Uncertain economic times no problem for Ferrari

Ferrari has posted the strongest sales figures in its history, despite the economic squeeze and the worsening euro crisis.

The luxury sports car maker broke through €2 billion in sales for the first time in 2011, reporting a net profit of €209 million. This was on sales of 7,195 cars, the most that Maranello has produced and sold in a year and almost 10% up on the 2010 sales figures.

Interestingly, although the USA remains the leading market, sales in China increased 62% and the country has moved straight into second position. And despite the anxiety in Europe, sales in the UK were up 23% and in Germany were up 14%.

"We can only be satisfied with these results," – said Chairman Luca di Montezemolo. "They were achieved against an economic backdrop that remains challenging, particularly in Europe. They are the fruit of heavy investment and a culture of innovation that covers all areas of the business. Our international expansion continues and Ferrari today has a network covering 58 nations."

Ferrari's F1 team is also in robust shape with long term deals recently renewed with major backers Santander, Shell and Philip Morris.

This contrasts with the picture across the F1 grid where there are clear signs that a significant number of teams are being obliged to prioritise drivers who being budget with them.

Ferrari withdrew from the F1 Teams' Association in late 2011 in a disagreement over how to police cost cutting measures, but says it remains committed to working with the other teams to control costs in the sport. Red Bull Racing have also taken a similar stance.

The attempts to resolve this and the engagement of the F1 teams in a new Concorde agreement with the FIA and FOM will be one of the main talking points of 2012.