Ferrari Sales Set Record; Apple VP Joins Board

TURIN – Fiat’s iconic Ferrari high-performance sports-car brand is not suffering from the European auto industry slowdown, but rather has set sales records through the year’s first nine months, the Italian auto maker says.

Ferrari says in a statement that deliveries rose 6% in the period to 5,267 units, while revenues climbed 10% to €1.76 billion ($2.2 billion). Consequently, trading profits increased 9.6% to €232.8 million ($293.6 million) and net profit grew 7.6% from year-ago to €152.4 million ($195.6 million).

Through September, Ferrari says it registered its best-ever industrial net cash position of €959 million ($1.2 million),“despite continuing commitment to maintaining an extremely high level of investment in product development.” The auto maker also chalked up a net cash flow of €251 million ($320 million) in the period.

Sister brand Masterati contributed a combined €264 million ($337 million) in earnings before interest and taxes, helping offset €573 million ($732 million) in losses for the Fiat, Alfa Romeo and Lancia brands.

Sales of 12-cyl. Ferrari supercars surged 22% through the first nine months thanks to the success of the FF, while 8-cyl. models, such as the Ferrari California and the 458 Spider, saw healthy deliveries as well, the auto maker says.

The U.S. confirmed its position as Ferrari’s largest market internationally, accounting for 26% of sales. Deliveries grew 16%, compared with year-ago, to 1,354 cars.
The U.K. saw record sales of 504 units, up 37%. Germany delivered 534, up 9%, confirming it is Ferrari's largest European market. Greater China delivered 566 units, up 7%, while Japan registered 214 sales, up 20%.

However, Ferrari deliveries suffered severely in its home country of Italy, whose economy is in crisis, plunging 49% from like-2011, to just 238 units.

“These results confirm Ferrari’s excellent performance in practically all of the 60 nations in which it is present, despite the continuing economic climate,” says Ferrari Chairman Luca di Montezemolo.

Ferrari’s drop in Italy was partly due to the economic crisis, “but also to a hostile environment for luxury goods which have long been, and continue to be, an important resource for the country,” he says during the company’s financials announcement.

Montezemolo also announces the addition of Eddie Cue, Apple’s senior vice president-Internet software and services, to the board of directors, noting Cue is "one of the main driving forces behind Apple’s range of revolutionary products."

Additionally, Maserati leaks photos of the new Quattroporte that will make its debut at the North American International Auto Show in Detroit in January.

Maserati says it plans to boost sales considerably by 2015. Deliveries last year were slightly more than 6,000 units, and the auto maker aims to hit 50,000. The Quattroporte starts at €99,458 ($127,000) in the U.S.