Ferrari Deliveries +21% In Q-3, Target 9,000 Annual Figure By 2019
Ferrari’s (NYSE:RACE) listing on the NYSE on 21 October went off very smoothly, with the company’s share price opening at 53 and almost immediately rising to 60. Since then the share price has settled with the share price closing yesterday at 51.02.
Notably some Ferrari fans are concerned the brand may start to lose its exclusivity now that it has public shareholders to please.
The firm’s new Chairman, Sergio Marchionne, has been talking about boosting production above the annual 7,000 limit imposed by predecessor Luca di Montezemolo, and he reaffirmed this to analysts this week stating that he expects production to reach as much as 9,000 units by Y 2019 and that it will take a few years “to determine the natural limits of the brand.”
Speaking of the brand (the World’s #1), Mr. Marchionne also said he sees Ferrari a luxury goods brand, not that of a pure carmaker.
Deliveries of Ferraris are already up substantially this year.
The company has reported 1,949 delivers in Q-3 of Y 2015, or + 21% on the same frame a year ago. This has seen a substantial rise in profits with the company reporting $99.7-M net profit for Q-3, up 62% Y-Y.
Ferrari says it is on track for approximately 7,700 deliveries this year.
While most markets saw deliveries rise. It appears Ferrari has been affected by the slowdown in China, with its deliveries for the “Greater China” region reported to have fallen 24% Y-Y.
Ferrari pointed out that deliveries of its 12-cylinder models are down 17% Y-Y, explaining that these models, the FF and F12 Berlinetta, are now at or approaching their 4th year on the market and are thus due for a mid-cycle update.
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