Ferrari electrification will be true to its heritage -Elkann

(ANSA) - ROME, APR 11 - Ferrari's path towards electric vehicles will not betray the iconic Italian sports carmaker's legacy, Chairman John Elkann said in a letter to shareholders of the Exor holding company on Thursday.
    "Ferrari enjoyed another extraordinary twelve months with record results and achievements across its three souls: racing, sports cars and lifestyle," wrote Elkann, who is also Stellantis chairman and Exor CEO.
    "During 2023, five new models were launched, including the Ferrari Roma Spider and the 499P Modificata.
    "Ferrari continued to deliver outstanding results, with the company exceeding its full-year guidance. Net revenues for the year grew 17% to €6 billion, with an adjusted EBITDA of €2.3 billion (38% margin) and, for the first time ever, net profit exceeded €1 billion (an increase of 34% versus 2022)," he told the shareholders of the Agnelli-Elkann family holding.
    "We look forward to more victories with clients, fans and employees as (CEO) Benedetto Vigna and his leadership team maintain their four-wheels-on-the-ground approach as the Prancing Horse continues its electrification journey while staying true to its heritage".
    Elkann released the letter as Exor published its financial results for 2023, when it registered earnings of 4.19 billion euros.
    In the letter he also paid tribute to former Fiat Chrysler CEO Sergio Marchionne, who died at the age of 66 in 2018.
    "Almost twenty years ago, in June 2004, Sergio was appointed CEO of Fiat. The company had gone through a series of CEOs in the leadup to his arrival and was on the verge of bankruptcy," Elkann said.
    "When I reflect on where we are today, I am very grateful to Sergio for showing us that the impossible is possible. His courage and tenacity saved first Fiat and then Chrysler and the jobs of the hundreds of thousands who were working directly and indirectly with these companies. Today we see the same courage and tenacity in the leadership and people of Stellantis.
    "As we continue moving forwards, we will always remember what Sergio rightly said, 'mediocrity is never worth the trip'.
    "We dearly miss you, caro Sergio". (ANSA).