Ferrari Unbothered By Tough Economic Conditions After Strong Q3

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There's still a lot of money floating around the top income groups.

Ferrari's management and shareholders have every reason to smile, because the Italian manufacturer has seen very strong sales growth in 2022. According to Chief Executive Benedetto Vigna, third-quarter earnings are up 17 percent year-on-year, and shipments have increased in all regions except Europe, the Middle East, and Africa (EMEA). This was no doubt helped along by strong demand for new models like the Ferrari 296 GTS and 812 Competizione, but news from some other manufacturers also reflect this market uptick. Perhaps Ferrari's continued successes should come as no surprise since the Italian marque was said to be as "recession proof as it gets" by certain analysts following its Q2 results.

In fact, the current worldwide economic troubles don't appear to have much impact on those manufacturers at the top of the automotive food chain at all.

Side View Ferrari 2018-2021 Ferrari 812 Superfast Front Angle View Ferrari 2018-2021 Ferrari 812 Superfast Side View Ferrari
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2018-2021 Ferrari 812 Superfast Front Angle View
2018-2021 Ferrari 812 Superfast Side View

Porsche announced that its revenue for the first nine months of 2022 increased by 15.7 percent, and the group's operating profit increased by 40.6 percent year-on-year. By the same token, Bentley reported that its year-to-date profit more than doubled over the same period compared to 2021. Life is good for the top performers in the ultra-luxury market.

Ferrari's good news is amplified by an extremely positive market reaction to the new Purosangue, which has resulted in orders for the Ferrari of SUVs far outstripping initial expectations. Such is demand for all products from the House of the Prancing Horse, that almost its entire production run for 2023 is already spoken for.

Ferrari Ferrari 2023 Ferrari Purosangue Open Doors Ferrari
2023 Ferrari Purosangue Open Doors

There won't be a dearth of new Ferraris for prospective buyers to which to aspire, either. More new, specialized products in the vein of the 812 Competizione A should maintain this momentum, and there is widespread speculation about the possible arrival of a new range-topping hypercar in October 2024. Conceived to slot into the same market position as the LaFerrari, the mechanical details about this ultimate Ferrari are still hazy at the moment. It will almost certainly include extensive electrification along the lines of the new 499P LMH endurance racer and their Formula 1 hybrid experience.

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Source Credits: Reuters

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