Ferrari gives employees shares worth around 10 million euros

2023-11-14 11:50:00

The Italian luxury car manufacturer Ferrari is giving away shares in the company worth an estimated 10 million euros to its employees. The car manufacturer announced that an employee share program will start at the beginning of 2024. Each employee can receive a one-off Ferrari share worth a maximum of 2,065 euros. Ferrari’s share price had risen by 55 percent in the past few months.

Ferrari also agreed again with the unions to pay a “competition bonus” for the years 2024 to 2027. The company said the annual payment could reach over 17,000 euros per employee. Employees can convert part of the bonus – up to 3,000 euros – into shares. The exact amount of the bonus will be determined in February when the balance sheet for 2023 is available, a spokesman for the company told the AFP news agency. For 2022 the premium was 13,500 euros.

Ferrari increased its net profit by around a third to 963 million euros in the first nine months of 2023. This means that the profit is already above the record revenue of 939 million euros achieved in 2022. The car manufacturer plans to hire 250 new employees next year, half of them in January.