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Italy's economy may be in disrepair, but the country's most famous product continues to sell more and more, making Ferrari a very profitable company.
Many parts of the world are still recovering from the global recession of several years ago, but you wouldn't know it from looking at Ferrari's sales figures. The Italian automaker has just reported its numbers of the first half of 2012, showing staggering revenues of 1.2 billion euros and a net profit of 100 million euros from 3,664 cars delivered. Compared to the same six-month period last year, those numbers represent increases of 11.9% , 10% and 7.4%, respectively. That makes this the most successful year so far in Ferrari's 70-year history.
You might think those numbers would be driven in particular by Ferrari's expansion into emerging markets like the Far East and Middle East, but those regions posted relatively small increases of 10% and 7%. The biggest increases were felt in the UK (where sales increased a whopping 43%), in Germany (+18%) and Ferrari's largest market, the USA (+17%). Don't think that the improvements are due to the company's newest model, either, because the F12 won't begin delivery until the fall. Instead, recent additions to the range like the revised California 30 and the 458 Italia were the sales leaders, while the new FF has proven particularly popular in Germany and Switzerland.
Profits were also boosted by Ferrari's merchandizing and licensing operations, with new deals brokered with Puma sportswear and Hublot watches and new Ferrari Store retail locations opening around the world. The bottom line is that, while Italy's economy remains in shambles, its most famous export is more than pulling its weight. The numbers make it hard to argue with those touting Ferrari's long-serving chairman Luca di Montezemolo as a possible new prime minister for the ailing country. Just imagine how the company will do when the new F12 reaches the market and Fernando Alonso takes the Formula One championship.