Ferrari reveals record profits as luxury car sales defy slump

Feb 19, 2013

Italian carmaker posts best results in 66-year history by selling more vehicles overseas

FERRARI has posted its best-ever results despite a downturn in the European market.

The Italian luxury carmaker's revenues grew by 8 per cent to €2.4bn (£2bn) in 2012 and the number of cars sold increased by 4.5 per cent to 7,318. Sales in Britain rose by 20 per cent to 673, despite the chief executive of Ferrari's parent company, Fiat, warning last month the European car industry could "unravel" if deals continued to decline. Sergio Marchionne cautioned: "If there are no cars to be bought, you can't make cars. You don't need to go to Harvard Business School to figure this out," according to the Daily Telegraph.

Ferrari's chairman Luca di Montezemolo credited the firm's international expansion for the figures, pointing out they came "despite the unfavourable economic backdrop in many European nations, and the distinctly hostile one in Italy", reports The Independent.

The Italian company is not the first luxury carmaker to see its profits rise in spite of a bumpy economic climate. Last month the Daily Express noted sales of high-end vehicles were driving the market in Britain, with Jaguar Land Rover's sales up on the previous year by nearly a fifth to 68,586 cars, and BMW enjoying its best year ever in the UK.

Ferrari's results came as it was awarded top spot in Brand Finance's analysis of the world's strongest names. The iconic 66-year-old company was ranked ahead of Apple and Samsung, The Drum reports.

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