Britain buys more Ferraris than any other European country

Britain buys more Ferraris than any other European country

The Italian purveyor of exotic supercars sold a whopping 415 cars in the six months leading up to June 30, with the UK overtaking the previous market leader Germany, where 388 cars were sold in the same period.

Despite the Italians having a fierce allegiance to their beloved car manufacturers, Ferrari only managed to shift a measly 116 cars on its home turf in the first half of the year, a clear indicator of the troubled financial times the country is currently facing.
The company revealed that its decision to limit the production of its vehicles to just 7,000 per year to protect the brand's exclusivity has driven trade and increased profits.

According to the Telegraph, Ferrari's net profits jumped 20 per cent to €116.2 million (£101.2 million), while revenues rose 7.1 per cent to €1.2bn. Ferrari revealed a record net cash position of €1.2bn.

Outside of Europe, Ferrari's performance has been a mixed bag. Sales in the US and Canada grew nine per cent to 1,048.

The Middle East saw a huge jump, with sales increasing by 39 per cent to 264 and Japan performed nearly as well with a 28 per cent rise to 172 units shifted.

Greater China, which was once a solid market for the Italian brand, has slowed down, with Ferrari seeing just 350 vehicles sold, 50 less than the same period last year.

Luca di Montezemolo, Ferrari chairman, told the Telegraph: "Once again in the first six months of 2013, Ferrari has recorded excellent results. Two months ago, we took a strategic decision [to limit the output of cars], the effects of which will be felt more clearly over the next six months.

"However, that move is already beginning to make its mark. An increase of just over two per cent in volumes has been matched by 20 per cent growth in EBIT [earnings before interest and taxes], which is and will remain our primary objective along with maintaining the exclusivity and value of our cars over time."
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