Despite a strong start to 2021.
Ferrari was one of the first automakers to respond to the coronavirus pandemic last year by shutting down its factories in Maranello and Modena. Since they reopened, Ferrari has been getting back on track with encouraging sales. Despite the disruption caused by the pandemic, Ferrari is celebrating a strong start to 2021. In Q1, Ferrari shipped 2,771 units, a 1.2 percent improvement over the same period in 2020. More impressively, Ferrari's Q1 net profit was up by 24.1 percent at 206 million Euros ($247.2 million).
Sales of Ferrari's eight-cylinder models were up by 8.1 percent, while V12 models were down by 19.6 percent. Ferrari attributes its strong Q1 sales to high demand for the F8 Tributo, F8 Spider, and 812 GTS.
While Ferrari is celebrating a strong start to the year, the pandemic has forced the Italian automaker to adjust its profit forecasts. Back in 2018, Ferrari boldly predicted it could double its profits by the end of 2022 with projected core earnings of 1.8-2.0 billion euros ($2.2-$2.4 billion).
However, Ferrari is changing this target to 2023 due to the pandemic. By then, Ferrari will have launched its first-ever SUV, the Purosangue, an important model that will be a pivotal part of Ferrari's strategy to boost sales and profits. Ferrari is also embracing electrification with the launch of its first fully electric model by 2025. By 2022, Ferrari says 60 percent of it's lineup will be electrified.
"This strong start augurs well for the rest of 2021 and is testimony to the resilience of our business model as well as the extraordinary work of the women and men of Ferrari," said Ferrari's chairman and acting CEO, John Elkann.
"Looking ahead, we expect the prudent steps we took in 2020 and are continuing in 2021 to adjust our expenditure in response to the Covid-19 emergency, will postpone by one year the achievement of our year-end 2022 guidance. However, the robustness of our order book and the wonderful new models we will launch in the coming years provide a strong base on which to build our ambitious future."