Ferrari SF90 XX, via PAFerrari SF90 XX, via PA


Hybrid Ferraris outsell petrol counterparts for the first time as profits soar at Italian brand

  • Ferrari raises forecasts after sky-high profits in Q3
  • 51 per cent of firm’s sales were hybrids in three months to end of September
  • Boss praises brand’s ‘uniqueness’ as demand for personalisation also continues to grow

Time 11:20 am, November 3, 2023

Ferrari’s hybrid models outsold their petrol counterparts for the first time in Q3, as the Prancing Horse continues to ramp up its electrification programme.

According to its latest results a total of 51 per cent of the brand’s deliveries were hybrids in the three months to the end of September.

That figure has shot up from just 19 per cent at the same point last year and 43 per cent in Q2.

Bosses at the Italian outfit say the increase has largely been driven by sales of the SF90 and 296 performance cars, which have seen key performance indicators rise across the board.

Despite sales dipping by 8.5 per cent to 3,459 cars, accounts show that net profit rose by 46 per cent to €332m (£290m) in Q2, allowing Ferrari to raise its net revenue forecast for the full year to €5.9bn (£5.14bn).

The improvements were helped in no small part by growing demand for personalised features, which resulted in revenue rising by 24 per cent to  €1.5bn (£1.3bn).

The Times reports that Ferrari’s chief executive Benedetto Vigna has put the success down to the brand’s uniqueness’.

He said: ‘Another record quarter with profit growth driven by an even richer mix and by the continuing appeal of personalisations leading us to increase year-end guidance.

‘The order book remains at highest levels, reflecting strong demand across all geographies covering the entire 2025.’

According to The Times, shares in Ferrari were up 5.8 per cent to to $322.63 in early trading in New York. They are now 48 per cent up so far this year.

Jack Williams's avatar

Jack joined the Car Dealer team in 2021 as a staff writer. He previously worked as a national newspaper journalist for BNPS Press Agency. He has provided news and motoring stories for a number of national publications including The Sun, The Times and The Daily Mirror.

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