Formula 1: Ferrari shares up 10% on New York Stock Exchange after news of Lewis Hamilton's arrival

British driver Lewis Hamilton (Mercedes-AMG Petronas F1 Team), seven-time Formula 1 world champion, will drive for Scuderia Ferrari from 2025 as part of a multi-year contract, announced the Italian team on 01/02/2024.

This announcement, coupled with Ferrari's impressive financial results (+17.2% revenues and +28.5% EBITDA in 2023) on the same day, led to a sharp rise in the Italian car manufacturer's share price on both the New York Stock Exchange (NYSE) and the Milan Stock Exchange ("Borsa Italiana").

Between the first rumours of Lewis Hamilton's signature relayed by the international press on the morning of 01/02 and the official announcement at 20:00 CET (14:00 ET), the share price of Ferrari, a group listed on the New York Stock Exchange (NYSE), rose from $353.11 (€325.8 at the close of trading on the New York Stock Exchange on 31/01) to $389.45 (€359.5) at the close of trading at 22:00 CET (16:00 ET) on 01/02, an increase of 10%.

The Ferrari group's shares on the Milan stock exchange also rose by 9.5%, from €322.8 when the market opened to €353.5 when it closed on 01/02/2024.

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