Ferrari (NYSE;RACE) CEO Louis Camilleri has confirmed that the luxury Supercar maker will unveil 3 new models yet this year as part of its business plan targeting revenues of around $5.6-B by Y 2022.
CEO Camilleri did not give any hints about the new models, 2 of which will be unveiled at an event at its Maranello HQ next month. Ferrari is accelerating the pace of its model launches, which by the end of the business plan will include an FUV dubbed Purosangue (Thoroughbred in Italian), the Icona series, available only to Ferrari clienti, and the versatile Grand Turismo (GT) segment.
“We will privilege revenue over volume,” Mr. Camilleri said, citing the Ferrari SF90 Stradale new plug-in hybrid supercar launched in May as a good example of “opening up a new price segment within our range of cars.”
Ferrari earlier announced that its Q-2 profits rose 14%, driven by its Portofino and 812 Superfast models and model mix that saw North American sales slip. The company posted a net profit in the 3 months up to the end of June of $204-M, up from $190-M in the same frame last year.
Total shipments were 2,671 vehicles, an increase of 8% over the prior year, which included accelerated deliveries to China to get ahead of an emissions regulatory change.
Ferrari deliveries will grow this year to around 10,000 units, meeting the cap on small car manufacturers that includes emissions breaks.
Mr. Camilleri declined to project sales for future years, but said he was not particularly concerned about the cap.
Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos.
HeffX-LTN overall technical outlook for RACE is Neutral to Bullish, overhead resistance is at 161.92, and support at 156.52, some Key indicators are still flashing Bearish in here. Ferrari finished at 158.87, 1.23 Friday in NY.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term investment, and I see it at 200/share in that frame.
Have a terrific weekend