Alexandre
After a decade of strong growth, Ferrari recorded another record number of sales in 2024, once again overtaking Maserati to regain its title of leader in Italian luxury car sales. However, while the prancing horse brand managed to achieve 13,752 sales, a slight increase of 0.7 % compared with 2023, the trend seems to mark a moderate slowdown compared with previous years.
Ferrari overtakes Maserati after 12 years of domination
The latest sales figures show that Ferrari has succeeded in overtaking Maserati, which had long dominated the Italian luxury car market. With 13,752 units sold in 2024, Ferrari is back in first place, after a long period when Maserati held this position (with 11,300 sales in 2024). For the first time since 2012, the Maranello-based brand has regained its number 1 status in the Italian luxury car segment. But Lamborghini is not far behind...
Quality therefore remains Ferrari's priority, rather than pure volume growth. Ferrari CEO Benedetto Vigna stressed that the exceptional results for 2024 were based on a strong product mix and growing demand for customization, which enabled Ferrari to maintain exceptional profitability despite a slight drop in sales.
A strategy focused on profitability
Despite stable sales, Ferrari is focusing on profitability rather than volume. In 2024, Ferrari sales reached 6.67 billion euros, up from 5.97 billion euros in 2023. This performance was accompanied by a significant increase in profits, which reached 1.52 billion euros, compared with 1.25 billion euros in 2023. The automaker also strengthened its cash position, which reached 1.02 billion euros in 2024, compared with 932 million euros the previous year. These figures demonstrate Ferrari's success in generating high margins, despite an overall slowdown in sales volumes.
| Years | Sales | CA | Benefits | Treasury |
|---|---|---|---|---|
| 2024 | 13752 | 6.67 billion | 1.52 billion | 1.02 billion |
| 2023 | 13663 | 5.97 billion | 1.25 billion | €932 million |
| 2022 | 13221 | 5.09 billion | 939 million | €759 million |
| 2021 | 11155 | 4.27 billion | €833 million | 546 million |
| 2020 | 9119 | 3.46 billion | 609 million | €130 million |
| 2019 | 10131 | 3.76 billion | 699 million | 600 million |
Ferrari CEO Benedetto Vigna emphasized the quality of revenues rather than pure sales growth. He said, "We've had a remarkable year thanks to a strong product mix and growing demand for customizations. We expect robust growth for 2025, which will enable us to reach our profitability targets for 2026 ahead of schedule."
Performance varies by market
In 2024, Ferrari continued its conquest of international markets, with strong performances in the United States, Germany, Japan and Italy. The US market remains the most important, with 3,527 cars sold (+12.9 1TP3Q). Germany saw a solid increase of 11 %, reaching 1,827 sales (despite a significant drop in the 2nd half of 2024), while Italy, despite more moderate growth, continued to show solid demand with 744 units sold (+14.1 %).
However, some markets, notably the UK, showed signs of weakness. The brand saw a slight decline of 4.47 % in this country, a sign that competition, particularly from local brands such as Aston Martin, is increasingly fierce. In France, although growth was modest (+8.7 %), Ferrari is still a long way from the exceptional performances seen elsewhere. Nevertheless, these 6 countries account for 8483 registrations out of a total of 13752.
Ambitions for 2025 and beyond
As 2024 draws to a close on a positive note, Ferrari forecasts robust growth in 2025. The automaker is focusing on innovation, notably with the inauguration of the E-Cells Lab, which will strengthen its skills in batteries for future electric vehicles. According to Benedetto Vigna, this strategy puts Ferrari on a solid footing to exceed its profitability targets as early as 2025, a year ahead of initial forecasts.
The manufacturer forecasts an increase in revenues, aiming for earnings in excess of 7 billion euros, representing growth of at least 5 % over the previous year. This growth will be underpinned by greater vehicle customization, an improvement in motorsport activities (with a strengthening of sponsorship and commercial activities), and continued expansion in the lifestyle sector.
The all-electric Ferrari Elettrica is scheduled for launch in the fourth quarter of 2025, which could be the brand's first failure. In addition, Ferrari expects to maintain an EBITDA margin of 38.3 % or more in 2025, and an industrial free cash flow in excess of 1.2 billion euros, a solid performance underpinned by high profitability and disciplined expense management.
Ferrari has reported a slight increase in sales for 2024, but what sets the brand apart is its strategy of focusing on exceptional profitability rather than simply increasing volumes. The brand seems well prepared for 2025, with prospects for stable growth. Visit new products for 2025 are eagerly awaitedThe 2025 Formula 1 season promises to be exceptional.
The fact that Ferrari is number 1 in terms of luxury car sales is not the most important thing. Above all, it's the most profitable car brand in the world, and the most desirable.
While Ferrari hybrids are said to be great, we have no idea whether an electric Ferrari 100% will work or whether there will be any buyers?