Ferrari posts record profits as supercar buyers splash out

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Ferrari has reported record quarterly profits and raised its forecasts for the year, as customers spend more on personalised features for their supercars.

The Italian brand becomes the latest luxury or supercar maker to post bumper earnings, after both Lamborghini and Bentley reported record profitability.

Ferrari’s revenues and profits rose to record levels on the back of new models and sales to the Americas and China during the second quarter.

The number of cars sold increased 29 per cent to 3,455, while net profit went up 22 per cent to €251mn and revenues climbed 25 per cent to €1.3bn.

Ferrari now expects revenues of €4.9bn for the year, rather than €4.8bn, with pre-tax profits of between €1.15bn and €1.18bn, up from €1.1bn to €1.15bn.

The company said “stronger contribution from personalisations as well as a tailwind from foreign exchanges” helped to raise its outlook, despite an end to production of several of its higher-margin cars.

While it is charging more for current models and customers are paying for additional features, the company said this would not offset a dip in revenues from ending the sale of its Monza SP1 and SP2 models, which cost more than €1mn each.

Most of Ferrari’s growth during the quarter came from deliveries of the Portofino M and F8 models. Deliveries were driven by a 62 per cent rise in sales in the Americas region to 1,053 cars and a more than doubling of sales to China, Hong Kong and Taiwan.

“The quality of the first six months and the robustness of our business allows us to revise upward the 2022 guidance on all metrics,” said chief executive Benedetto Vigna.

Around 17 per cent of its sold cars were its three hybrid models, with a rest engine-only.

Ferrari, which plans to release its first battery electric car in 2025, expects that 40 per cent of its line-up will be fully electric by the end of the decade, but has remained committed to developing engine models for the foreseeable future.

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