Ferrari driven by surge in sales in China
MILAN (AP) — Automaker Ferrari says its profits rose in the first quarter as demand for its luxury sports cars grew strongly, particularly in China.
The Italian manufacturer, which has shares listed on the New York Stock Exchange, said Tuesday that its net profit grew to 180 million euros ($202 million) in the three months through March, up from 149 million euros in the same period a year earlier.
It shipped 2,610 cars in that period, up 23% thanks in part to the popularity of its Ferrari Portofino model with a V8 engine.
Deliveries were particularly strong in China ahead of the implementation of new emissions standards. Demand also grew in the U.S. and Europe.
Ferrari stuck to its earnings outlook for revenue to grow by over 3% this year.
The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.
Truth and Accuracy
We are committed to truth and accuracy in all of our journalism. Read our editorial standards.