Italian luxury car manufacturer ferrari started the year with record revenues and double-digit growth in the first quarter, confirming the good health of the brand.

Ferrari delivered 3,251 cars worldwide in the first three months of 2022 or 17.3% more, according to a statement released on Wednesday.

The company increased its turnover by 17.3% compared to the first quarter of 2021, reaching 1,180 million euros (about 1,243 million dollars).

Sales were boosted by the Ferrari Roma model, a 2+ coupe, and by the SF90 Stradale, the first plug-in hybrid sports car.

Net profit increased 16% to 239 million euros ($251 million).

“The year has started with excellent results and the growth has been double digits in the main financial indicators”, commented the CEO of the group, Benedetto Vigna.

As for orders, they remained “very high” and the agenda “covers a large part of the year 2023,” he explained to a group of analysts.

“Most of our models are already completely sold out,” he said during the conference.

“Despite the uncertainties caused by the geopolitical scenario that reign in 2022”, Vigna was “optimistic” about future prospects.

The group maintains its goal of reaching around 4.8 billion euros ($5 billion) in revenue this year.

“Our supply chain has shown its resilience in order to ensure smooth production,” Vigna said.

Faced with the rise in energy costs and certain raw materials such as aluminum and precious metals, Ferrari increased the prices of its range at the end of last year and “readjusted” the price of new models, he said.



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