Ferrari triples profits, but stocks lose – economy

The fact that the pandemic has exacerbated global inequalities is now almost a rush. If you look at the big money fever curves – the Dow Jones, the Dax, and downtown real estate prices per square meter – you’ll see that the so-called corona shock of March 2020 was not there. that a short-term event here and that many wealthy people still have more money available today than before the crisis.

You benefit from this in the small Italian town of Maranello in Emilia Romagna, where products have been sold for decades that no one needs but that many want: at the sports car manufacturer Ferrari they have recorded a strong demand for their own products for sometimes. And the company was able to prove it on Monday with solid numbers. Earnings before interest, taxes, depreciation and amortization jumped to 386 million euros in the second quarter, Ferrari said. This corresponds to an increase of 210% over the previous year, or a tripling of profit. Analysts had expected slightly lower numbers for the second quarter.

Globally, Italians were able to deliver 2,685 vehicles between April and June, almost twice as many as the year before. Activity was particularly good in Asia, where Ferrari launched several new models.

But sales have also increased in Europe and America, where Ferrari cars have been the epitome of automotive luxury or exaggerated wealth for decades.

On the stock market, however, investors did not really want to take inspiration from Ferrari’s good numbers. On the contrary: the Ferrari share price has fallen quite significantly, sometimes reaching 2.8% in the red. According to Ferrari, he expects a larger influx of money. But John Elkann did not increase the profit and sales forecast.

The 45-year-old from the Fiat Agnelli dynasty has temporarily taken over the role of CEO of Ferrari after Louis Camilleri surprisingly left the company in December for “personal reasons”, as it has been said. Elkann, whose holding company Exor owns around a quarter of Ferrari’s shares, has already found a successor. A man named Benedetto Vigna is due to take up the post of chef in Maranello on September 1. So far, he hasn’t made a name for himself as an automotive director. In view of the current situation of the international automobile market, the personnel appear however of an almost visionary quality. His previous employer, ST Micro, manufactures semiconductors. Virtually all automakers lack it. Maybe a few old contacts can help.

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