Ferrari delivers higher sales and profits to investors for 2016

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Sergio Marchionne promised to deliver improved sales and profitability for Ferrari in 2016, and the CEO is making good on that commitment.

The iconic automobile manufacturer ramped up production as forecasted in the past year, its first as an independent company. As a result it shipped 8,014 cars, a 5% increase on the previous year.

Net profit rose to EUR400 million ($428 million) in the year to end-December from EUR290 million in 2015, while revenue climbed 9% to EUR3.11 billion.

The results mark a shift in Ferrari's traditional approach based on limited production to maintain brand prestige.

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Investors cheered the results, sending the stock quoted on the New York Stock exchange higher by over 4% on Thursday.

Ferrari will celebrate its 70th anniversary this year with a series of tailor-made cars, all inspired by iconic models from its past.

Overall, the group plans to ship around 8,400 vehicles in 2017, getting closer to the 9,000 goal Sergio Marchionne has set for 2019.

Will the Scuderia mirror its road car parent with success on the race track this year? Wait and see...

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.