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By Tyler Rampersaud –  July 24, 2024

Ferrari Expands Cryptocurrency Payment To Europe After US...

European customers can now buy a Ferrari with crypto. Less than a year ago, Ferrari launched the ability for its United States customers to pay for their cars with cryptocurrency. Since then, adopting the new and rather futuristic payment form has proven successful for Ferrari and its US-based customers, as the Prancing Horse has announced today that because of said success, the same service has now expanded, launching in Europe, as well. Ferrari will extend its cryptocurrency payment system to European dealers from the end of July. However, the historic supercar manufacturer won’t stop there. By the end of 2024, other countries in Ferrari’s international dealer network, where cryptocurrencies are legally accepted, will adopt cryptocurrency payment. To address security concerns, Ferrari is leaning on the expertise of various companies in the crypto field. In addition, dealers can accept payments without needing to manage cryptocurrency directly, converting it immediately into traditional currency. Ferrari’s partners will be able to verify the sources of crypto transactions and prevent them from being affected by price fluctuations from exchange rates. By now accepting crypto payment in Europe and soon worldwide, Ferrari is leaning into futuristic technology throughout the scope of its brand. View All Ferraris For Sale

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By Tyler Rampersaud –  May 07, 2024

Ferrari Boasts Increased Revenues In Q1 2024

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. View All Ferraris For Sale

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By Tyler Rampersaud –  March 27, 2024

Ferrari & SK On Renew Technological Collaboration Agreement

Ferrari reaffirms its commitment to electrification. Ferrari is one of the most celebrated and historic manufacturers in the automotive world, and one of the most lauded aspects of Ferrari and its lineup of cars is its preservation of a dying breed: the V12 engine. The Ferrari 812 Superfast and 812 GTS, as well as the new Purosangue, are three of the few remaining performance vehicles still powered by a V12 engine, but Ferrari has also showcased an embrace of new innovation, namely electrification, showing off cars powered by V8 and even V6 engines with incredible performance thanks to the help of hybrid system. The Ferrari 296 GTB and GTS, as well as Ferrari’s SF90 Stradale and Spider, are some of the most impressive and innovative cars that Ferrari has made, with hair-raising performance and the combination of gasoline-powered engines and electric assistance for track domination. However, a new announcement from Ferrari reaffirms its commitment towards electrification. That announcement is of the signing of a Memorandum of Understanding between Ferrari and SK On, a Korean EV manufacturer and a pioneer in battery technology for the automotive industry. SK On provides the batteries for the SF90 and 296 models, and with the newly-introduced SF90 XX Stradale and SF90 XX Spider, which are roadgoing models that are focused on delivering ultimate racing performance, SK On’s battery technology contributes crucially to that exact performance ability. WIth a new Memorandum of Understanding signed, the two forces will continue to innovate and impress, pushing the automotive industry as a whole forward. View All Ferraris For Sale

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By Tyler Rampersaud –  February 01, 2024

Ferrari Achieves Record-Breaking 2023 Financial Results

Ferrari crosses 2023’s finish line to a major victory. For the first time, Ferrari’s net profit exceeded 1 billion Euros in 2023, representing a 34 percent increase over last year. This means that 2023 was one of Ferrari’s most successful years ever as a manufacturer, and the recent success has the brand looking very optimistically at the future as it begins to execute its 2024 plans. Vehicle shipments, totaling 13,663 throughout the year, increased by 3.3 percent compared to last year, and that increase is credited to deliveries increasing for the Purosangue, 296, and SF90, and deliveries of the Roma Spider commencing in the fourth quarter of the year. With 11 total combustion engine-powered models, and four hybrid powered models, the distribution of deliveries between the two was 56 to 44 percent respectively, which points to an increasing popularity of Ferrari’s powerful, innovative hybrid offerings. The engines branch of Ferrari’s business, however, took a downturn due to the expiration of its contract with Maserati at the end of last year. Meanwhile, as a manufacturer with a heritage in and dedication to racing, Formula 1 represented one of the most successful aspects of the Ferrari business, with Formula 1 among a group of Ferrari’s efforts that contributed to 81 million Euros of revenues. With plenty of wind in its sails due to its successful 2023 results, the Prancing Horse is looking forward to even more success in the future. View All Ferraris For Sale

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By Tyler Rampersaud –  November 02, 2023

Ferrari's Phenomenal Q3 2023 Surge: Record Profits & Growth

Ferrari continues to anticipate a strong finish to 2023. Ferrari is revving up the luxury automotive industry with another record-breaking quarter. The storied car manufacturer announced eye-popping numbers that have industry watchers and investors equally thrilled. With a net revenue increase of 23.5% to a staggering $1.6 million and an 8.5% rise in total shipments, the Prancing Horse is galloping into an optimistic year-end finish line. This performance isn't just about selling more cars; it’s about selling the right cars. The iconic brand's success is driven by a richer mix of products and an unceasing demand for personalization—proving that when it comes to luxury vehicles, buyers are looking for an experience tailored to their unique tastes. Benedetto Vigna, Ferrari’s CEO, attributes this record quarter to the brand's unparalleled appeal and distinctive experiences offered to their clientele, including exclusive events like the Ferrari Gala in New York and the Finali Mondiali at the Mugello circuit. The third-quarter shipments totaled 3,459 units, a notable increase from the previous year. This includes the robust order book that covers all of 2025. The EMEA (Europe, Middle East, and Africa) saw an 8.3% increase, while the Americas surged by 21.1%, offsetting a slight dip in the Asia Pacific region. Notably, Ferrari's product portfolio has been a significant contributor to these figures. With nine internal combustion engine (ICE) models and four hybrid models, the hybrid deliveries accounted for a lion’s share of 51.0% of total shipments in Q3. This shift towards hybrid technology underscores Ferrari’s commitment to innovation and sustainability—factors that are becoming increasingly important to consumers. The quarter also saw the company focusing on models that drive higher margins. The ramp-up of the 812 Competizione A and the Purosangue, as well as the planned allocations of the Daytona SP3, played crucial roles in this financial period's success. Meanwhile, the F8 Spider is making its final laps before the end of its lifecycle. Financials are just as robust as the car performances, with an adjusted EBITDA of $633 million, a 37.0% increase from the previous year. This has been significantly buoyed by a mix/price variance, showcasing the effectiveness of Ferrari's strategic planning and the continued allure of its high-value models. Yet, not all cylinders are firing equally. The Engines segment witnessed a downturn due to lower shipments to Maserati as the contract nears expiration this year. Nevertheless, the negatives are just a speck in the rearview mirror as the overall financial impact remains negligible. Ferrari's financial income net contributed positively to the tune of roughly $3.2 million, thanks to savvy liquidity management and favorable foreign exchange impacts. Meanwhile, the tax rate remained at a conservative 22%, reflecting the calculated benefits of various tax incentives. As a testament to its financial health, Ferrari's industrial free cash flow stood strong at $320 million, fueled by heightened EBITDA. Even with a disciplined approach to capital expenditure and a challenging working capital environment, the automotive giant managed to sustain a powerful financial position. Looking ahead, Ferrari is revising its year-end forecast upward. This optimistic outlook is underpinned by expectations of a stronger product mix, higher personalization revenues, and continued profitability—despite the headwinds of cost inflation and increased depreciation from the launch of new models. The third quarter of 2023 has not only been about the balance sheets but also about brand partnerships and community engagement. Ferrari's renewal of its multi-year partnership with PUMA, an expanded role as a licensing partner, and successful charity initiatives exemplify the brand's commitment to excellence, community, and innovation. Ferrari’s Q3 results are a reflection of the brand's adeptness at navigating the luxury car market's ebb and flow while maintaining a focus on exclusivity and client-centric experiences. This financial and brand power combination ensures that Ferrari remains not just a car manufacturer but a luxury icon steering towards a bright and prosperous future. View All Ferraris For Sale

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By Tyler Rampersaud –  February 03, 2023

Ferrari Celebrates 2022 Success With $15K Employee Bonuses

Ferrari’s 2022 was great, and celebration is in order. Ferrari is in a transformational period as a brand, and it has proven a successful time for the Prancing Horse. In the brand’s 2022 results report, it saw 13,221 cars be delivered in the year, representing an increase over 2021’s number by 18.5%. On the bottom line, Ferrari’s profit for 2022 eclipsed $1 billion, and net revenues for the year were at $5.5 billion. Better yet: Ferrari says that its order books for the coming year show strong demand, and given the reveals of new Ferrari models throughout last year, that is for good reason. MUST READ: Rosso Corsa: A Look At Ferrari’s Historic Paint The new 296 GTB and GTS, as well as the Purosangue show that Ferrari has big things in store for this year, and in order to kick off a year of further success and celebrate a highly successful 2022, Ferrari, according to a report by Bloomberg, will be awarding 5,000 employees with bonuses of up to roughly $15,000. The numbers prove that Ferrari deserves its place at the top of the automotive totem pole, and as 2023 starts, Ferrari hopes to keep it that way. View All Ferraris For Sale Source: Ferrari, Bloomberg

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By Tyler Rampersaud –  August 02, 2022

Ferrari Enjoys A Strong Q2 2022 And Looks Forward To An E...

Ferrari is strong in every aspect, but especially business. It’s one of the most powerful and recognizable brands in the world, and Ferrari’s success in the first half of this year proves that. Deliveries, revenues, and income are all improved in this period as compared to the same period last year, and with the production of new models coming soon, the future is bright for the rest of the year. MUST READ: The All-New Exclusive NOVITEC Range For The Ferrari Portifino M Deliveries increased by nearly 29 percent compared to the same quarter last year at 3,455 units. Revenues reached nearly 1.3 billion euros, eclipsing last year’s number by nearly 25 percent, and EBITDA followed suit with a 15.5 percent increase compared to last year, with a margin of 34.6 percent that is in line for the target for the year. Despite the discontinuation of the Monza models, Ferrari’s rich product mix offset its loss with increased deliveries and income. The Portofino M and F8 were credited with increasing shipments during the quarter, while the first deliveries of the 296 GTB and an increase in shipments of the 812 Competizione. During the quarter, Ferrari introduced the 296 GTS, giving its new V6-powered supercar a thrilling new top-down experience, the SP48 Unica one-off, the first Cavalcade Icona event, and more recently, Ferrari introduced the 296 GT3 race car, which is slated to take on the GT3 category and succeed the 488 GT3. For the rest of the year, Ferrari continues to have big plans for success as the Daytona SP3 and Ferrari’s first SUV, the Purosangue, are slated to begin production by the end of this year, with deliveries set to commence in 2023. View All Ferraris For Sale Source: Ferrari

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