Ferrari Reports Strong Quarterly Results

Italian carmaker posts record revenue and profit, driven by strong demand for its high-end vehicles.

Maranello, Italy – Ferrari NV reported strong growth in revenue and profit for the third quarter of 2023, fueled by continued demand for its luxury sports cars.

The Italian carmaker's revenue rose by 19% year-on-year to €1.23 billion ($1.3 billion), while its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped by 22% to €369 million ($390 million).

Ferrari sold a total of 3,989 cars in the quarter, up from 3,179 in the same period last year. The increase was largely driven by strong demand for the company's new Purosangue SUV, which was launched in September and has already become one of Ferrari's best-selling models.

The company's overall order book remains strong, with over 14,000 orders on hand at the end of the quarter. This provides Ferrari with a good foundation for continued growth in the coming quarters.

Ferrari's financial results were welcomed by investors, with the company's shares rising by 3% in morning trading.

Outlook

Ferrari is optimistic about the future and expects to continue to grow in the coming quarters. The company is planning to launch several new models in the coming years, including a new supercar and a new SUV.

In addition, Ferrari is also investing heavily in its electrification strategy. The company plans to launch its first all-electric car in 2025.

Ferrari's strong financial performance and positive outlook are a testament to the company's strong brand and its ability to attract wealthy customers.