Iconic Italian sports car maker, Ferrari, has reported a 27% increase in Q1 core earnings, surpassing expectations and indicating a strong demand for luxury vehicles that are expected to last until at least 2025.
CEO Benedetto Vigna stated that the company’s order book is already extending into 2025, thanks to the success of the award-winning product portfolio.
Ferrari is also reopening orders for the highly-coveted Purosangue four-door, four-seater after initially suspending them due to unprecedented demand.
The deliveries of the petrol-powered 12-cylinder car, which costs 390,000 euros, are set to begin this quarter.
Ferrari has pledged to limit sales of the Purosangue to less than 20% of total group shipments to maintain exclusivity.
The company also plans to release four new models this year, including the recently unveiled Roma Spider.
The first three months of the year saw adjusted EBITDA of 537 million euros ($594 million), topping analyst predictions of 508 million euros.
The surge in earnings was fueled by higher shipments, with the Portofino M, 296 GTB, and 812 Competizione models leading the way.
Ferrari’s unique product mix, pricing power, and extensive order book provide protection against recession-driven order cancellations, according to Bernstein analysts.
Vigna confirmed that the company’s electrification plans are on track for both the development of electric vehicles and the production infrastructure in Maranello.
Ferrari has already committed to introducing its first fully electric model in 2025.