"No Impact from COVID-19" Ferrari Records Historic Performance Last Year

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Italian supercar brand Ferrari recorded record-breaking performance last year. Despite the global automotive industry's semiconductor supply shortage due to the impact of COVID-19, Ferrari achieved higher sales than before the pandemic without significant damage.

According to Bloomberg and others on the 2nd (local time), Ferrari announced through its performance report that its net profit last year was 833 million euros (approximately 1.13 trillion KRW), a 36.8% increase compared to 2020. This surpasses the 699 million euros recorded in 2019, before COVID-19.

Annual revenue reached 4.3 billion euros, up 23% from the previous year, and the number of completed car sales expanded from 9,119 units in 2020 to 11,155 units last year. This is the largest scale ever delivered by Ferrari, mainly consisting of the F8 product line, Roma Grand Tourer, and SF90 Stradale.

Bloomberg reported, "Despite sluggish electric vehicle sales, Ferrari recorded better-than-expected results in the third quarter," adding, "While other competitors suffered production setbacks due to semiconductor shortages, Ferrari avoided these difficulties."

Benedetto Vigna, Ferrari's Chief Executive Officer (CEO), stated, "With the highest number of orders in our history, we are experiencing high growth in the high double digits compared to the previous year, and orders are continuing through 2023," forecasting that this strong momentum will continue for the time being.

Ferrari also announced plans related to electric vehicles on this day. At present, Ferrari has no plans to release its first fully electric vehicle by 2025. However, CEO Vigna revealed at the earnings announcement that a new strategy including electric vehicle technology will be announced in June as part of achieving full carbon neutrality by 2030. He also added that important technology partnerships will be formed in the near future as the electrification strategy is pursued.

This content was produced with the assistance of AI translation services.