Ferrari sales boom ahead of Purosangue SUV launch

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Ferrari’s year-to-date sales have almost doubled in key Asian markets, ahead of Purosangue and SP3 arrival.

Ferrari has marginally increased its 2022 forecast following a strong third quarter in which it posted €228 million (AUD$353 million) in net profits.

The sports car maker attributed this success to the launch of the Ferrari 296 GTB, as well as the lower-volume Ferrari 812 Competizione.

Ferrari delivered 3188 cars over the three months to the end of September, a 15.9 per cent improvement compared with the same period last year.

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Of these, 81 per cent were pure-combustion models, such as the V8-powered Ferrari Portofino M. The remainder were all hybrids, such as the electrified V6 296 GTB.

So far this year, Ferrari has delivered 9894 cars, a 21 per cent increase compared with the same point in 2021.

During the third quarter of 2022, Ferrari generated €1.25 billion (AUD$1.94 billion) of net revenue, up 18.7 per cent year on year.

The Italian company thus increased its 2022 guidance forecast from €4.9bn (AUD$7.59bn) in net revenue to €5.0bn (AUD$7.75bn).

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The company’s order books are “outstanding”, said CEO Benedetto Vigna, who added: “With the exception of a few models, [the] entire range is sold out.”

Ferrari stated that ongoing deliveries of the F8 have sustained the growth, despite order books having closed. A spokesperson declined to comment on how many examples have yet to be built.

However, Ferrari SF90 shipments fell as production of the lesser-powered 296 GTB hybrid began. A new range-topping SF90 is thought to be in development, after a modified test mule was spotted earlier this week.

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Ferrari did not deliver any models from the limited-run Icona series during the third quarter of this year. The Daytona SP3 – the latest entrant into the series, following the sold-out SP1 and SP2 Monza – will begin deliveries next year.

Europe, the Middle East and Africa remained Ferrari’s strongest markets, accounting for 1291 deliveries during the third quarter of 2022 – a 1.3 per cent reduction compared with 2021.

Mainland China, Hong Kong and Taiwan recorded remarkable growth as the company revised its stock allocation by region. Deliveries in the region increased by 73.1 per cent compared with the third quarter in 2021, from 249 to 431.

Shipments to the Americas improved from 706 in the third quarter of last year to 905 in Q3 2022, up 28.1 per cent.

Vigna said: “The very robust financial results we present today are a further proof of the strength of our business.

“Our long-term strategy continues to drive profitability, harnessing our resilience towards a macroeconomic scenario that brings new challenges on a global scale.

“In the third quarter of 2022, revenues, EBITDA and EBIT grew double digit against the same period in 2021, with a sound industrial free cash flow generation. And all these lead us to revise upward our 2022 guidance on all metrics.”

Should the forecast – which assumes production of the Daytona SP3 and the Purosangue SUV will start before the year’s end, as well as continued strong demand – come to fruition, it would be a marked improvement on the firm’s 2021 performance, in which net revenue totalled €4.3bn (AUD$6.6bn).

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