With a strong start, Ferrari looks forward to the rest of 2024.
An immense presence in Miami for this past weekend’s Formula 1 Miami Grand Prix, and plenty of other exciting happenings in the beginning of the year, Ferrari has gotten off to a great start for 2024, and the announcement of its financial results for the first quarter of the year prove the same. With an enhanced product line as well, Ferrari has lots to look forward to as the year continues to go by.
With over roughly $1.7 billion in revenue earned in the quarter, Ferrari increased that result by over 10% compared to the same period last year, with 3,560 shipments. In turn, EBIT increased by 14.8% over last year’s Q1 number, with EBITDA increasing by 12.7%. Predominantly, the deliveries during the quarter consisted of the 296, Purosangue, and Roma Spider, all of which saw deliveries ramp up significantly after being introduced to Ferrari’s model lineup.
During the quarter, the 812 GTS and SF90 approached the end of their production runs, while the Portofino M was phased out, and allocations for the exclusive, V12-powered and historically inspired Daytona SP3 were increased. Internal combustion engine-powered models represented 54% of shipments, and hybrid models accounted for the other 46%, interestingly highlighting their increased popularity among Ferrari clientele.
As the year continues, Ferrari anticipates the impact of the recently introduced and exciting 12Cilindri and 12Cilindri Spider models, as well as the signing of the Memorandum of Understanding between Ferrari and SK On to continue their close collaboration for battery technology.
In addition, recent highlights for Ferrari include the announcement that Lewis Hamilton will be joining the Scuderia Ferrari F1 racing team in 2025, and a new F1 partnership with HP. With the rest of the year ahead, the Prancing Horse hopes to race towards new heights as a manufacturer.
