Ferrari GTC4 Lusso. Picture: NEWSPRESS UK
Ferrari GTC4 Lusso. Picture: NEWSPRESS UK

Milan — Ferrari’s profit exceeded expectations as the Italian supercar manufacturer sold out most of its models for 2018 and some of next year.

CEO Sergio Marchionne said the Italian company’s production was almost at full capacity for this year and part of 2019. Only the GTC4 Lusso family car was still available, he said. "Everything else is pretty well gone."

Ferrari shares advanced as much as 6.6% to a record €112.25 in Milan on Friday, giving the company a market value of €20.7bn.

The Maranello, Italy-based company, spun out of Fiat Chrysler Automobiles, last week reported adjusted earnings before interest, taxes, depreciation and amortisation jumped 13% to €272m in the first quarter. That beat the €262m average of eight analysts surveyed by Bloomberg.

Marchionne, who has also led Fiat for the past 14 years, is working on his final business plan for the race-car maker before he retires.

The five-year strategy will be presented in September. It will include details for the Italian brand’s expansion into new segments, including sport utility vehicles and electric hybrid cars.

Ferrari is testing a petrol-electric hybrid car "you could run silently", Marchionne said last month.

While Ferrari had no plans to produce a fully electric car before 2022, it was developing vehicles that would show "the full power of electrification", Marchionne told Bloomberg Television.

The shift comes as the manufacturer is targeting annual sales exceeding a self-imposed 10,000-car limit that until now has enabled it to operate under less stringent rules on fuel economy.

Fuelling growth, Ferrari has flagged that profit will rise to at least €1.1bn this year and to €2bn by 2022.

Marchionne said Ferrari was not considering buying another car brand and could in theory acquire non-car brands in the luxury-goods sector. Still there was no plan at the moment, he said.

Bloomberg

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