Ferrari sells more cars; profit slightly down

Italy is one of the most severely affected countries in the world by the coronavirus and as a result the company quickly closed its factories. Nevertheless, the impact of the virus is not yet very clearly visible in the figures of the Italian car brand, as profits are only showing a slight decrease.

Ferrari has presented the results of the first quarter of 2020 and it shows that they have even seen a growth compared to last year. In total, 2,738 cars were sold in the first quarter of this year, which is a growth of 4.9 percent compared to the first quarter of 2019.

Despite the increase in sales, the profit did fall slightly, by eight percent to be precise. Below the line, the company has retained an amount of 166 million euros. This compares with net sales of 932 million euro, which is comparable to one year previously.

The fact that the brand has sold many cars is a good sign, at the same time Ferrari also saw a decrease in sales in Asia. For example, only 37 cars were sold in China, Hong Kong and Taiwan, which is a decrease of no less than 291 cars sold compared to last year. The nuance here is that part of the cars had already been delivered in 2019 due to tax reasons.

In Europe, on the other hand, sales grew from 1,209 to 1,516 cars and in North America, with 750 cars, 30 cars more were sold than last year. Incidentally, the primary cause of the decline in profits was the discontinuation of Formula 1, declining merchandise sales and the closure of the museum in Italy.

Ferrari has already lowered its financial projections for the whole of 2020. Probably because the coronavirus will have a major impact on second quarter figures.