Monday, July 15, 2024
NewsHybrid Models Propel Ferrari's Sales, Now Outselling ICE Models

Hybrid Models Propel Ferrari’s Sales, Now Outselling ICE Models

Ferrari has reported a significant shift towards hybrid vehicle sales and increased profit projections.

 

  • Hybrid vehicles constituted 51% of Ferrari’s sales, surpassing traditional ICE models for the first time.

  • The surge in custom orders has led to an upgrade in the supercar maker’s annual profit expectations.

  • Ferrari’s net profit soared by 46% in the third quarter, with an order book filled until 2026.


 

The Financial Times has highlighted a notable transition at Ferrari, the iconic supercar manufacturer, with hybrid vehicle sales exceeding those of its conventional combustion engine counterparts for the first time. This shift is marked by hybrids accounting for over half of the company’s sales in the third quarter. Specifically, Ferrari’s hybrid sales rose to 51%, a significant increase from 43% in the previous quarter and a substantial jump from 19% the previous year. The sales momentum was primarily fueled by models such as the 296 GTB/GTS, and the high-tier SF90 hybrid hypercar.

Ferrari 296 GTS | Photo: Ferrari

Despite the current trend, Ferrari continues to augment production of its non-hybrid Purosangue, suggesting a potential rebalancing in future quarters. The company remains on a steady path toward electrification but maintains its production of traditional engine models without a definitive end date. A full transition to electric vehicles is slated to commence with its first fully-electric model launch anticipated in 2025, projecting that 40% of its lineup will be battery-powered by the decade’s end.

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Financial performance indicators have been robust for Ferrari, with a net profit of €332 million in the third quarter, a 46% increase from the previous year. This profit surge came despite a modest 9% rise in car deliveries, as the company enjoyed a 24% revenue increase to €1.5 billion, bolstered by higher margins from customized orders. Consequently, Ferrari has raised its adjusted earnings forecast for the year to €1.57 billion.

Ferrari SF90 Stradale | Photo: Matt St-Pierre

Furtermore, Ferrari’s order books are filled until 2026, signaling sustained demand across all regions, with the largest growth observed in the Americas. The Financial Times report encapsulates a period of significant economic success and strategic reorientation for Ferrari, amidst evolving consumer preferences and an industry-wide push towards hybrid and electric vehicles.

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