While Ferrari may have been suffering from a 17-year-old title drought in Formula 1, they have been breaking records in terms of their global appeal and commercial viability. Ferrari chairman John Elkann recently addressed shareholders to announce the profits made by the company last year.
As per Elkann, Ferrari surpassed their expectations in 2024, booking revenues worth a whopping $7.23 billion. Going into 2025, the American-Italian expects to do the same.
Whilst addressing the shareholders, the 48-year-old explained that Ferrari planned to have yet another commercially successful year based on two assets: Lewis Hamilton and the brand’s first-ever electric car.
While the Prancing Horse has dabbled with the idea of producing cars with electric powertrains, they have only gone on to inculcate hybrid engines in the back of their sports cars so far. Per Elkann, that status quo will change now and help Ferrari increase their top line.
“All the goals of 2024 have been exceeded, and 2025 promises to be just as exciting with the arrival of Lewis Hamilton and the launch of the first all-electric Ferrari,” he revealed, as quoted by Gazzetta.it.
Ferrari’s first full-electric car will likely be an SUV, and it could look like this ➡️ https://t.co/RDw1VFJBda pic.twitter.com/cV6U2pWGJ9
— Top Gear (@BBC_TopGear) November 19, 2024
The Maranello-based brand has already placed the foundations of an electric mobility project with the inauguration of an ‘e-building’ scheduled to take place later this year in the month of June, in collaboration with the Italian government.
As per Elkann, “This engineering masterpiece will offer our customers the freedom to choose between Ferrari with combustion engines, hybrid and soon even electric.”
For an iconic brand like Ferrari, entering the market with fully electric cars may feel a bit alien, but it shows their willingness to adapt to the changing tunes of technology and the current market demands. Moreover, the Italian brand has a marketing maestro in Hamilton.
How Hamilton will ensure success on and off track for Ferrari in 2025
Elkann is convinced that the seven-time world champion will play a crucial role in the success that Ferrari will taste this year. On track, the #44 driver will ensure that he extracts the most from the SF-25 to end the Scuderia’s title drought.
Off the track, his massive fanbase and commercial appeal can help drive revenue through the roof for the iconic Italian automakers. Despite being in his first year at Ferrari, Hamilton could be at the helm of a historic year for the brand.
Ferrari’s road car sales are highly contingent on their motorsport division. With Ferrari looking strong in the World Endurance Championship and F1, it is needless to say that Elkann expects the $7.23 billion figure to grow exponentially in the coming years.
Hamilton has already started playing a crucial role in this, too. Last year, when it was announced that he would be leaving Mercedes to drive for them from 2025 onwards, Ferrari stock prices rose by 9%—making a tidy $4 billion for the Prancing Horse.
