Ferrari Detoxes from China and It’s Working for Them

Ferrari reported its Q1 2024 results, showing a 20% drop in sales in China… but a 13% increase in profits.

Supply and demand. Or the art of becoming desirable. In the numbers published this Wednesday, May 8, 2024, regarding its Q1 2024 results (January 1 – March 31), two things are learned (that we already knew to be honest): 1. Ferrari is doing very, very well. 2. China is going through a very severe economic crisis, contrary to what its President is trying to portray. We could add a third point: Ferrari does not care about the Chinese market, a privilege that few luxury manufacturers can boast. Its exposure to “Chinese risk” is only 8.6% of its car deliveries, including Beijing’s adversary, Taiwan.

In the span of these three months, 3,560 Ferraris were delivered, representing a “decrease” of only 0.2% – or 7 cars – over one year compared to the same period in 2023.

The numbers are stubborn and Ferrari is doing well, even very well. Especially since revenue surged by 10.9% from 1,429 million euros to 1,584 million. The same goes for net profit: 351.3 million euros, compared to 295.5 million in Q1 2023. This is a 13% increase in results. In other words, to put it simply: Ferraris are still selling for higher prices.

And the upcoming arrival of Lewis Hamilton as the official driver for Scuderia in Formula 1 will not slow down the desirability of the brand in the eyes of enthusiasts.

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