Despite tough economic times, Ferrari can’t keep up with demand for its iconic luxury vehicle.
Ferrari's order books are bulging all the way into 2025 when it plans to launch its first fully electric vehicle, the luxury sports car maker said recently as it raised its earnings forecast for this year.
Core profit in the third quarter beat estimates, driven by pricing power and the continuing appeal of personalised additions to its cars.
"The order book remains at a highest level reflecting strong demand across all geographies, covering the entire 2025," according to Chief Executive, Benedetto Vigna.
Benedetto told analysts all Ferrari models bar one were effectively sold out for the coming months.
His tone was markedly more bullish than German rival Porsche, which warned in the previous week that the luxury sector was feeling the effects of consumer caution as interest rates rise.
Vigna confirmed that Ferrari, famous for its high-performance petrol cars, was on track to launch its first fully electric vehicle in the last quarter of 2025.
The vehicle is currently in the prototype phase, and the new "ebuilding" where it will be constructed at the company's home in Maranello, northern Italy, is due to open next June.
Ferrari shares were up 5.2% at 1530 GMT and have gained almost 50% so far this year, according to LSEG data.
"With a new production facility, a potential hyper car, and a BEV (electric) model expected to arrive within the next 24 months, investors see Ferrari as moving into another exciting phase of the company's history," Bernstein analysts said in a note.
Deliveries in the quarter were driven by the 296 and the SF90 families, while the 812 Competizione A and the Purosangue four-seater were in ramp-up phase. The F8 Spider was approaching the end of its life cycle.
The product portfolio in the quarter included nine internal combustion engine models and four hybrid engine models. Hybrid deliveries reached 51% of total shipments in the quarter.
The company now expects its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to reach at least R43.6 billion (2.25 billion euros) this year, versus a previous - and already improved - forecast of R42.8 billion to R43.4 billion (2.19 to 2.22 billion euros).
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