Ferrari posts record profits as supercar sales soar | Automobile industry
Ferrari posted record quarterly sales and profits as the cost of living crisis and worries about the global economy fail to dampen the enthusiasm of buyers of luxury trophy vehicles.
The Italian sports car maker raised its full-year revenue and profit forecast after announcing a record second quarter, due to the popularity of new models and strong demand in China and the Americas.
The company, the latest luxury car or supercar maker to post record profits after Lamborghini and Bentley, said shipments rose 29% year-on-year to 3,455 units in the three months to the end of June. .
Ferrari said sales were driven by its Portofino M models and the F8 family, with overall vehicle shipments to China, Taiwan and Hong Kong more than doubling from 166 to 358 year-on-year. and rising 62% to 1,053 in the Americas.
Strong demand, which included Ferrari net orders hitting a new high in the quarter, fueled a 22% rise in net profit to €251m (£210m), while revenue rose a quarter to 1.3 billion euros.
“Ferrari is selling more units than it has ever sold in its history,” said Citi analyst Gabriel Adler, as the company aims to offset a drop in revenue due to the end of limited-edition sales of the Monza SP1 of more than 1 million euros. and SP2 models.
Ferrari has decided to raise its full-year revenue forecast to 4.9 billion euros, from 4.8 billion euros, and profits to a range of 1.15 billion euros to 1.18 billion euros, against a previous forecast of 1.1 billion euros to 1.15 billion euros.
“The quality of the first six months and the robustness of our activity allow us to revise upwards the 2022 forecast on all indicators,” said Ferrari chief executive Benedetto Vigna.
In June, the company, based in the northern Italian town of Maranello and listed in Milan, unveiled plans to manufacture 80% of its electric and hybrid car models by 2030.
In its latest quarterly update, vehicles with traditional internal combustion engines accounted for 83% of shipments, while hybrid models accounted for just 17% of shipments.
Aston Martin last week announced that pre-tax losses had collapsed to £285.4 million for the first half of this year as supply chain shortages hit production, leaving hundreds of its unfinished supercars.
However, overall, the luxury and supercar market continues to thrive.
Last month, a report by accountancy firm UHY Hacker Young, which compiled figures from the Driving and Vehicle Licensing Agency, found that the UK’s wealthy are buying more luxury supercars than ever before.
More than 18,000 supercars – such as Ferrari, Bugatti, Aston Martin, Maserati and Koenigsegg models – were registered at UK addresses in 2021, an increase of 19% on 2020.