It is a brand far from knowing the crisis. Ferrari continues to break sales and profit records, reflecting a healthy luxury auto sector.
Numbers fight with Lamborghini
In the first half of 2023, the rampant horse brand has just announced a turnover of 2.9 billion euros and a profit of 631 million euros. All this with 6,959 vehicles delivered, a profit per car sold of… 90,673 euros.
An impressive figure and one that improves compared to last year: Ferrari then earned 71,023 euros per model sold. Enough to stay ahead of its main competitor: Lamborghini, which shows slightly worse results, but also with fewer models sold. This profit ratio per car was thus 66,500 euros last year and 85,377 euros in the first half of 2023.
Throughout this year, Ferrari could reach new heights. The brand of the rampant horse is close to 6,000 million euros in turnover, with a forecast raised to 5,800 million, after the results of the second quarter. But also exceeding the limit of one billion euros in profits for the first time, highlighted the Italpassion blog at the beginning of August.
younger customers
While we recently learned that Ferrari is attracting more and more women in China, a market where its sales have grown strongly in recent years, the prancing horse brand would also attract younger customers around the world.
30% of new Ferrari clients are under the age of 40, the brand’s boss, Benedetto Vigna, said in an interview with CNBC.
Another long-distance battle with Lamborghini: In early 2022, his boss, Stephan Winkelmann, indicated that the average age of his clients was around 45, noting that “many are under 40”:
“They are young millionaires who do not want to be fashionable. The trends are theirs to create with brands that offer them something different in terms of design, performance and the ability to create emotions,” explained the leader, quoted at the time in an article by JDD.
A status of “exclusive” brands that must be preserved
However, for the two fast-growing brands there is no question of increasing the number of copies produced too much, a way of cultivating a certain rarity, which is essential for customers.
“We are a brand that does not look for volumes,” Benedetto Vigna recalled to CNBC, echoing the founder, Enzo Ferrari, who had the philosophy of “always selling a car less than what the market demands.”
With explosive demand, we would be a long way from “one car less”: analysts believe that Ferrari, like Lamborghini, could easily sell twice as many vehicles today. But the idea is still to maintain this status of exclusive and prestigious brands, which is not really compatible with doubling production.
With its SUV launched in 2018, the Urus, Lamborghini has seen its sales take off and is currently benefiting from the transition to electric with its latest 100% thermal models that are gaining ground. Ferrari has also just launched the marketing of its first SUV, the Purrosangue, before the presentation of its first 100% electric model, scheduled for 2025.
Source: BFM TV
