Ferrari boosts profit forecast following record year

Ferrari boosts profit forecast following record year
Credit: Belga

Automaker Ferrari has sharply raised its profit forecast for this year, as well as its prices, after seeing record demand for its cars in 2022.

The Italian maker of sports cars delivered 13,221 vehicles, an increase of nearly one-fifth. Sales also improved by about a fifth to €5.1 billion.

In addition to higher sales, the success of personalised cars also contributed to Ferrari's record performance last year, when adjusted operating cash flow amounted to nearly €1.8 billion (+16 %), while net profit amounted to €939 million (+13%).

“Last year ended with excellent financial results, which met and exceeded our expectations,” said CEO Benedetto Vigna, speaking of “records by all statistics.”

Ferrari recorded growth in all regions.

In 2023, the car maker expects to shift up another gear. It is increasing its profit forecast to an adjusted operating cash flow of up to €2.18 billion, up from its previous expectation of up to €2 billion. In doing so, Ferrari is not only counting on continued high demand for its vehicles but will also continue to raise prices to offset cost inflation.

Ferrari currently offers nine internal combustion engine models and three hybrid models, accounting for 78% and 22% of sales, respectively.

Next summer, the Italian manufacturer will launch its first SUV, the Purosangue, while its first all-electric car should roll of the assembly line in 2025.

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