Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • Resource Center
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: All or nothing: Why circular business models require a holistic approach
    • Capgemini: Invent Head on automotive takeaways from CES 2023
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • Capgemini: The circular economy is spurring new thinking on EV batteries
    • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • PUBLICIS SAPIENT: The power of post-purchase: How automakers can maximize customer lifetime value
    • TOYOTA EUROPE: Toyota Motor Europe's next-gen C-HR: sensory innovations revealed by Vehicle UX leader
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • SENSEAUTO: Driving the future of mobility with SenseAuto: The AGI power behind the wheel
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Blogs
February 16, 2021 03:01 AM

How Ferrari increased European sales in pandemic year

Andrea Malan
Correspondent covering the Italian market for Automotive News Europe
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    The 986-hp Ferrari SF90 Stradale is the company's first production plug-in hybrid car. 

    Ferrari was the only brand in Europe outside of MG Motor to increase sales in 2020 amid the coronavirus crisis, a testimony to the brand's appeal and the resilience of its super-rich customer base.

    According to figures from JATO Dynamics on sales in 26 European countries, Ferrari sold 4,196 cars last year, up 9 percent from the 3,862 sold in 2019. At the same time, the overall market in those countries fell by 24 percent to 11.8 million units. 

    Europe's luxury and premium brands were not spared by the fallout from the pandemic, although many of them outperformed the market. 

    Porsche's sales declined 7.5 percent, Bentley suffered a 10 percent decline, Lamborghini sales were down 12 percent and Lotus dropped by 16 percent. Tesla deliveries slipped by 12 percent.

    The Euro zone's economy contracted by 6.8 percent in 2020, according to Eurostat. But Europe's 305 billionaires have seen their fortunes increase by nearly 500 billion euros ($606 billion) since March 2020, according to a report by the nongovernmental organization Oxfam published in January 2021.

    Even so, a number of brands catering to Europe's super-rich could not escape the region's sales collapse. Rolls Royce sales dropped by 30 percent in Europe; McLaren's were down 38 percent; Aston Martin and Maserati suffered 39 percent declines, JATO figures showed.

    Sales at MG, which is owned by China's SAIC, grew by 81 percent, JATO figures showed, behind sales of the ZS small crossover (available in full-electric version) and an expansion of its dealer network.

    Moving out somewhat from the European perimeter, Ferrari's performance still stood out. According to the automaker's latest quarterly report, shipments to the EMEA region (Europe, Middle East and Africa) declined 1.8 percent to 4,818 from 4,895 in 2019. 

    Sales were mixed in the rest of the world. Ferrari's shipments to the Americas region declined last year by 20 percent to 2,325, and those to the Greater China region (China and Taiwan) dropped by 45 percent to 456. Shipments to the rest of the Asia-Pacific region (including Japan, Korea and Australia) were up 1 percent to 1,520. 

    Overall deliveries were down 10 percent to 9,119, contributing to a 10 percent decline in profits.

    So why did Ferrari succeed in Europe? 

    One reason is the availability of a full – and carefully managed -- order book that enables Ferrari to smooth out peaks and valleys in regional demand.

    Felipe Munoz, global analyst at JATO Dynamics, said Ferrari's appeal is even higher than most other luxury brands, and owning a Ferrari has become "a must" for the super-rich. 

    Munoz said Ferrari's results are all the more remarkable given that the model range still lacks an SUV – the kind of body style that has propelled Lamborghini and Rolls Royce to new heights. 

    Ferrari Chief Financial Officer Antonio Picca Piccon told analysts on the 2020 results call on Feb. 2 that the company's order book was at a record level, up 22 percent from 2020.

    He described it as "covering the entire 2021 and beyond," meaning that all Ferrari production for this year and part of 2022 is spoken for. Order cancellations last year were actually lower than in 2019, he said. 

    The Roma 2+2 coupe. Deliveries started in the fourth quarter of 2020, with a focus on Europe.

    Managing the order book

    As an example of how Ferrari manages its order book, Picca Piccon said the sharp drop in deliveries to China in 2020, was due to Ferrari "privileging deliveries in this area in the first three quarters of 2019," in anticipation of a new emission regulation.

    Another factor behind the resilience of European deliveries last year, especially in the second half, was Ferrari's product cadence. Deliveries of the SF90 Stradale plug-in hybrid supercar and the Roma 2+2 coupe started in the fourth quarter, with most of the cars going to Europe: 119 units of the Roma (out of 139) and 34 out of 35 SF90s.

    Picca Piccon said in the call that the new shipments were affected "by our deliberate geographical location, based on the different stages of the life cycles of our model by region." As a result, he said, deliveries in the Europe/Middle East/Africa and Asia Pacific regions were almost in line with prior year, while sales in the Americas region were down 20 percent for year, but grew by 14 percent in the fourth quarter thanks to the ramp up of 2019 models, the F8 Spider and 812 GTS.

    This year's sales, Picca Piccon said, should be bolstered by the three models launched in 2020: the Portofino M convertible, SF90 roadster and the limited edition track car 488 GT Modificata. Three more new models will be unveiled during 2021, he added.

    Looking ahead, Ferrari will finally join its luxury rivals with an SUV model. The Purosangue SUV is expected in late 2022, with first deliveries the following year.

    DAILY NEWSLETTER: Sign up and get the top news of the day in Europe every business weekday.
    RECOMMENDED FOR YOU
    Tesla Model Y's sales success is 'slap in the face' for rivals
    Recommended for You
    Tesla Model Y
    Tesla Model Y's sales success is 'slap in the face' for rivals
    NIo William Li and ZF Holger Klein
    Why 'speed is king' with Nio, Tesla, Lucid
    Peter Horbury black and white with dates 2023
    Design stars reflect on loss of 'industry great' Peter Horbury
    Dr. Kai Yu, Founder and CEO of Horizon Robotics
    Sponsored Content: Interview with Dr. Yu Kai, Founder and CEO of Horizon Robotics
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • Resource Center
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
    • More
      • Publishing Partners
        • Capgemini: All or nothing: Why circular business models require a holistic approach
        • Capgemini: Invent Head on automotive takeaways from CES 2023
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • Capgemini: The circular economy is spurring new thinking on EV batteries
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • PUBLICIS SAPIENT: The power of post-purchase: How automakers can maximize customer lifetime value
        • TOYOTA EUROPE: Toyota Motor Europe's next-gen C-HR: sensory innovations revealed by Vehicle UX leader
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
        • SENSEAUTO: Driving the future of mobility with SenseAuto: The AGI power behind the wheel
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us