Despite the COVID-19 pandemic, Ferrari (RACE.MI) delivered a record number of cars last year, as worldwide demand for luxury vehicles soared, and the sports automaker forecasted an increase in core earnings for 2022.
According to the firm, shipments increased by 22% to 11,155 cars last year, compared to COVID-affected 2020, and were up 10% from pre-pandemic 2019.
Strong sales of 8-cylinder models, such as the F8 series, the Roma grand tourer, and the hybrid SF90 Stradale, drove double-digit increase in all areas. Shipments of the more powerful 12-cylinder vehicles, which are also more polluting, have decreased.
Compared to the previous year, shipments to China, Hong Kong, and Taiwan nearly doubled.
“We carefully managed an impressive order intake in line with our strategy to pursue controlled growth and preserve brand exclusivity,” said Chief Executive Benedetto Vigna in a statement, presenting results after taking over the company in September and tasked with leading it into a new era of cleaner, quieter, and interconnected mobility.
This year, the Italian firm expects adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) to be in the range of 1.65-1.70 billion euros, up from 1.53 billion euros ($1.73 billion) in 2021.
Last year’s result was in line with the company’s projection of 1.52 billion euros, representing a 34% rise over the previous year.
Last year, the adjusted EBITDA margin achieved a new high of 35.9%, which was more than predicted. According to the business, this ratio is likely to drop to between 34.5 and 35.5 percent this year.
After the figures were released, Ferrari’s Milan-listed shares recovered their losses and were up 0.1 percent at 1255 GMT.
Rolls-Royce, a company of Germany’s BMW, reported a 49 percent increase in sales in 2021, to a new high of 5,586 units, indicating robust global demand for luxury vehicles.
Similarly, Porsche, a unit of Volkwagen (VOWG p.DE), delivered more than 300,000 vehicles last year, with increases in all regions, particularly the United States, and China being the company’s largest single market.
However, Ferrari and other high-performance sports car rivals such as Lamborghini, which is also owned by Volkswagen, Aston Martin Lagonda (AML.L), and McLaren are grappling with how to transition to battery power without sacrificing the high performance that underpins their premium pricing.
At a capital markets day on June 16, Vigna, a tech industry veteran and former top executive at chip maker STMicroelectronics (STM.BN), will explain the company’s future plan.
Meanwhile, Ferrari, whose ‘Prancing Horse’ brand is famed around the world for its roaring combustion engines, has promised to release its first all-electric vehicle in 2025, after already releasing three hybrid versions.