RAC Cars News

#WeLoveCars

The UK is Ferrari Central

By raccars Published

Image Source

It seems the worldwide financial crisis has not dimmed Britain's appetite for supercars, with the UK now the largest European market for Ferrari. The first six months of this year saw 415 Ferraris sold in the UK, up 6% on last year's UK sales.

Germany has a similar taste for Italian muscle, ordering 388 Ferraris in the first half of this year, but those European countries harder hit by straitened finances, including Spain and Italy, have seen unit sales continue to drop. Ferrari currently sells only 3% of its output on home soil.

Further afield, Japan and the Middle East have both recorded double figure growth increases this year, with Japan showing demand rising by 28% for 172 sales and the Middle East selling 39% more Ferraris this year at 264 unit sales.

The growth figures come despite an announcement from Ferrari earlier in the year that it planned to cut production volumes in order avoid diluting its brand image. The unusual corporate programme was intended to reduce sales volumes without affecting earnings and profit and it seems to be working. Ferrari's half year EBIT (earnings before interest and tax) results show that despite only a 2.8% increase in sales, revenue is up by 20%.

Global sales for the first half of 2013 totaled 3,767 units, while net profit for the company reached a record breaking £1,061 million. Ferrari claims it expects to see the trend continue for the remainder of the year.

The results come after the advent of a number of new models from the Italian firm, including the much hyped LaFerrari hypercar. In fact, Ferrari believes its latest offering is destined for greatness to the extent that it has created a museum in its honour, detailing the car's evolution from initial concept, following various design proposals all the way to production model. This attitude of openness is something of a departure for the traditionally secretive firm. The cars on display in the new museum include an example of just about every model made by Ferrari since 1947, plus F1 exhibits.

Along with the flagship LaFerrari, a new F12 Berlinetta made its debut in the UK last month at the Goodwood Festival of Speed while there have been rumours of a 458 Scuderia making an appearance at next month's Frankfurt Motor Show, all of which seem to go against Ferrari's professed desire to downsize.

However, the carefully thought out plan appears to be sophisticated enough to keep filling Ferrari's coffers while maintaining its position at the top of the supercar pile, especially in the UK.

Looking to Buy?
Search for cars