Ferrari Sells Half Fewer Cars Due to Coronavirus Crisis
The Italian sports car manufacturer Ferrari performed better in the second quarter than the manufacturers of everyday passenger cars, which saw their sales plummet due to the corona crisis.
Yet the maker of the luxury sports cars is also feeling the pressure of the crisis. Ferrari sold half the number of cars and adjusted its profit expectations slightly downwards for the rest of the year.
The counter of delivered cars stopped at 1389 last quarter, almost half less than a year earlier. In China, Hong Kong and Taiwan, there were no less than 90 percent fewer sales.
For this year, Ferrari expects a turnover of at least 3.4 billion euros, while in May it was supposed to have a turnover of 3.6 billion euros. The expectation for the operating profit was adjusted from a maximum of 1.2 billion euros to 1.1 billion euros.
Operating profit (EBITDA) was in line with analyst estimates at EUR 124 million, down 60 percent from a year earlier. Turnover amounted to 571 million euros. A year more first, that was 984 million euros.
Last year, Ferrari first delivered more than 10,000 cars after five new models were introduced. Topman Louis Camilleri focuses on more expensive models and renewal of the range.