The company says that while the luxury sports car market collapsed by 35% in 2009, Ferrari’s market share rose to 10%, making it the leading manufacturing in the segment. The Italian company says it is also set to invest 18.5% of its revenues in new products, a very high proportion for the car industry.
Ferrari bosses also make the point that the company can self-finance new products, unlike Aston Martin, which is thought to be preparing to float on the stock market to raise funds. Ferrari made an operating profit of €245m (£212m), down from last year’s record €341m (£296m), a return on sales of 13.8%. Profits were hit by the weakness of the U.S dollar.
Ferrari sold 1,467 cars in North America last year, down 200. European sales hit 2,752 units, down 6%. Italy (655 cars) and Germany (644 cars) are the biggest EU markets. Asia Pacific markets took 1117 cars. 60% of Ferrari California customers are claimed to be new to the brand. Ferrari’s branding and merchandising operations are also booming, with retail sales up 22.5% mostly thanks, it says, to the opening of the Ferrari retail store in Regent Street, London.
Ferrari chairman Luca di Montezemolo said, "Achieving these results in such a challenging economic climate is the best possible endorsement of the quality and the commitment of all the people of Ferrari and of our strategy focusing on innovation and exclusivity.
"Those guidelines will also allow us to tackle 2010. It will be a very difficult year and the first small signs of recovery will not come until next autumn."