The Italian manufacturer is not experiencing the crisis. Ferrari has just revealed record third quarter results, now targeting a turnover of 5.9 billion euros for the year.
Its net profit up 45.7% in the third quarter
Not very sensitive to inflation, wealthy customers are clearly still there when it comes to purchasing luxury products. After the publication of the very good results of the LVMH and Prada groups, it is the turn of the Ferrari house to be proud of its excellent turnover for the third quarter of the year. The Maranello brand announced a net profit of 332 million euros, an increase of 45.7%. In total, 3,459 vehicles were delivered worldwide during the July-September period alone.
Over nine months, the manufacturer's revenues increased by 19% to 4.4 billion euros and net profit increased by 34% to 963 million euros. Growth which allows it to revise its financial objectives upwards: Ferrari is now counting on a turnover of 5.9 billion euros for 2023, compared to 5.8 billion euros previously. Adjusted gross operating surplus (Ebitda) should reach 2.25 billion euros, compared to 2.19 to 2.22 billion euros previously forecast.
In detail , Europe-Middle East-Africa emerged as the main market for the Italian manufacturer in the third quarter, with 1,398 vehicles delivered (up 8.3%). Its second market, the American continent, is experiencing excellent growth - 21.1% - with 1,096 hypercars sold .
Scarcity as a business strategy
To arouse desire and boost the desirability of its cars, the horse brand is pursuing its strategy of exclusivity and on-demand production. Thus, the group's CEO, Benedetto Vigna, has already announced a stock shortage for the year 2025, without wanting to accelerate production: "the order book remains at the highest level due to strong demand in all geographic areas and covers the entire year 2025,” we read in the press release .
Another argument for success according to the manufacturer: the "continuous appeal of personalization" of its models. An experience which has now spread to all major automobile brands which are keen to satisfy the wildest desires of its wealthy clients. (journal du luxe)
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