Stronger shipments to EMEA
In 2Q17, Ferrari (RACE) reported shipments of about 1,001 car units to the EMEA (Europe, the Middle East, and Africa) market. These shipments were about 5% higher from the 953 car units shipped in 2Q16.
Key growth drivers
During the second quarter this year, Ferrari’s shipments to Italy, France, Switzerland, and Germany witnessed solid positive growth. Shipments to Germany rose 6% YoY (year-over-year) in 2Q17 while shipments to France and Italy, Ferrari’s home country, rose 27% and 25%, respectively.
Consistent higher shipments for 488 and GTC4Lusso family cars were the key reasons for these shipment gains.
Stronger EMEA revenues
With this, Ferrari’s revenues from EMEA stood firm at 491 million euros, or $583 million, up about 19% YoY. Higher deliveries of newly launched GTC4Lusso car models also helped the company to post higher EMEA revenues in 1Q17.
Legacy automakers (FXD) faced challenges in the European market due to political and economic instability in 2016. These automakers include General Motors (GM), Toyota (TM), and Ford (F). Due to these challenges, GM decided to exit Europe by selling its European business unit to PSA Group in 1Q17.
Within European markets, Italy, the UK, Germany, France, and Switzerland are the top five most important markets for Ferrari.
Continue to the next part where we’ll look at Ferrari’s 2Q17 performance in its other key markets.