That marks a 1.6% upturn over 2007, a remarkable result considering the industry's turmoil. Ferrari credits its cost-cutting measures as much as its wide range of cars and relatively strong sales with that result. Research and development budgets increased over the year despite the economic downturn, rising to 18% of revenues.
Total revenues for 2008 tallied €1.921 billion ($2.49 billion at current rates), up 15.2% from 2007, largely due to sales of the 430 Scuderia and strong continued performance from the 612 Scaglietti and 599 GTB Fiorano. Total sales volume was 6,587 cars, up by 2% or 122 cars from 2007. North America once again took honors as the largest market for the Prancing Horse, accounting for 1,700 cars of the total.
The new One to One personalization program for 12-cylinder models is credited with growing the brand's non-car related activities by 28%, which also contributed to the strong bottom-line figures. E-Commerce saw a veritable banner year with revenues up 65% over 2007.
Jean Todt is leaving Ferrari after 15 years
Todt is credited with turning a then struggling Ferrari F1 team into the powerhouse that it is today. Under his leadership, Ferrari hired Michael Schumacher and together with strategist Ross Brawn and designer Rory Byrne – a combination that produced a nearly-unbeatable team.