Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: All or nothing: Why circular business models require a holistic approach
    • Capgemini: Invent Head on automotive takeaways from CES 2023
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • Capgemini: The circular economy is spurring new thinking on EV batteries
    • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Earnings
February 02, 2023 09:15 AM

Ferrari expects 'even stronger' 2023 with more new models

Ferrari expects earnings to rise this year on strong demand for its new Purosangue and plug-in hybrid models.

Reuters
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    Fearri Purosangue
    BLOOMBERG

    The crossover-like Purosangue is broadening Ferrari's customer base.

    MILAN --Ferrari said new models will continue to boost earnings, as it promised "even stronger" results this year after a 16 percent jump in 2022 core earnings.

    Deliveries increased almost a fifth to 13,221 cars last year, led by the Ferrari Portofino M and the SF90 family models, as well as the 296 GTB and 812 Competizione. China saw the strongest growth, with shipments jumping 73 percent to 1,552 cars.

    The automaker’s three plug-hybrid models, the 296 GTS, the 296 GTB coupe and the Stradale SF90, accounted for 22 percent of shipments last year.

    "Despite a complex global macro-scenario, we look ahead with great confidence,” CEO Benedetto Vigna said Thursday, adding that the company is seeing “persistently high demand for our products worldwide.”

    Ferrari has increased the prices of some of its models and is benefiting from wealthy buyers less acutely affected by soaring inflation and rising interest rates.

    The company is preparing to shift to electric vehicles and turn its historic factory in northern Italy into a hub for battery-powered cars.

    Share
    Ferrari Purosangue 3.jpg
    Share
    Ferrari Purosange 11.jpg
    Share
    Ferrari Purosange 5.jpg
    Share
    Ferrari Purosange 6.jpg
    Share
    Ferrari Purosange 9.jpg
    Share
    Ferrari Purosange 8.jpg
    Share
    Ferrari Purosange 7(1).jpg

    The Purosangue has rear-hinged back doors to make ingress and egress easier.

    Share
    Ferrari Purosange 7.jpg
    Share
    Ferrari Purosange 10.jpg
    Share
    Ferrari Purosange 4.jpg
    Share
    Ferrari Purosangue 2.jpg

    The Purosangue has a carbon-fiber roof as standard to lower the center of gravity.

    Share
    Ferrari Purosangue 1.jpg
    Share
    Ferrari Purosange 12.jpg
    Share
    Ferrari Purosange 14.jpg
    Share
    Ferrari Purosange 13.jpg
    Share
    Ferrari Purosange 15.jpg
    Share
    Ferrari Purosange 16.jpg
    Ferrari Purosangue 3.jpg
    Ferrari Purosange 11.jpg
    Ferrari Purosange 5.jpg
    Ferrari Purosange 6.jpg
    Ferrari Purosange 9.jpg
    Ferrari Purosange 8.jpg
    Ferrari Purosange 7(1).jpg
    Ferrari Purosange 7.jpg
    Ferrari Purosange 10.jpg
    Ferrari Purosange 4.jpg
    Ferrari Purosangue 2.jpg
    Ferrari Purosangue 1.jpg
    Ferrari Purosange 12.jpg
    Ferrari Purosange 14.jpg
    Ferrari Purosange 13.jpg
    Ferrari Purosange 15.jpg
    Ferrari Purosange 16.jpg

    The company forecast adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 2.13 billion to 2.18 billion euros in 2023, up from last year's 1.77 billion euros.

    Fourth-quarter adjusted Ebitda rose 18 percent to 469 million euros. Revenue climbed to 1.37 billion euros.

    Ferrari said it expects to generate about 5.7 billion euros in revenue in 2023.

    The automaker in September unveiled the four-seat Purosangue, which looks more like a crossover than the company’s traditional portfolio of low-slung, two-door sports cars.

    Vigna said plans for the Purosangue  were proceeding according to schedule, with deliveries to clients expected to start in the second quarter. "Purosangue ordering has been extraordinarily high; well beyond expectations," he said.

    Third Bridge analyst Orwa Mohamad said the Purosangue will increase Ferrari's customer base in 2023.

    "Ferrari reported a strong performance with attractive profit margins and one of the most significant volume increases over the last 10-12 years," he said.

    RBC analyst Tom Narayan said he had feared a conservative stance on 2023 due to currency headwinds and raw material prices. "But today's guidance raise suggests management has good confidence in 2023 mix and margin," he said.

    Electrification plans

    Vigna said the company was "fully on track" with its electrification plans, including the launch of its first all-electric car in 2025.

    "After June last year we have seen a progression of results, both on the product side and on the development of our manufacturing facility," he said.

    Ferrari's battery-electric cars will be fitted with an acoustic system to help them deliver the brand's distinctive noise, according to a patent the company filed last month in the U.S. seen by Reuters.

    Ferrari is paying its employees the biggest bonus in years.  Around 5,000 workers will get as much as 13,500 euros ($14,838) this year, up from 12,000 euros last year.

    Bloomberg contributed to this report

    Related Article
    Ferrari launches first 4-door with 390,000-euro V-12 Purosangue
    Ferrari's electric supercars will rev up with sound of engines, patent shows
    CARS & CONCEPTS: Sign up for this multipurpose newsletter that covers the biggest moves in Europe’s product market.
    RECOMMENDED FOR YOU
    VW recasts Seat brand for car sharing and subscription role
    Recommended for You
    Seat/Cupra pillar
    VW recasts Seat brand for car sharing and subscription role
    VW Porsche badges
    VW Group's controlling family to get $425M dividend from Porsche SE
    Peugeot badge
    Peugeot dynasty takes hit from deep slump in auto holdings
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
    • More
      • Publishing Partners
        • Capgemini: All or nothing: Why circular business models require a holistic approach
        • Capgemini: Invent Head on automotive takeaways from CES 2023
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • Capgemini: The circular economy is spurring new thinking on EV batteries
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us