Ferrari Triples Q2 Earnings

Just one day after Ferrari driver Charles Leclerc was hit on the opening lap of Formula 1’s Hungarian Grand Prix, the Italian automaker reported $459 million in Q2 adjusted earnings, up 210% year-over-year.

Leclerc wasn’t able to finish the race, but teammate Carlos Sainz took third — a highlight for Ferrari as it mounts a comeback from last year’s losses. Shipments during the quarter almost doubled to 2,685 vehicles.

Innovation on and off the racetrack is a top priority for Ferrari.

• It announced in April that its first all-electric vehicle will debut in 2025.
• Industry outsider Benedetto Vigna will become the company’s CEO in September.
• Amazon Web Services became Ferrari’s cloud provider for Formula 1 in June.

Ferrari’s plans to go electric are welcomed by the European Union, which has proposed a ban on the sale of new petrol and diesel cars starting in 2035. 

The iconic car brand is the latest to integrate the Le Mans Daytona hybrid classification, which demands a clean-energy output. By 2023, Ferrari will be on racetracks with LMDh-classified vehicles from Acura, Toyota, Peugeot, Porsche, and Audi.