Italian carmaker Ferrari has witnessed another strong quarter of sales. Deliveries in the first three months of CY2023 totalled 3,567 units, up 316 units or 9.7% compared to Q1 CY2022.

Ferrari’s product portfolio in Q1 2023 included nine internal combustion engine (ICE) models and four hybrid engine models, which represented 65% and 35% of total shipments, respectively. The increase in shipments during the quarter was driven by the Portofino M, the 296 GTB and the 812 Competizione.

In the quarter, the first deliveries of the 296 GTS and the 812 Competizione A commenced, while the F8 Tributo reached the end of the lifecycle. The Daytona SP3 was in the ramp-up phase in the quarter.

Quarterly deliveries reflected the pace of introduction of new models in the various regions. EMEA was down 12.0%, Americas increased 46.2%, Mainland China, Hong Kong and Taiwan was up 38.9% and Rest of APAC grew by 19.5%.

Net revenues for Q1 2023 were 1,429 million euros (Rs 12,558 crore), up 20.5% year on year. Revenues from cars and spare parts were 1,241 million (Rs 10,905 crore), up 23.2% YoY as a result of higher volumes, richer product and country mix as well as the contribution from personalisations and pricing. Sponsorship, commercial and brand revenues reached 130 million euros, up 15.2% attributable to the better prior year Formula 1 ranking and the contribution from lifestyle activities. The decrease in engines revenue (33 million euros, down 11.5%) was attributable to lower shipments to Maserati, as the 2023 contract expiration gets closer.

“Another exceptional quarter for Ferrari. Double-digit growth across the main parameters, with EBITDA margin at 37.6% reaching a new high and net profit up to 297 million euros,” said Benedetto Vigna, Ferrari CEO. “Our order book already extends into 2025 with an award-winning product portfolio. We have decided to reopen orders for the Purosangue, suspended due to an initial unprecedented demand, and launched the Roma Spider to further enrich our offer. We are on track with our electrification journey on the development of both sports cars and infrastructures in Maranello”.

Lead Image: GraypaulFerrariGlasgow / ®PhotoMaxEarey095

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