Ferrari's path towards electric
vehicles will not betray the iconic Italian sports carmaker's
legacy, Chairman John Elkann said in a letter to shareholders of
the Exor holding company on Thursday.
"Ferrari enjoyed another extraordinary twelve months with record
results and achievements across its three souls: racing, sports
cars and lifestyle," wrote Elkann, who is also Stellantis
chairman and Exor CEO.
"During 2023, five new models were launched, including the
Ferrari Roma Spider and the 499P Modificata.
"Ferrari continued to deliver outstanding results, with the
company exceeding its full-year guidance. Net revenues for the
year grew 17% to €6 billion, with an adjusted EBITDA of €2.3
billion (38% margin) and, for the first time ever, net profit
exceeded €1 billion (an increase of 34% versus 2022)," he told
the shareholders of the Agnelli-Elkann family holding.
"We look forward to more victories with clients, fans and
employees as (CEO) Benedetto Vigna and his leadership team
maintain their four-wheels-on-the-ground approach as the
Prancing Horse continues its electrification journey while
staying true to its heritage".
Elkann released the letter as Exor published its financial
results for 2023, when it registered earnings of 4.19 billion
euros.
In the letter he also paid tribute to former Fiat Chrysler CEO
Sergio Marchionne, who died at the age of 66 in 2018.
"Almost twenty years ago, in June 2004, Sergio was appointed CEO
of Fiat. The company had gone through a series of CEOs in the
leadup to his arrival and was on the verge of bankruptcy,"
Elkann said.
"When I reflect on where we are today, I am very grateful to
Sergio for showing us that the impossible is possible. His
courage and tenacity saved first Fiat and then Chrysler and the
jobs of the hundreds of thousands who were working directly and
indirectly with these companies. Today we see the same courage
and tenacity in the leadership and people of Stellantis.
"As we continue moving forwards, we will always remember what
Sergio rightly said, 'mediocrity is never worth the trip'.
"We dearly miss you, caro Sergio".
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