Ferrari’s 2024 Surge: Revenue Soars as Electric Supercar Takes Shape

Ferrari is charging forward with record-breaking financial success and a bold push towards electrification. The luxury automaker closed 2024 with an impressive €6.68 billion in revenue, an 11.8% increase from the previous year. Strong demand for customisation, an evolving product mix, and expanding brand collaborations have all contributed to this financial upswing. At the same time, Ferrari is preparing to unveil its first fully electric vehicle (EV), marking a pivotal step in its sustainability strategy.

An electric Ferrari car cruising through a wooded road, with solar panels visible in the distance. AI generated picture.

CEO Benedetto Vigna credited Ferrari’s financial strength to a refined approach, stating: ‘Quality of revenues over volumes: I believe this best explains our outstanding financial results in 2024, thanks to a strong product mix and a growing demand for personalisations.’

Ferrari’s fourth-quarter revenue reached €1.74 billion, demonstrating the company’s ability to maintain exclusivity while scaling up financial performance. Earnings before interest and taxes (EBIT) rose 16.7% to €1.89 billion, with a 28.3% EBIT margin. Net profits climbed to €1.53 billion, reinforcing Ferrari’s ability to sustain profitability while investing in future innovations.

While total vehicle shipments remained relatively stable at 13,752 units, hybrid models accounted for 51% of deliveries, highlighting the brand’s shift toward sustainable high-performance engineering.

Beyond electrification, Ferrari is actively working toward its carbon neutrality goal by 2030. In 2023, the company cut Scope 1 and 2 emissions to 77,691 tCO₂eq, down from 84,012 tCO₂eq the previous year, aided by its Maranello plant’s electrification and expanded renewable energy usage.

Ferrari is also pioneering synthetic fuel research, a move that could revolutionise combustion-engine sustainability. In parallel, its supply chain decarbonisation strategy includes stricter environmental standards for suppliers and a push toward low-carbon materials such as recycled aluminium, which is set to reduce raw material emissions by 30%.

Investment in advanced battery research through Ferrari’s E-Cells Lab further strengthens its commitment to cleaner, high-performance technology. The company is also scaling up solar energy capacity and has already deployed a 1 MW solid oxide fuel cell plant, reducing gas consumption by 20%.

Ferrari’s transition to an electrified lineup is accelerating with the launch of its first fully electric supercar, set to debut on October 9 at its Maranello headquarters. This landmark release will reshape the brand’s future, merging legendary performance with cutting-edge sustainability.

China, a booming market for EVs, presents a lucrative opportunity for Ferrari’s electric shift. Lower taxes on electric models and high consumer demand could open new revenue streams, with CEO Benedetto Vigna hinting at policy adjustments that could strengthen Ferrari’s market position in the region.

As the industry moves toward stricter emissions standards, Ferrari is setting new benchmarks, proving that luxury, performance, and sustainability can go hand in hand.