With no vacations to take in 2020, many wealthy individuals instead decided to spend their cash on expensive exotic vehicles. Bentley recently posted record profits through the first half of 2021, and during a recent earnings call, Ferrari announced similar success. Ferrari has shipped 2,685 vehicles so far this year, doubling last year's number and increasing 0.5% compared to 2019. Strong demand helped Ferrari bring in 1.035 billion euros ($1.23 billion) in revenue, more than double 2020's revenue and 5.2% more than 2019.

Earnings before interest, taxes, depreciation, and amortization (EBITDA), the most important financial figure, was 386 million euros ($459 million). This is triple last year's EBITDA and up 23% compared to 2019. Ferrari is hugely successful right now, and we only see this momentum continuing.

The Prancing Horse has been on a product offensive with brand-new models like the 2022 Ferrari 296 GTB. The company's full lineup is vast, including the 812 Superfast, 812 GTS, 296 GTB, SF90 Stradale, SF90 Spider, F8 Tributo, F8 Spider, Roma, and Portofino M. That's not even including specialty models such as the 812 Competizione, 812 Competizione A, Monza SP1, and Monza SP2.

"This excellent second quarter confirms the strength of Ferrari and of its unique business model," says Chairman and Acting CEO John Elkann. "With each Ferrari we unveil, we are setting new benchmarks for innovation, beauty, and distinctiveness, which is the only true luxury. As we move towards our 75th anniversary next year, our opportunities have never been wider and greater."

Ferrari says V8 sales were up 111.2%, with the F8, SF90, and Roma leading the way. The V12 cars posted strong gains too, with sales up 37.6%. We expect sales to skyrocket when the Purosangue, Ferrari's first SUV, launches next year in 2022. Ferrari also recently announced its first EV would arrive in 2025.

Elkann will soon step down as acting CEO, paving the way for former microchip company boss Benedetto Vigna to take over on September 1, 2021. Vigna will help lead Ferrari deeper into a new electrified future. We will hear more of his plans on Ferrari's Capital Markets Day, scheduled on June 16, 2022, in Maranello, Italy.