€1.6m supercars drive Ferrari higher

Limited edition models such as the Monza SP1 and SP2 take average selling price to €314,000 - up a tenth on last year

Ferrari SP1
Cars such as the €1.6m SP1 boosted Ferrari's average selling price Credit: Chesnot/Getty

Ferrari has raced ahead of market expectations with third quarter results showing profit margins and core sales rising.

The number of cars the Italian company sold in the three months to the end of September dipped 7pc to 2,313, with revenues down 3pc at €888m (£800m).

However, Ferrari sold more top-of-the-range models such as the Monza SP1 and SP2 costing €1.6m, taking the average price to €314,000 - a 10th higher than the level a year ago.

Cost savings also kicked in, helping lift net profit by 1pc to €171m.

Ferrari was hit hard by the pandemic, halting production as coronavirus raged through Italy causing it to miss out on production of about 2,000 cars.

The company is now back at full production and aims to recover about a quarter of that output lost when its factory in Maranello shut down for seven weeks. 

The strong performance drove Ferrari to update its annual guidance to the top end of estimates, with revenue expected to be about €3.4bn.

The Ferrari Roma

Louis Camilleri, who was named as chief executive in 2018 following the death of car industry legend Sergio Marchionne, is rejigging Ferrari’s range to cover more segments.

His strategy also includes producing more upmarket limited edition models, which command higher prices and deliver bigger profits. 

Last year Ferrari introduced five new models, including the F8 Tributo, SF90 Stradale and Roma as part of a range expansion targeting 15 cars across five years.

Adding new models helped it sell more than 10,000 cars last year - the first time the tally has hit five figures.

Ferrari also produced record results, with revenues up 10pc to €3.8bn and adjusted profits 11pc higher €971m.

Shares rose 3.6pc to €162.90.