Ferrari's core profits have risen by 27 percent in the first quarter of 2023, with the Prancing Horse set for greater success as Purosangue deliveries come on steam car auto cars
Ferrari’s first-ever SUV, the Purosangue, has seen an overwhelming demand, prompting the company to halt orders only two months after its unveiling in September 2022. However, during an earnings call on Thursday, Ferrari CEO Benedetto Vigna announced that the company is preparing to reopen orders for the luxury vehicle.
“We were caught by positive surprise for these strong interest,” Vigna told analysts. He added that anyone who puts down an order today will have to wait until at least 2026 for delivery. This is partly due to the Italian automaker’s commitment that the $430,000 SUV will not exceed 20 percent of the brand’s shipments. Exclusivity will be further maintained, with Vigna pledging not to extend the model’s lifecycle, despite the demand.
Ferrari’s adjusted earnings came to €537 million with an adjusted margin of 37.6 percent, beating forecasts. The strong showing is mainly thanks to larger volumes of shipments, with 3,567 units delivered in Q1 2023, 9.7 percent more than last year. The performance was led by the
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