Ferrari's Q1 Core Profit Up 27% YoY

Ferrari's first-quarter core profit rose 27% to 537 million euros ($594 million) due to increased deliveries, according to foreign media reports.
In a statement on May 4, Ferrari said the performance was driven by higher sales of the Portofino M, 296 GTB and 812 Competizione models, as well as the company's pricing power. The company's chief executive Benedetto Vigna said that consumer demand for Ferrari cars extends into 2025.
According to Vigna, Ferrari has decided to reopen orders for the new Purosangue after the model was suspended due to initially unprecedented demand.
Ferrari launched the Purosangue in September last year, a high-riding four-door car that looks more like a crossover than the company's traditional lowrider coupé portfolio. The new model is expected to help Ferrari broaden its customer base, with the Purosangue priced at 390,000 euros and deliveries expected to begin this quarter. Ferrari also unveiled the Roma Spider in March this year and the company has promised to launch a total of four new models in 2023.
In the first quarter of this year, Ferrari's revenue was $1.5 billion; adjusted EBITDA margin increased by 2 percentage points to 37.6% compared to the same quarter last year. Ferrari has been increasing the prices of some of its models and the company's customers are of a higher economic level and therefore less affected by inflation and rising interest rates.
Ferrari is currently preparing for the transition to electric vehicles and is set to turn its historic factory in north Italy into a production centre for pure electric vehicles.
Ferrari's first pure electric car is expected to be launched in 2025, with pure electric and plug-in hybrid models expected to dominate the company's product line between 2026 and 2030. The company said that hybrid vehicles accounted for 35% of its deliveries in the first quarter of the year.