Hybrids Outsell ICE Powertrains as Ferrari Increases Q3 Profits by 46%

Alexi Falson

Ferrari has detailed a sharp increase in its third-quarter profits in its latest financial report, stating that hybrids have outsold their internal combustion siblings for the first time in its history.

All up, Ferrari’s deliveries totalled 3,469 in the third quarter of 2023, marking a 9 per cent increase over the same point in 2022.In an interesting sign of the changing times at the famous prancing horse brand, Ferrari says that of its Q3 deliveries, four of its hybrid models, including the 296 GTB and the SF90 – and their soft-top siblings – managed to outsell more traditional ICE members of the lineup.

Sales of hybrid vehicles at Ferrari amassed a 51% share of total vehicles sold in the third quarter of 2023, despite the fact that hybrids are considerably outnumbered in the lineup.

Of Ferrari’s current global lineup, nine vehicles come powered by a non-electrified internal combustion engine, with the remaining four vehicles coming powered by a hybrid twin-turbo V6 in the case of the 296 GTB and a 4.0-litre twin-turbo V8 in the case of the SF90.In terms of the rest of Ferrari’s Q3, 2023 financials, profits jumped 46 per cent over the same point in 2022, up to USD $548m, with the company stating that increasing personalisation options helped to increase its bottom line.

The boost in profits has led Ferrari to revise its 2023 revenue forecasts, which now stand at USD $6.3 billion, with an adjusted EBIT margin of 26.5 per cent.“The order book remains at highest levels reflecting strong demand across all geographies, covering the entire [of] 2025,” Ferrari’s CEO Benedetto Vigna said.

Ferrari’s revenue increased a massive 24 per cent over the same point in 2022, standing at USD $1.6b.

Looking forward, Ferrari expects yet another record-breaking year for deliveries as production of the Purosangue SUV ramps up and the first examples of the Daytona SP3 make their way to selected buyers.

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