Ferrari is experiencing an unexpected boom in demand despite economic headwinds destabilizing the wider automotive industry and international markets. The company revealed that demand remains strong for its luxury supercars for the present year and into 2023. The introduction of the $385,000 Purosangue SUV has yielded strong demand surging past the company’s high expectations. Ferrari also revealed their entire range is sold out, with the exception of a few models.
The company raised forecasts for 2022 but remained cautious noting profit margins are being affected by inflationary pressures. Pre-tax profit was higher than the €1.7bn forecast ending at €1.73 dollars. Pre-tax profit increased by 11 percent to €299M in the third quarter. However, Ferrari’s share price fell by 1 percent in part due to currency fluctuations.
Third-quarter results revealed that 1 in 5 Ferraris sold were hybrids, the rest being traditional ICE engine models. End-of-year revenues are expected to increase from €4.9 to €5BN for the financial year.
Ferrari’s share price rallied 7% in mid-October, after the latest results were released shares fell by 3.5% as investors held back expecting better results.