In an earnings call earlier last week, Ferrari CEO Benedetto Vigna announced that the company has seen a rise in profits in Q1 2023 by 27%.
Due to the higher-than-anticipated increase in profits in the first quarter of the year, the Italian luxury carmaker’s share price on the Milan stock exchange also hit a record high of about $297 USD on the day of the earnings call. Beating forecasts, Ferrar’s EBITDA came in at around $592 million USD with adjusted margins of 37.6%. Ferrari’s performance was led by the Portofino M, 296 GTB, as well as the 81 Competizione. The Italian company delivered 3,567 units, 9.7% more than the previous year.
When Ferrari initially announced its first-ever SUV, the Purosangue, it had to halt orders two months after its unveiling back in September 2022. Now, CEO Vigna has confirmed that consumers will have a chance to order the luxury SUV, once again. In the call, Vigna said, “We were caught by positive surprise for these strong interests.” He said that those who want to put down an order now will be waiting until 2026 for its delivery. Vigna confirmed that this is in due part to the Italian manufacturers’ commitment that the SUV will not exceed 20% of its brand’s shipments.
The 12-cylinder SUV is priced at $430,000 USD and is a part of Ferrari’s “extremely strong” product mix. In line with the move towards producing EVs, Ferrari’s first fully electric model is slated to enter the market in 2025.
In other automotive news, the Rolls-Royce Dawn has officially been discontinued.