Ferrari’s U.S. stock surged by double digits to new highs on Thursday, reaching over 390 US dollars and setting a record high. The company’s market value exceeded 70 billion US dollars, surpassing BMW, Stellantis, and Volkswagen, and approaching Mercedes Benz.
The surge in stock prices comes after the release of the financial report, which showed that Ferrari’s revenue and earnings per share in the fourth quarter of 2023 exceeded market expectations. Its full-year revenue increased by 17% to 5.97 billion euros, approximately US$6.46 billion. Despite the strong financial performance, analysts were still surprised by the surge in stock prices.
But the biggest news of the day came from the world of Formula One (F1), as legendary British driver Lewis Hamilton announced his “seismic” transfer from Mercedes to Ferrari. The news was confirmed by the official social media accounts of both Ferrari and F1.
Hamilton, who has won a total of seven F1 annual championships, made the decision to move to Ferrari after signing a “1+1” contract with Mercedes last year. The move was reportedly driven by Hamilton’s desire to compete for the championship with a stronger car, as Mercedes was unable to provide a competitive car in recent years.
Media analysis suggests that Ferrari’s racing cars have been stronger than Mercedes’ in the past two seasons, and there is a higher chance of challenging Red Bull’s performance in the future. With Hamilton at the helm, Ferrari is aiming to provide him with a car that can help him solidify his position as the best athlete in the history of F1.
The news of Hamilton’s transfer to Ferrari has sent shockwaves through the F1 world, and fans are eagerly anticipating the upcoming season to see how the legendary driver will fare in his new team.