It’s no secret that niche companies with expensive products can often remain unaffected by a financial turmoil. Ferrari is one such example, as the Italian maker of some of the most expensive models money can buy reported record sales and profits for the first nine months of 2012.
More specifically, from January through September, Ferrari posted a 10 percent rise in revenues to €1,764 billion (US$2.25 billion) and a 7.6 percent increase in net profits to €152.4 million (US$194 million).
The number of cars delivered to the dealership network were up 6 percent over the same period last year to 5,267 units.
In the USA, Ferrari’s biggest market, the company sold 1,354 cars (+16 percent), while in the UK, it posted record sales of 504 cars, a leap of 37 percent, and in Germany, 534 vehicles, up 9 percent over last year. In its home market of Italy, however, Ferrari saw its sales drop 49 percent to 238 deliveries.
In Greater China, Ferrari delivered 566 cars (+7 percent) and in Japan 214 cars, an increase of 20 percent.
“These results confirm Ferrari’s excellent performance in practically all of the 60 nations in which it is present despite the continuing economic climate,” said Ferrari chairman Luca di Montezemolo.
“Once again the exception is Italy where we have witnessed a drop partly due to the economic crisis, but also to a hostile environment for luxury goods which have long been, and continue to be, an important resource for the country,” he added.
In addition to the financial announcements, Ferrari revealed today that it is tapping high-ranking Apple executive Eddy Cue, responsible for online services including iCloud, the Apple Store, the iTunes Store, Siri, Maps and iAd, to serve as a new member of its board.
“I am delighted that Eddy Cue, one of the main driving forces behind Apple’s range of revolutionary products, has now joined our board,” said di Montezemolo . “His huge experience in the dynamic, innovative world of the Internet will be of great assistance to us.”
Eddy Cue commented on his nomination to the board: “I am pleased and proud to become a member of the board. I have personally dreamed of owning a Ferrari since I was 8 years old and have been lucky to be an owner for the past 5 years. I continue to be awed by the world-class design and engineering that only Ferrari can do”.
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