Automotive News

Ferrari Is Becoming More Like Chevy Every Day

Part of what you are buying when you buy a Ferrari is exclusivity. And fast, we don’t want to forget that part. But the whole Ferrari thing is how it looks. You don’t see them every day, even in Hollywood. So it’s that exclusivity combined with performance and heritage that makes a Ferrari a Ferrari. So it’s a bit shocking to see how many Ferraris were sold last year. It seems like Ferrari is becoming more like a Chevy every day.

Ferrari sold a record of over 10,000 units for 2019. That is almost a 10% increase from 2018. The Hyundai luxury brand Genesis only sold a bit over 10,000 vehicles in 2018. Corvette sales for 2019 were under 18,000, so you can see that with Corvette sales lowering and Ferrari sales increasing they’re headed for identical numbers. Would you have ever expected Ferrari selling the same amount of cars like Corvette?

Investors like the head of Ferrari Louis Camilleri, with analysts liking the “conservative” approach to sales he is taking because of the unsure nature of both Brexit and the coronavirus.  Ferrari’s stock has risen over 40% since he took over after Sergio Marchionne’s death in 2018.

Unlike Chevy, Ferrari revenue increased every day to a record $4.1 billion

Credit: Ferrari

According to Ferrar’s earnings report for 2019, it took in $4.1 billion in revenue with the average transaction price of $405,000. In other words, the average Ferrari sale was $405,000. Yikes! This draws the conclusion that there are more rich people out there able to afford $400,000 joy rides. 

Where are all of these sales coming from? According to Bloomberg, they’re mainly coming from Europe, the Middle East, and Africa. Those three regions amount to 4,895 Ferraris in 2019. North through South America accounted for 2,900 of Maranello’s best. China, Hong Kong, and Taiwan bought 836, while the Asia-Pacific region picked up 1,500 vehicles. It should be noted that even though the China region amounted to the least Ferraris bought it grew by 20% over the previous year.

Ferrari is becoming bigger by cranking out new models

Credit: Ferrari

Granted, Ferrari has been cranking out new models like never before. The Roma grand tourer, SF90 plug-in hybrid, F8 Tributo and Spider, and the 812 GTS were all launched last year. And plans are ramping up for the Purosangue SUV if that’s what it will be called.

In other recent news Ferrari has sued the Italian non-profit charity Purosangue for rights to the name. It had been negotiating with the charity when talks broke off. That’s when Ferrari filed suit. Purosangue the charity has used the name since 2013. It’s been registered with the UK Charity Commission since that time.

Ferrari is suing to get the “Purosangue” name from an Italian charity

2022 Ferrari Purosangue | Ferrari
2022 Ferrari Purosangue | Ferrari

But whether in the US or Italy trademarks have to be in use or you can lose them. That’s what Ferrari is claiming; that Purosangue the charity hasn’t used it much over the last few years. Obviously, Purosangue says it has been in use quite a lot including with a line of athletic shoes for Adidas and other branded clothes and merch. 

Ferrari has always jumped on the lawsuit train whenever it thinks its image or heritage has been compromised. But whether called the Purosangue or another name Ferrari’s SUV will take it one step closer to becoming just like Chevy, which is what it feels it must do to compete in the 2020s.