Ferrari Increases Profit and Sales Amid Strong Demand for Special Models
Ferrari announced a significant increase in its financial performance in the third quarter of 2023, driven by high demand for limited-edition cars and successful sales of new models. In a report released on October 2, 2023, the Italian supercar manufacturer reported revenues of €1.24 billion for the period, a 22% increase compared to the same period last year. The company's net profit also rose by 23%, reaching €257 million.
The company delivered 3,542 cars in the third quarter, a 13% increase from the previous year. The highest consumer interest was observed in the Ferrari 296 GTB and 812 Competizione models. Additionally, the company sold over 400 units of the limited-edition Ferrari Purosangue, which was the brand's first foray into SUVs.
Thanks to increased productivity and optimized supply chains, Ferrari managed not only to meet the growing demand but also to maintain its high margins, which is a crucial aspect during times of inflation and supply chain issues affecting the automotive sector as a whole.
Ferrari's deputy CEO, Benedetto Vigna, noted that customer interest in modules that connect electronics, performance, and style contributes to strengthening the brand's market position. Thus, despite global trends and uncertainty, the demand for Ferrari products remains stable and is on the rise.
The company also reaffirmed its forecasts for the current financial year, expecting revenue of €5.65 billion and a net profit within €1.2 billion. This promises the company to continue investing in new technologies and expanding its lineup.
Ferrari is actively developing electric vehicles, planning to unveil its first fully electric supercar by 2025. This strategy will help the company remain at the forefront of the rapidly changing automotive landscape and meet the demands of a new generation that increasingly focuses on environmental aspects.
