Ferrari on track for sales record

FERRARI has defied dire economic conditions in Europe by posting record global revenue and sales for the first nine months of the year, with the bulk of growth coming from western markets.

The legendary Italian marque recorded 5267 sales across 60 global markets to the end of September (up six per cent), with unprecedented revenue of €1.76 billon ($A2.2 billion) and a trading profit of €232.8 million ($A284 million).

The company also has a massive €959 million ($A1.17 billion) in cash reserves, despite continuous high levels of investment in technologies like the F1-style Hy-KERS kinetic energy recovery hybrid system set to feature in its forthcoming F70 flagship.

Somewhat surprisingly, much of this sales growth came from established western markets like the US – easily Ferrari’s largest market with 1354 sales, up 16 per cent – as well as the UK (504 sales, up 37 per cent) and Germany (534 sales, up nine per cent).

Growth in China, until recently a boom market for the Prancing Horse brand, has stabilised this year but sales are still up seven per cent (566 deliveries), while 214 new registrations in Japan represent 20 per cent growth.

Bucking the trend is Ferrari’s Italian home market which, beset by economic woes, dropped 49 per cent to the end of September with 238 cars delivered, while 274 sales to the Middle East is on par with 2011 figures.

Left: Ferrari's Eddy Cue.

Ferrari chairman Luca di Montezemolo blamed the negative growth in Italy on the continuing economic crisis that has beset the Euro zone, but also “the hostile environment for luxury goods which have long been, and continue to be, an important resource for the country”.

Likewise, Ferrari sales in Australia are also down this year, with local distributor European Automotive Imports (EAI) reporting 76 new registrations to the end of September, a drop of 26.2 per cent over the same period last year.

EAI recently delivered the 1000th Ferrari sold since it took over the distributorship seven years ago, in which time it has almost doubled the number of Ferraris in Australia and New Zealand.

This year is the 60th year of Ferrari in the Australian car market.

On the back of the record third-quarter figures, Mr Montezemolo announced the appointment of one of Apple’s top executives – iTunes chief Eddy Cue – to the Ferrari board of directors.

A 23-year Apple veteran, Mr Cue is Apple’s senior vice-president of internet software and services, and oversees the company’s iTunes store, App store and iBookstore, as well as Siri voice recognition, Maps, iAd and iCloud services.

On his nomination, Mr Cue said he was “pleased and proud” to become a member of the board.

“I have personally dreamed of owning a Ferrari since I was eight years old and have been lucky to be an owner for the past five years,” he said. “I continue to be awed by the world-class design and engineering that only Ferrari can do.”