Luxury Figures

Ferrari reports another record quarter

Cristina D’Agostino

By Cristina D’Agostino06 novembre 2023

Italian automaker Ferrari continues its winning streak, reporting an exceptional third quarter with a 23.5% increase, amounting to 1.54 billion euros.

Ferrari is targeting €5.9 billion in revenues by 2023, with 3,459 sales and dynamic Formula 1 partnerships. The SF90 Stradale model in the photo (Ferrari)

During the presentation of the results on November 2nd, Ferrari's CEO, Benedetto Vigna, described the sales from July to September 2023 as a "new record quarter." Profit growth, driven by an even richer product mix and sustained interest in customization, has led us to revise our forecasts upwards for the year."

Now, the automaker forecasts revenue of nearly 5.9 billion euros for the year 2023, bolstered by a third-quarter increase of 23.5%, totaling 1.54 billion euros. While Factset analysts anticipated a net profit of 294 million euros for the period, the reality was more generous for the prancing horse brand: the quarter recorded a net profit of 332 million euros, an increase of 45.7%, thanks to the sale of 3,459 models worldwide. The strategy developed by management to push customization is proving successful as it contributes to the brand's strong identity. The role of Formula 1 has also increased revenue from various sponsors loyal to Ferrari by 13.8%, totaling 145 million euros. In this regard, Scuderia Ferrari renewed its multi-year partnership with the sports company PUMA, which will become its Premium partner starting next year. PUMA will also remain the licensing partner for Ferrari brand products and the clothing supplier for Ferrari's Formula 1 and racing teams in the coming years.

In an interview last summer with the Italian website, Benedetto Vigna emphasized the importance of innovation, especially in the development of hybrid engines, which have captured significant market share. In the second quarter of 2023, deliveries of Ferrari's four hybrid models accounted for more than 40% of sales.

The most promising markets remain EMEA (Europe, Middle East, and Africa), with 1,398 vehicles delivered, up 8.3%, and the United States, with the delivery of 1,096 cars, up 21.1%. However, Asia, excluding Japan, saw a decline of 8%.

By 2026, fifteen new models are expected to roll out of the Maranello factories, including Ferrari's first 100% electric vehicle in 2025.

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