      I think the statistic is 5% of the worlds population owns 95% of the world’s wealth.

      We currently hear that India, Russia and China are the fastest developing economies in the world, each of them absolutely huge on a global scale. But I would hazard a guess that the top 5% of each of those countries controls that wealth, not the workers in the fields and factories.

  11. Tay says:

    I think this demonstrates money is necessary, but not sufficient in winning titles.

LEAVE A COMMENT

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Top Tags
SEARCH Scuderia Ferrari
JA ON F1 In association with...
Download the chequered flag podcast today
Download the chequered flag podcast today
Multi award winning Formula One photographer
Multi award winning Formula One photographer