Ferrari had a record year, topped by the success of the Hollywood movie

Have you seen the Ferrari movie?

It was released at a perfect timing, right at the close of a record year for the sports car company.

The movie is excellent and provides an accurate portrayal of Emilia, the Italian region where Ferrari is based, and its people. There's even a scene in a restaurant where Enzo Ferrari is served the boiled meat tray, a peculiar speciality of the Emilia region. As an "Emilian" myself, I can confirm its accuracy!

Unfortunately, the movie mainly focuses on racing and a specific episode in Enzo's life, without addressing Ferrari as a luxury car manufacturer.

2023 was a record year at Ferrari. Some facts:

• Car sales were up 3% YoY to 13’663 units.
• Revenue were up 17% to almost 6bn. Ferrari sold higher-priced cars and more personalised features.
• Sales were mostly driven by the new SUV-like Purosangue.
• The average price of a Ferrari car in 2023 was €397’000, a new record!
• Net profit climbed 34% surpassing 1bn for the fist time in its history.
• 10% of revenue came from sponsorship and merchandise. store.ferrari.com sells Ferrari-branded clothing and accessories, from $200 baseball hats to $5000 leather suits. Ferrari is a luxury brand, not just a car maker.
• It is the first luxury group to have eliminated the pay gap between men and women at a global level.
• Lewis Hamilton, one of the most successful F1 drivers in history, will join Ferrari in 2025.
  
  Not bad for a company out of the small town of Maranello, Italy 🇮🇹