NEWS
Ferrari sets new sales record in 2022
Italian marque sells 13,221 cars in 2022 or 18.5% more than in 2021
Ferrari said on Thursday it enjoyed “even stronger” results in 2023 after posting a 16% rise in its core earnings in 2022, supported by higher sales of its luxury sports cars.
The Italian carmaker sold 13,221 units in 2022, a new record and an 18.5% increase over 2021, driven by the Ferrari Portofino M and the SF90 family, as well as the 296 GTB and the 812 Competizione.
“Last year ended with outstanding financial results that met and exceeded our guidance and set new records across all metrics, such as a net profit of €939m and an industrial free cash-flow generation of €758m,” said Ferrari CEO Benedetto Vigna.
“These figures provide the base for an even stronger 2023, fuelled by a persistently high demand for our products worldwide.”
The Milan-listed company’s share extended its gains after results were published. By 11.45am GMT the price was up 1.8%,
In the fourth quarter, adjusted Ebitda (earnings before tax) rose 18% to €469m.
“These figures provide the base for an even stronger 2023, fuelled by a persistently high demand for our products worldwide,” said Vigna.
“Ferrari reported a strong performance with attractive profit margins and one of the most significant volume increases over the last 10-12 years,” said Third Bridge analyst Orwa Mohamad. The new Purosangue all-wheel drive four-seater will increase Ferrari’s customer base in 2023.
Deliveries of Ferrari’s new €390,000 Purosangue are expected to start in 2023’s second quarter. The company says orders for it outstripped its most ambitious expectations.