Ferrari introduced its very first SUV, the Purosangue (yes it is hard to pronounce and we are wondering why their used this name) in September of last year with great success and then shortly after its unveiling Ferrari management had to stop taking orders as the prancing horse brand stated that there were far too many orders to keep up with.
Well, that situation did not last long and the Purosangue is back on sale right now which means the many multi-millionaires in Asia and especially Malaysia can make their bookings now.
So in the first quarter of this year, 2023, Ferrari has seen its core profits by 27 percent and this has not just given the brand more confidence, but it also signals greater success to come, and this has led the brand to reopen orders for its Purosangue SUV as announced by Ferrari CEO, Benedetto Vigna, during a recent earnings call.
Moreover, Vigna told analysts, “We were caught by positive surprise for these strong interest.” He also stated that anyone who puts down an order today will have to wait until at least 2026 for delivery. While this is an absurd number, the power of the Prancing horse badge will ensure that Ferrari will see no shortage of buyers.
Another reason for this ridiculously long waiting time is because of Ferrari’s commitment that the USD430,000 SUV will not exceed 20 percent of the brand’s shipments. Exclusivity will be further maintained, with Vigna pledging not to extend the model’s lifecycle, despite the strong demand.
During the earnings call, Ferrari also announced a higher-than-anticipated rise in profits for the first quarter of 2023, with core earnings surging by 27 percent. The strong showing is mainly thanks to larger volumes of shipments, with 3,567 units delivered in the first quarter of 2023, a whole 9.7 percent more than last year.
On top of that, this strong performance was led by the Ferrari Portofino M, 296 GTB, and 812 Competizione vehicles. Ferrari also noted that its strong product mix helped sustain deliveries, with increased personalisations as well as forex translation and transaction impacts and a better ranking in last year’s Formula 1 championship.
However, 2023 was not all sunshine and rainbows for Ferrari as the brand saw a dip in revenues from the sale of its engines, which was attributed to lower shipments to Maserati, with their agreement coming to a close at the end of the year. This is why the brand is confident it can earn even stronger financial success moving forward.
As for the future, Ferrari is readying its first foray into the world of electric vehicles (EVs), with a Battery electric vehicle (BEV) supercar which should make its debut in 2025. Meanwhile, analysts predict that the Prancing Horse will be able to weather the storm of a possible recession, if it is to be affected negatively at all.
Interestingly, the Purosangue is the first ever four-door, four-seater car in the Prancing Horse’s 75-year history.
Since the marque’s earliest years, 2+2 cars have played a significant role in its strategy. Many Ferraris have made combining benchmark performance with first class comfort one of the pillars of their success.
Now, in the culmination of 75 years of leading-edge research, Ferrari has created a car that is unique on the world stage: not only do performance, driving pleasure and comfort coexist in perfect harmony, but it is also a peerless encapsulation of the Prancing Horse’s iconic DNA. This is the reason why the name Purosangue, Italian for ‘thoroughbred’, was chosen.
To enable the company to achieve the ambitious goals set for this project and create a car worthy of a place in its range, a completely different layout and innovative proportions compared to modern GT archetypes (so-called crossovers and SUVs) were adopted.
The average modern GT’s engine is mounted forwards in the car, almost straddling the front axle with the gearbox coupled directly to it; this results in less than optimal weight distribution that delivers driving dynamics and driving pleasure well short of the standards of excellence to which Prancing Horse clients and enthusiasts have become accustomed.