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Ferrari Generates Record Revenue in First Half
Fiat SpA's Ferrari supercar unit netted €101 million in the first six months of 2012 compared with €92 million in the same period last year.
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Fiat SpA's Ferrari supercar unit netted €101 million in the first six months of 2012 compared with €92 million in the same period last year.
Revenue climbed 12% to a record €1.2 billion, and trading profit increased 13% to €152 million.
Sales rose 7% to a record 3,660 cars, propelled by gains of 17% to 850 vehicles in the U.S. and 10% to 400 units in Asia. But volume in Italy fell by nearly half to 190 cars because of the financial crisis, new taxes and a government initiative to catch tax cheats by tracking supercar registrations. As a result, Ferrari sold 93% of its output outside Italy.
The unit held a record €895 million in cash on June 30 despite heavy investment in product development, Ferrari says.
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