Italian luxury sports car maker Ferrari's market capitalisation hit a record $60 billion on Friday, which is more than the capitalisation of Ford Motor and General Motors. Ford and General Motors make four million cars a year whereas Ferrari only sells 13,000 cars, CNBC reported.
Ferrari share prices are now 50 percent up this year. Share prices of the automaker advanced by $5.70, or 1.78 percent, to $326.37 at 10:52 AM EDT (8:25 PM IST).
Moreover, the company's gross margin is now over 50 percent, which is twice that of Tesla's gross margin.
Market analysts are expecting stronger growth from the company this year with the launch of newer models and several that remain in the pipeline.
The luxury automaker recently unveiled its new 2024 Ferrari SF90 XX, its first plug-in hybrid supercar. This new model has become its most powerful road-legal model ever, with 758kW from a twin-turbo hybrid V8.
Also Read:June auto sales preview: Small cars saw tepid demand with discounts inching up, says analyst
First Published: Jun 30, 2023 8:24 PM IST
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