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☆ Ferrari's CEO likes to run the luxury car company like a tech startup
▼ + stars: | 2024-04-21 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +1 min

Benedetto Vigna has been Ferrari's CEO since 2021, overseeing the company's transition to EVs. His background is in tech, with previous experience as an executive at a semiconductor company. Vigna likes the nimbleness of tech startups and removed layers of bureaucracy at Ferrari, per WSJ. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .

Persons: Benedetto Vigna, Vigna, — Organizations: Ferrari, Service, Street, Business

☆ Ferrari cars are about the emotion you can deliver to the driver, says CEO
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFerrari cars are about the emotion you can deliver to the driver, says CEOBenedetto Vigna, CEO of Ferrari, discusses the upcoming electric model that Ferrari is producing and how Ferrari will retain its racing heritage and experience while aiming to go carbon neutral by 2030.

Persons: Benedetto Vigna, Ferrari Organizations: Ferrari

☆ Ferrari boss promises 'emotion' won't be lost in EV engine roar
▼ + stars: | 2024-03-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A Ferrari is parked outside the New York Stock Exchange in celebration of Ferrari's initial public offering in New York City on Oct. 21, 2015. Ferrari CEO Benedetto Vigna promised on Tuesday that the luxury carmaker's new electric vehicle will offer drivers the same roar as its historic combustion engines. The Italian company is launching its first fully electric vehicle in the final quarter of 2025 and will open a new production site in Maranello, Italy, in June to manufacture electric motors, battery packs and power inverters. Speaking to CNBC's "Squawk Box Europe" on Tuesday, Vigna said the company would maintain its focus on performance, design and driving experience in its EV range, insisting that "electric cars are not silent." "When we talk about luxury cars like our cars, we are talking about the emotion that we are able to deliver to our client, so we are not talking about functional cars like other EVs that you see on the road," he said.

Persons: Ferrari, Benedetto Vigna, Vigna Organizations: New York Stock Exchange, Ferrari Locations: New York City, Maranello, Italy

☆ Ferrari finishes a record year by topping Wall Street's estimates
▼ + stars: | 2024-02-01 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Luxury sports car manufacturer Ferrari topped Wall Street's top- and bottom-line earnings expectations for the fourth quarter to finish off a record year of profits. The automaker reported a net profit of 1.26 billion euros, or $1.36 billion, for 2023, including 294 million euros, or $317.9 million, during the fourth quarter. Its adjusted earnings before interest and taxes, or EBIT, was 1.62 billion euros, or $1.75 billion, for the year, including 372 million euros, or $402.3 million, in the last quarter. Ferrari's revenue last year increased 17% to 5.97 billion euros, or $6.46 billion, including an 11% increase in the fourth quarter from 1.37 billion euros a year earlier in 2022. Such records are expected to be short-lived, as Ferrari is forecasting to top many of those results in 2024.

Persons: Ferrari, Benedetto Vigna, Lewis Hamilton Organizations: Ferrari, New York Stock Exchange, LSEG

☆ Ferrari again raises guidance as customers opt for high-priced, personalized sports cars
▼ + stars: | 2023-11-02 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Ferrari on Thursday said that its third-quarter profit jumped 46% from a year ago as its wealthy customers continued to choose expensive "personalization" options for their new cars. As it did last quarter, Ferrari again boosted its guidance for the full year following the results. Here are the key numbers from Ferrari's third-quarter earnings report:Earnings per share: 1.82 euros vs. 1.60 euros expected by Wall Street analysts polled by LSEG, formerly known as Refinitiv. 1.82 euros vs. 1.60 euros expected by Wall Street analysts polled by LSEG, formerly known as Refinitiv. Revenue: 1.54 billion euros vs. 1.47 billion euros expected, per LSEG.

Persons: Ferrari, Benedetto Vigna, Vigna Organizations: Ferrari, Wall Street, LSEG Locations: Europe, North, South America, China, Asia, Pacific

☆ Ferrari to accept crypto as payment for its cars in the US
▼ + stars: | 2023-10-14 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +4 min

Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment. These include electric carmaker Tesla (TSLA.O), which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns. Ferrari shipped more than 1,800 cars to its Americas region, which includes the U.S., in the first half of this year. Galliera did not say how many cars Ferrari expected to sell through crypto. "Prices will not change, no fees, no surcharges if you pay through cryptocurrencies," Galliera said.

Persons: Benedetto Vigna, Flavio Lo Scalzo, Elon Musk, Enrico Galliera, Reuters cryptocurrencies, Ferrari, Galliera, Bitpay, Giulio Piovaccari, Tom Wilson, Louise Heavens Organizations: Ferrari, REUTERS, Reuters, Thomson Locations: Maranello, Italy, cryptocurrency, U.S, Europe, bitcoin, cryptocurrencies, East, Africa, China, Milan, London

☆ Ferrari CEO says nearly a third of new buyers are under 40, even as wait lists grow
▼ + stars: | 2023-08-22 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

"We are a brand that is not looking for volume," Ferrari CEO Benedetto Vigna told CNBC in an exclusive interview from Pebble Beach. Founder Enzo Ferrari famously said Ferrari would produce "one less car than the market demand." Ferrari Purosangue Source: FerrariVigna said that despite limited supply, the company continues to expand its reach among younger, new clients. Vigna added that buying a Ferrari should never be easy or quick, since it's the ultimate aspirational car. "Getting a Ferrari is an experience that starts from the time you first see a Ferrari," he said.

Persons: Ferrari, Benedetto Vigna, Francesca Volpi, Enzo Ferrari, Ferrari Vigna Organizations: CNBC, Ferrari, Ford, General Motors, Ferrari NV, Bloomberg, Getty Locations: Pebble Beach, Maranello, Italy

☆ Watch CNBC's full exclusive interview with Ferrari CEO Benedetto Vigna
▼ + stars: | 2023-08-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full exclusive interview with Ferrari CEO Benedetto VignaFerrari CEO Benedetto Vigna joins CNBC's Robert Frank and 'Last Call' for an exclusive interview to talk his two years as CEO, antique Ferraris at auction, exclusivity in buying and more.

Persons: Benedetto Vigna Ferrari, Benedetto Vigna, Robert Frank Organizations: Ferrari

☆ Ferrari CEO Benedetto Vigna: The first electric Ferrari will be unveiled in Q4 of 2025
▼ + stars: | 2023-08-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFerrari CEO Benedetto Vigna: The first electric Ferrari will be unveiled in Q4 of 2025Ferrari CEO Benedetto Vigna joins CNBC's Robert Frank and 'Last Call' for an exclusive interview to talk his two years as CEO, antique Ferraris at auction, exclusivity in buying and more.

Persons: Benedetto Vigna, Robert Frank

☆ Ferrari raises guidance after profit jumps as more customers personalize their sports cars
▼ + stars: | 2023-08-02 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Ferrari on Wednesday said that its second-quarter profit jumped 33% from a year ago as more of its customers chose costly "personalization" options for their new sports cars. The company now expects 2023 revenue of about 5.8 billion euros and per-share profit of between 6.25 and 6.40 euros. It had previously guided investors to full-year revenue of about 5.7 billion euros and per-share profit between 6.00 and 6.20 euros. Ferrari reported profit of 334 million euros, or 1.83 euros per share, an increase of 33% over profit of 251 million euros, or 1.36 euros per share, during the same period a year earlier. Revenue increased 14% year over year to 1.47 billion euros.

Persons: Ferrari, Benedetto Vigna, personalizations Organizations: Ferrari, Revenue Locations: personalizations

☆ Ferrari nudges up year forecasts after Q2 results, investors unimpressed
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +3 min

EBITDA of 2.19-2.22 bln euros this yearForecast on FY EBITDA margin unchanged at 38%FY revenue expected to grow to around 5.8 bln eurosAdj. The Italian company guided for adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to grow to between 2.19 billion euros and 2.22 billion euros ($2.40 billion - $2.44 billion) this year, versus a previous forecast of between 2.13 billion and 2.18 billion euros. The expected cash generation was also broadly unchanged, at around 900 million euros versus a previous guidance of up to 900 million euros. Ferrari shares, which are up around 40% this year, erased small daily gains after the results were published. In the second quarter, adjusted EBITDA grew 32% to 589 million euros, in line with analysts' expectations of 580 million euros, according to a Reuters poll.

Persons: Andrew Boyers, Benedetto Vigna, Bernstein, Daniel Roeska, Vigna, Giulio Piovaccari, Gianluca Semeraro, Keith Weir, Sharon Singleton Organizations: Prix, Silverstone Circuit, REUTERS, Ferrari, Daytona, EMEA, Thomson Locations: Silverstone, Britain, MILAN, Italian, personalisations

☆ Ferrari does not need to buy other supercar makers, CEO says
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

Companies Ferrari NV FollowMILAN, June 5 (Reuters) - Ferrari (RACE.MI) has no plans to purchase other sports car makers, the company's Chief Executive Benedetto Vigna said on Monday. "I don't think it makes sense for us to buy other supercar makers," Vigna said during a conference organized by Bloomberg, replying to a question about possible M&A operations by the Italian company. Vigna said Ferrari would finish building a new assembly facility, its so called 'e-building', in its Maranello hometown in June next year. The CEO said that Ferrari would not only be making fully-electric cars on the new assembly-line. Reporting by Giulio Piovaccari, editing by Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Benedetto Vigna, Vigna, Ferrari, Giulio Piovaccari, Gavin Jones Organizations: MILAN, Bloomberg, Thomson Locations: Italian

☆ Ferrari doesn't care about autonomous vehicles, CEO says
▼ + stars: | 2023-05-09 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Ferrari's CEO says the company doesn't care about self-driving technology. Benedetto Vigna told a car summit hosted by the FT the group had the tech in place to build EVs. Ferrari doesn't care about technology for an autonomous vehicle, its boss says, reinforcing the company's intention to never build self-driving cars. There is performance software, there is comfort software, there is infotainment software, and there is autonomous," Vigna said. He suggested the company's shunning of self-driving software helped the group mostly stick to that tradition.

☆ Ferrari profit jumps 24% as demand pushes waiting list into 2025
▼ + stars: | 2023-05-04 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

Here are the key numbers from Ferrari's first-quarter earnings report, compared with Wall Street analysts' consensus expectations as reported by Refinitiv:Earnings per share: 1.63 euros, vs. 1.48 euros expected. 1.63 euros, vs. 1.48 euros expected. Revenue: 1.43 billion euros, vs. 1.39 billion euros expected. Revenue increased 20% year over year, to 1.43 billion euros from 1.19 billion euros in the first quarter of 2022. It still expects revenue of about 5.7 billion euros in 2023, with adjusted earnings per share between 6 euros and 6.20 euros.

☆ Ferrari’s green journey takes surprise turn: podcast
▼ + stars: | 2023-03-30 | by ( Lisa Jucca | ) www.reuters.com time to read: 1 min

MILAN, March 30 (Reuters Breakingviews) - Europe’s plan to support carbon-neutral fuels is good news for the $50 bln luxury carmaker, CEO Benedetto Vigna says on the Exchange podcast. It will allow the group to flog the roaring engines that made its fortune. Listen to the podcastFollow @LJucca on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Europe throws ignition cars a thin lifeline
▼ + stars: | 2023-03-28 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Bowing to pressure from automaking Germany, the European Union has agreed to exempt cars that run on carbon-neutral synthetic fuel from a ban on new combustion engine vehicles in 2035. loadingFor mass-market brands, electric cars will likely remain the cheapest option. RBC industry analysts expect electric and plug-in hybrid vehicles to make up 90% of Western European passenger vehicle sales by 2035. Yet, it will do little to stop the hollowing out of Europe’s combustion engine supply chain. The deal paves the way for EU ministers to approve the 2035 phaseout law for CO2-emitting cars on March 28.

☆ Ferrari CEO welcomes EU decision on e-fuels
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: 1 min

Companies Ferrari NV FollowMILAN, March 27 (Reuters) - The chief executive of Ferrari (RACE.MI) on Monday welcomed plans to exempt cars that run on e-fuels from the European Union's planned 2035 phaseout of new combustion engine vehicles. The decision would give the luxury Italian carmaker "greater freedom on the propulsion scheme," CEO Benedetto Vigna told a Reuters newsmaker event. Ferrari, which is renowned for its roaring petrol engines, is already producing plug-in hybrid cars and has promised its first full-electric vehicle for 2025. Reporting by Lisa Jucca and Giulio Piovaccari; writing by Keith Weir; editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

☆ F1 team bosses have their own light-bulb moment
▼ + stars: | 2023-02-26 | by ( Alan Baldwin | ) www.reuters.com time to read: +4 min

LONDON, Feb 26 (Reuters) - The late McLaren boss Teddy Mayer liked to compare Formula One drivers to interchangeable light-bulbs, declaring "you plug them in and they do the job", and nowadays the same might be said for team principals. The Frenchman is on his third different team, after stints at Sauber and Renault. "It shows also that the role of the team principal is maybe sometimes also a bit over-rated because if you can change it so quickly and there is no big impact, it tells also something. Sauber, with Swedish billionaire Finn Rausing as chairman of the board, will become the Audi works team from 2026. "But other than that we must not forget that F1 teams have developed into big organisations where the owners are not any more the team principals... some have engineers as team principals, some have more an old-fashioned rule."

☆ Ferrari CEO says Tesla's success was a 'wake up call' for the auto industry
▼ + stars: | 2023-02-13 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +2 min

Ferrari is an "emotional car" while Tesla is a "functional car," he said. Ferrari plans to unveil its first fully electric car in 2025, taking it to market in 2026. And Tesla certainly got things moving for the electrification of the automotive industry, Ferrari CEO Benedetto Vigna told Bloomberg. While investing in electric cars, it will "keep offering a mix of technology for as long as it's feasible. As "functional" electric cars, to use Vigna's words, become more and more popular, luxury automakers like Ferrari are getting ready to enter the market.

☆ Ferrari names Lorenzo Giorgetti as chief racing revenue officer
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 7 (Reuters) - Ferrari (RACE.MI) said on Tuesday it had appointed Lorenzo Giorgetti to the newly-created position of chief racing revenue officer, tasked with boosting long-term relations with sponsors across all racing activities. Among his previous posts Giorgetti has been chief commercial officer at Serie A soccer club AC Milan and head of commercial management in the sports division of Italian publisher RCS Mediagroup (RCSM.MI), Ferrari said in a statement. He will directly report to Ferrari's CEO Benedetto Vigna and will also cover the booming Esports field of videogame sport competitions. It comes just after Ferrari appointed Frenchman Frederic Vasseur as its new Formula One team principal in an effort to regain competitiveness in its flagship competition. Ferrari's revenues from 'sponsorship, commercial and brand', which include those earned by its Formula One racing team through sponsorship agreements, rose 11% last year to 479 million euros ($512 million).

☆ Ferrari revs up for "even stronger 2023" after beating forecasts in Q4
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

Companies Ferrari NV FollowMILAN, Feb 2 (Reuters) - Ferrari (RACE.MI) said on Thursday it saw "even stronger" results this year after posting a 16% increase in its core earnings in 2022, supported by increased sales volumes of its luxury sports cars. Ferrari said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) would come in between 2.13-2.18 billion euros in 2023, from an above-guidance result of 1.773 billion last year. By 1145 GMT they were up 1.8%,In the fourth quarter, adjusted EBITDA rose 18% to 469 million euros ($516 million). "These figures provide the base for an even stronger 2023, fuelled by a persistently high demand for our products worldwide," said Benedetto Vigna, Ferrari CEO. Deliveries of Ferrari's new 390,000 euro Purosangue are expected to start in the second quarter of this year.

☆ Ferrari lifts profit forecast after strong Q3, keeps cautious stance on margins
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

But the company added margin on adjusted EBITDA was now seen at around 35% for this year, versus a previous guidance of over 35%. It said industrial costs and research and development expenses weighed for an additional 34 million euros ($33.7 million) on its core result in the past quarter mainly due to higher depreciation and amortization and cost inflation. In the third quarter, adjusted EBITDA rose 17% to 435 million euros, supported by a double-digit increase in shipments. The result topped analyst expectations of 418 million euros, according to a Reuters poll. With a 73% increase, the China, Hong Kong and Taiwan region scored the largest shipment growth in the quarter.

☆ Ferraris and Aston Martins Are Still Selling Well—When They Can Be Built
▼ + stars: | 2022-11-02 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

The superrich are throwing more money than ever at fancy cars. That doesn’t always make them super-profitable to manufacture. Ferrari reported “remarkable order intake” alongside third-quarter earnings on Wednesday. The luxury-car maker doesn’t disclose reservations, yet orders for its Purosangue model—its long-discussed answer to sport-utility vehicles, launched in September with a starting price of €390,000 in Italy, equivalent to $385,000—are running “way above our most promising expectations,” said Chief Executive Officer Benedetto Vigna on a call with analysts.

☆ Ferrari raises its 2022 guidance again on red-hot demand for sports cars
▼ + stars: | 2022-11-02 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Ferrari on Wednesday again raised its guidance for the full year after shipments, revenue and earnings per share all rose by double-digit percentages during the third quarter. The Italian supercar maker now expects revenue of about 5 billion euros and adjusted earnings per share of about 5 euros for the full year. Here are the key numbers from the third-quarter earnings report:Earnings per share: 1.23 euros vs. 1.18 euros expected by Wall Street analysts polled by Refinitiv. 1.23 euros vs. 1.18 euros expected by Wall Street analysts polled by Refinitiv. Revenue: 1.25 billion euros vs. Wall Street's estimate of 1.16 billion euros per Refinitiv.

The logo of Ferrari is seen in the headquarters as CEO Benedetto Vigna unveils the company's new long term strategy, in Maranello, Italy, June 15, 2022. They cover almost 70,000 workers in Italy, two thirds of them at the former Fiat-Chrysler, which last year merged with France's PSA to create Stellantis, whose brands also include Peugeot and Jeep. Spokespeople for Stellantis and Iveco said they would not make any comment until unions have filed a formal request, in coming days or weeks. The Agnelli family's holding company Exor (EXOR.AS) is a major shareholder in carmakers Stellantis and Ferrari, truckmaker Iveco and agricultural and construction machine maker CNH Industrial. This is separate from a national contract for workers in other parts of the metal and mechanical sector.

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