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Ferrari's Chief Marketing and Commercial Officer, Enrico Galliera, has stated that the company has begun accepting cryptocurrency payments for the purchase of its luxury sports cars in the United States and plans to expand this initiative to Europe in response to customer demand.
It is known that most blue-chip companies have avoided cryptocurrencies due to their volatility, making them challenging for commercial use. Inadequate regulation and high energy consumption have also hindered cryptocurrencies as a payment method, as cryptocurrencies rely on high-powered computers to continuously compute and solve complex data problems, leading to significant energy consumption and drawing criticism from environmentalists.
Tesla began accepting Bitcoin payments in 2021 but later suspended this payment method due to the aforementioned environmental concerns.
Galliera mentioned that cryptocurrencies have reduced their carbon footprint by introducing new software and using more renewable energy. In an interview, he stated, "By 2030, our goal of achieving carbon neutrality throughout the value chain is absolutely certain."
He also mentioned that this decision was made in response to market and dealer demands because many of their customers have invested in cryptocurrencies. "Some are young investors who have accumulated wealth through cryptocurrencies. Others are more traditional investors looking to diversify their portfolios," he added.
In the first half of this year, Ferrari exported over 1,800 cars to the Americas, including the United States. Galliera did not disclose how many cars Ferrari expects to sell through cryptocurrency but mentioned that their orders are strong, and they are already fully booked until 2025. However, the company wants to explore this expanding field.
"This will help us connect with people who may not necessarily be our customers but can afford a Ferrari," he added.
Ferrari sold 13,200 cars in 2022, with each car starting at over €200,000 (approximately $211,000) and going up to €2 million. The company plans to expand its cryptocurrency payment services to Europe in the first quarter of next year and then extend to other regions where cryptocurrency is legally accepted.
The Europe, Middle East, and Africa (EMEA) region is Ferrari's largest market, accounting for 46% of its total car shipments in the first half of this year.
Reportedly, Ferrari will initially offer this service in the United States through cryptocurrency payment processor BitPay. Bitpay will convert cryptocurrency payments into traditional currency on behalf of Ferrari dealers, safeguarding them from price fluctuations and ensuring the legitimacy of the cryptocurrency sources, free from any criminal activity, money laundering, or tax evasion.
"If you pay with cryptocurrency, the price doesn't change, and there are no additional fees," Galliera stated. "This is one of our main goals: to spare our dealers and us from directly dealing with cryptocurrencies and their significant fluctuations."
Finally, Galliera stated that most U.S. dealers have already signed up for the program or are about to, and he believes that other dealers will soon follow suit. |
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Post time 20-10-2023 07:32:17
