MILAN: Ferrari has made a plan to unveil 3 new models by end of 2019. Ferrari CEO Louis Camilleri confirmed that the company will unveil three new models this year as part of its business plan targeting revenues of around 5 billion euros ($5.6 billion) by 2022.
Camilleri declined to give any hints about the new models – two of which will be unveiled at an event at its Maranello headquarters next month.
“We will privilege revenue over volume,” Camilleri said, citing the Ferrari SF90 Stradale new plug-in hybrid supercar launched in May as a good example of “opening up a new price segment within our range of cars.”
The company posted a net profit in the three months up to the end of June of 184 million euros ($204 million), up from 160 million euros in the same period last year.
Total shipments were 2,671 vehicles, an increase of 8% over the previous year, which included accelerated deliveries to China to get ahead of an emissions regulatory change. Ferrari deliveries will grow this year to around 10,000 units, meeting the cap on small car manufacturers that includes emissions breaks.
Camilleri declined to project sales for future years, but said he wasn’t particularly concerned about the cap.
Ferrari confirmed its full-year targets at the high end of the range, with revenues above 3.5 billion euros and earnings before tax and interest of between 1.2 billion and 1.5 billion euros.
Company shares in Milan trading dropped nearly 4% to 143.50 euros, possibly reflecting investor disappointment that the targets were not raised. Ferrari stock has risen 60% this year.
(Agencies)
Comment