Ferrari enjoys record year as ultra-rich snap up sportscars

Ferrari is predicting another record-breaking year amid “persistently high demand” for its sports cars despite a global cost-of-living crisis.

Profits hit a record high of €221m last year thanks to a 17pc jump in sales to €1.37bn. Chief executive Benedetto Vigna said the performance “provides the base for an even stronger 2023.”

“Despite a complex global macro scenario, we look ahead with great confidence, encouraged by the many signs and achievements of an evolving Ferrari,” he said.

Ferrari delivered 19pc more of its luxury cars last year thanks to strong demand in the US and China.

Luxury firms are weathering the global downturn well, since their ultra-rich clientele are not squeezed in the same way as middle class buyers. 2022 was also a record year for both Bentley and Rolls-Royce.

Philippe Houchois, an analyst at Jefferies, said: “There seem to be different dynamics in the luxury market.”

Ferrari benefited from a ramp-up in production of its 296 GTB and the £447,000 V12 812 Competizione, as well as continued strong demand for its £175,360 front-engined Portofino M and its hybrid SF90, which costs twice as much.

This year the business is pushing into the SUV market with its new four-seater, Purosangue. An electric car is planned for 2025.

Houchois called Ferrari “an amazing machine” thanks to its ability to consistently beat its targets whatever the economic climate.

The Italian marque’s well-known brand is also lucrative: sponsorship and commercial sales rose 11pc to €479m last year. Alongside its cars, the company has a fashion line and a restaurant, as well as sponsorship interests from Formula 1 racing.

Last month it emerged that Ferrari has patented a method of reproducing the sound of its high-performance petrol engines in electric models.

The manufacturer says the technology will help preserve the “driving pleasure” of its sports cars as they move to electric.