Ferrari Sets Records Through 3rd Quarter and Apple Executive Joins

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is doing very well through the third quarter and set a record for cash held by the company. It has elected the former Apple Senior Vice President Internet Software and Services Eddy Cue to the board. 

In the first nine months of the year the company's revenue is up 10% over last year to €1.7 billion and deliveries are up 6% to 5,267 cars. Net profit is up 7.6% to €152.4 million.

The company has set a personal record for the amount of cash held in reserve; It currently has €959 million in liquidity, and €251 million of that came this year. 

Ferrari's largest market in the world is the United States with 26% of sales. Sales were up 16% to 1,354 cars. Germany is the largest European market for Ferrari with 534 cars sold, up 9%. The UK set a sales record through the first nine months with 504 sales, up 37%. Chinese sales are up 7% to 566 cars; and sales in the Middle East are basically the same compared to last year at 274 cars. Ferrari's weakest market is Italy, where it sold 238 cars, down 49%. 

Cue worked at Apple for 23 years and was partially responsible for creating the iTunes store in 2003 and App Store in 2008. 

“I am pleased and proud to become a member of the board. I have personally dreamed of owning a Ferrari since I was 8 years old and have been lucky to be an owner for the past 5 years. I continue to be awed by the world-class design and engineering that only Ferrari can do," said Cue.