MILAN — Ferrari delivered a record number of cars last year as demand for luxury vehicles surged globally despite the COVID-19 pandemic and the sports carmaker predicted an increase in its core earnings for 2022.
Shipments grew 22 percent to 11,155 cars last year compared to 2020 during the first COVID lockdowns, and were up 10 percent on pre-pandemic 2019, the company said.
All regions saw double-digit growth, supported by strong sales of 8-cylinder models, including the F8 family as well as the Roma grand tourer and the hybrid SF90 Stradale. Shipments of more powerful but also more polluting 12-cylinder models fell.
Shipments to China, Hong Kong and Taiwan almost doubled versus the previous year.
CEO Benedetto Vigna said Ferrari has orders stretching into 2023. “We have the strongest-ever order book in our history, up double digits versus the prior year and covering well into 2023,” Vigna told analysts during an earnings call on Wednesday.
Vigna, a tech industry veteran and former top executive at chip maker STMicroelectronics, took charge of the automaker last September with a task to lead it into a new era of cleaner, quieter and interconnected mobility.
He said that Ferrari would make technology partnerships a priority, as the company moves ahead with its electrification strategy while maintaining financial discipline.
Ferrari has promised its first all-electric car in 2025, while it has already rolled out three hybrid models. The company plans two new models this year, including the Purosangue, its first SUV.
Vigna will unveil Ferrari’s future strategy at a capital markets day on June 16.
In an earnings statement on Wednesday Ferrari guided for adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 1.65 billion to 1.70 billion euros this year, up from 1.53 billion euros ($1.73 billion) in 2021.
Last year’s result was in line with a company-provided forecast of around 1.52 billion euros, and represented a 34 percent increase on the previous year.
Margin on adjusted EBITDA hit a higher-than-expected record of 35.9 percent last year. The figure is expected to slip this year to between 34.5 percent and 35.5 percent, the company said.
Following this strong set of results, the company paid all its employees a record performance-linked bonus for 2021 of a gross amount as much as 12,000 euros
In a sign of a strong demand worldwide for luxury cars, Rolls-Royce said its sales soared 49 percent in 2021, to a record high of 5,586 vehicles.
Similarly Porsche delivered more than 300,000 vehicles last year, a record for the brand, with an increase in all regions, especially the U.S. while China became its largest single market.
However, Ferrari and other rivals in the high-performance sports car market, which include Lamborghini, Aston Martin and McLaren, are wrestling with how to shift to battery power without losing the high performance that supports their premium pricing.
