Ferrari rakes up history-scripting profits despite economic downturn

The economic slowdown in Europe is not good news for supercar manufacturers but despite the low sentiment Ferrari managed to have a record setting year till date.

The Italian maker of poster cars has announced that they broke their previous record for the highest industrial net cash position which stands at € 959 million till date in 2012. The revenue of € 1.764 billion is a 10% jump over the same period last year.

Ferrari's sales grew by 6% with a total of 5,627 prancing horses hitting the road since the start of 2012. The US continued to be the biggest market for Ferrari with 1,354 cars sold which is a 16% growth.

The highest growth of 37% came from the UK which became home for 504 Ferraris so far in this year. Japan and Germany contributed 20% and 9% growth respectively, however Ferrari's home country showed a decline of 49% in sales.

Ferrari has inducted Mr. Eddy Cue, Apple's Senior Vice President, Internet software and services into the board of directors. Ferrari boss Luca Di Montezemolo said, "I am delighted that Eddy Cue, one of the main driving forces behind Apple’s range of revolutionary products, has now joined our board. His huge experience in the dynamic, innovative world of the Internet will be of great assistance to us."

Ferrari is officially present in 60 countries including India. The Italian marque entered India last year by employing Shreyans group as their official importer.

[Source: Topspeed.com]