Iconic Italian marque Ferrari’s shares have hit an all-time high, just hours after the brand’s Formula One team announced the landmark signing of seven-time world champion Lewis Hamilton.
At the close of the New York Stock Exchange overnight, Ferrari shares (abbreviated as RACE) reached US$389.45 (A$592.51) – a 12.5 per cent increase on the day prior.
That’s six per cent higher than the previous peak of US$367.44 (A$599.02) in November 2023. Ferrari first went public in 2015.
The record share price coincided with two announcements – Ferrari’s fourth quarter financial results, and the signing of Lewis Hamilton, the most successful Formula One driver in history, to the Scuderia Ferrari F1 team.
Seven-time F1 champion Lewis Hamilton
Hamilton – who drives for Mercedes-AMG and won six of his seven titles with the team – had long been linked to a Ferrari drive, though overnight it was confirmed the 103-time race winner would join Ferrari in 2025.
While Ferrari is the most recognisable and popular team on the Formula One grid, it hasn’t won the coveted driver’s championship since 2007 with Kimi Raikkonen – despite the likes of Fernando Alonso and Sebastian Vettel winning numerous races during their tenures with the team.
In its 2023 financial round-up, Ferrari announced it had posted record profits of €5.97 billion (A$9.87bn) – a 17 per cent increase on 2022 – while declaring it will surpass last year’s figures throughout 2024.
2024 Ferrari Purosangue
Throughout 2023, Ferrari delivered 13,663 vehicles to customers globally, beating its 2022 record of 13,221 deliveries, thanks in part to the new Purosangue SUV.
Ferrari sold 215 cars to Australian customers in 2023, losing out to Lamborghini for the first time in local recorded history.
