7 Nov 2012

Ferrari post record results, hire Apple's iTunes chief

Ferrari's board met today and announced record profits and sales.  For the year to date (up to 30 September) Ferrari's revenues were 1,764 million euros and 5,267 cars delivered to dealers.

Trading profits were 232.8 million euros and net profits were 152.4 million euros.

Ferrari's largets market is the US where they sold 1,354 cars.  They sold 504 cars in the UK and 537 in Germany.  China bought 566 Ferraris whilst Japan bought 214.  Total sales in the Middle East were 274.

This is at odds with the image of wealthy Arabs buying Ferraris by the dozen and makes you wonder why Ferrari chose to build Ferrari World in Abu Dhabi rather than Greater London or New York.

All of the above figures represent growth for Ferrari.  The only exception is in Italy where sales of 238 cars represented a nearly 50% decline in sales.

Ferrari also announced a new addition to the board in the form of Eddy Cue of Apple.  Cue is Apple's iTunes chief who will have his hands pretty full as he has just been given responsibility for Apple's lamentable iOS Maps, as well as Siri.  Cue has, in the past, turned around underperforming elements of Apple's business.

Luca De Montezemelo said this earlier in 2012"Apple and Ferrari are connected by the same passion, the same love for the product, maniacal attention to technology, but also to design."
As for Cue himself he apparently collects sportscars.  It seems Apple and Ferrari decided to hook up somehow and Cue was put forward for the job as he's a petrol-head, and an Apple senior manager.

This is what Eddy Cue said today of his appointment: “I am pleased and proud to become a member of the board. I have personally dreamed of owning a Ferrari since I was 8 years old and have been lucky to be an owner for the past 5 years. I continue to be awed by the world-class design and engineering that only Ferrari can do."

Whether there will there be an element of co-branding or co-operation between the companies remains to be seen.