Ferrari’s Core Earnings Soar 27%
Increased deliveries of the Portofino M, the 296 GTB and the 812 Competizione models boosted the automaker's first-quarter earnings.
Ferrari reported $1.5 billion in revenue.
Jamil Rostum
Ferrari had a 27% rise in core earnings in the first quarter, $594 million, because of increased deliveries.
Sales of the Portofino M, the 296 GTB and the 812 Competizione models, as well as pricing capacity, drove the increase, reported the company in a statement.
CEO Benedetto Vigna said heightened demand for Ferrari's cars will extend into 2025. Ferrari also has reopened orders for the new Purosangue, which had been suspended because of “initial unprecedented demand," Vigna said.
Ferrari unveiled the Purosangue in September. The four-door car looks more like a crossover than the company's traditional two-door sports cars, which have a low-slung design. It is expected that the move will extend Ferrari's customer base.
The company reports deliveries of the 390,000-euro Purosangue will start in the current quarter.
Ferrari also unveiled the Roma Spider in March and has promised four additional model releases in 2023.
Ferrari reported $1.5 billion in revenue and that its margin on adjusted EBITDA grew 2 percentage points to 37.6%, compared to the same quarter in 2022.
Originally posted on Auto Dealer Today
More Showroom
California Hybrids Reach State Record
The Golden State still leads the country in electric-vehicle registrations, but much like the rest of the U.S. its hybrid market share is up while full electrics stabilize after a dramatic first-quarter dip.
Read More →
My Mercedes in the U.S.
The German brand debuted its studio dealership concept for the first time in the states in Los Angeles, tapping Americans’ penchant for creative distinctions.
Read More →
Used Sales Hit Summer Drag
The vacation season, combined with high prices, has dented deliveries and added to inventories, though supply is still slim enough to keep listings elevated.
Read More →
California Launches EV Rebate Program
Participating automakers are matching the state's $13.5 million investment in new electric-vehicle rebates scheduled to take effect later this summer.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
The Trade-In Paradox
Retailing older cars with confidence in today’s market is a matter of establishing and following a clear process that can turn greater profit for auto dealers as they aim to meet used-unit hunger.
Read More →
Focus on Vehicle Cabins
The market for interior materials will grow in coming years as automakers look to meet consumer demand while staying competitive with changeups to sourcing and included features.
Read More →
State Follows Federal Warning on Auto Ads
The Massachusetts attorney general cautioned the state’s automotive dealers to be upfront with the consuming public about their vehicle prices or risk punishment.
Read More →
European EV Market Hits Record
Seven out of the top 10 electric vehicles sold so far in 2026 in Europe are by European brands, and automakers are seeing the power train fill up their order books.
Read More →
Used EVs Outpace New
While North American electric-vehicle sales remain down year-over-year, May sales saw a 3% increase from April’s numbers as used EVs led the market.
Read More →