Ferrari's profits soar after record-breaking year

Ferrari released its annual results yesterday, with the iconic car maker enjoying a banner year in 2017 thanks to increased sales and profits.

The prestigious Italian manufacturer shipped 8,398 cars in 2017, a 4.8 percent increase over the previous year, which translates into net revenues of 3,417 million euros and an adjusted net profit of 537 million euros.

Ferrari was spun off from Fiat Chrysler two years ago in a move which many predicted would tarnish the brand. But the House of Maranello's growth under the leadership of CEO Sergio Marchionne has been exemplary and hugely rewarding for the company's shareholders.

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Marchionne, who is set to leave Ferrari in 2021, admitted however that the manufacturer was fast approaching a resistance level in the number of cars it can produce without eroding the brand's exclusive appeal.

A venture into the SUV segment of the automotive market is an opportunity for further growth which is being considered, although Marchionne stressed that a potential prancing horse SUV would embody the "Ferrari style for the selected few" while it's claim to fame would not be "being able to climb rocks".

As for the possible advent of a scarlet red all-electric supercar, the 65-year-old executive insisted the design and engineering would reflect Ferrari's core values.

"Whenever Ferrari does express itself in a fully electric vehicle, it will do so by making sure that both sound and handling are reflective of Ferrari’s heritage," he said.

"What is already on the market falls substantially short of that."

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