Chrysler 2014 Annual Report Download - page 55

2014 | ANNUAL REPORT 53
Ferrari
Ferrari, a racing and sports car manufacturer founded in 1929 by Enzo Ferrari, began producing street cars in 1947,
beginning with the 125 S. Fiat acquired 50 percent of Ferrari in 1969, then expanding its stake to the current 90
percent. Scuderia Ferrari, the brand’s racing team division, has achieved enormous success, winning numerous
Formula One titles, including 16 constructors’ championships and 15 drivers’ championships. The street car division
currently produces vehicles ranging from sports cars (such as the 458 Italia, the 458 Spider and the F12 Berlinetta), to
the gran turismo models (such as the California and the FF), designed for long-distance, high-speed journeys.
We believe that Ferrari customers are seeking the state-of-the-art in luxury sports cars, with a special focus on the
very best Italian design and craftsmanship, along with unparalleled performance both on the track and on the road.
Ferrari recently presented the California T, which brings turbocharging back to its street cars for the first time since
1992. We also launched the exclusive limited edition LaFerrari, which attracted orders for more than the production
run before its official debut at the 2013 Geneva Motor Show. We believe LaFerrari sets a new benchmark for the
sector, incorporating the latest technological innovations that Ferrari will apply to future models. On October 29, 2014,
we announced our intention to separate Ferrari from FCA through a public offering of a portion of our shareholding in
Ferrari from our current shareholding and a spin-off of our remaining equity interest in Ferrari to our shareholders.
The following table shows the distribution of our Ferrari sales by geographic regions as a percentage of total sales for
each year ended December 31, 2014, 2013 and 2012:
As a percentage
of 2014 sales
As a percentage
of 2013 sales
As a percentage
of 2012 sales
Europe Top 5 countries(1) 30% 30% 34%
U.S. 30% 29% 25%
Japan 6% 5% 5%
China, Hong Kong & Taiwan 9% 10% 10%
Other countries 25% 26% 26%
Total 100% 100% 100%
(1) Europe Top 5 Countries by sales, includes Italy, UK, Germany, France and Switzerland.
In 2014, a total of 7.2 thousand Ferrari street cars were sold to retail customers, growth driven by the performance
of the limited edition LaFerrari. Ferrari experienced solid growth in North America, Ferrari’s largest market, Japan and
China, with European market substantially flat year over year.
Ferrari vehicles are designed to maintain exclusivity and appeal to a customer looking for such rare vehicles, and as
a result, we deliberately limit the number of Ferrari vehicles produced each year in order to preserve the exclusivity of
the brand. Our efforts in designing, engineering and manufacturing our luxury vehicles focus on use of state-of-the-art
technology and luxury finishes to appeal to our luxury vehicle customers.
We sell our Ferrari vehicles through a worldwide distribution network of approximately 180 Ferrari dealers as of
December 31, 2014, that is separate from our mass-market distribution network.
Ferrari Financial Services, a financial services company 90 percent owned by Ferrari, offers financial services for
the purchase of all types of Ferrari vehicles. Ferrari Financial Services operates in Ferrari’s major markets, including,
Germany, U.K., France, Belgium, Switzerland, Italy, U.S. and Japan.