Ferrari NV (NYSE: RACE) reported third-quarter FY22 sales growth of 18.7% year-on-year to €1.25 billion. Total shipments of 3,188 units improved 15.9% from last year. Car and spare parts revenue rose 19.6% Y/Y, and Engines decreased by 25.3%. EBITDA rose 17.1% Y/Y to €435 million, and the margin contracted 40 basis points Y/Y to 34.8%. EPS of €1.23 improved by 11% from €1.11 last year. Cash flow from operating activities totaled €386 million with a €188 million free cash flow. Outlook: Ferrari r
In the late stages of the bull market, irrational exuberance caused investors to bid electric vehicle stocks up to ridiculous valuations. Then fears of rising interest rates and an economic slowdown caused the bubble to burst. Shares of EV companies, many of which were unprofitable or barely profitable, came crashing down. Even the best electric vehicle stocks have sold off 50% or more over the past 12 months. But this is not a sector investors should count out. California recently reported that
Automobili Pininfarina CEO Per Svantesson is driving change at the top of the car world food chain, meaning the high end, ultra luxury segment with the Battista GT hypercar. Each car is handmade in Italy by one of the venerated design houses in the business, taking nearly 2,000 man hours, and is powered by four Rimac-sourced electric motors at each well producing an astounding 1900 horsepower. And if you have to ask, each car costs over $2 million.