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Ferrari's supercars are so hot that they're sold out into 2019
[MILAN] Ferrari NV’s profit exceeded expectations as the Italian supercar manufacturer sold out most of its models for 2018 and a part of next year.
Chief executive officer Sergio Marchionne said the Italian company’s production is almost fully tied up for this year and part of 2019. There is still availability just for the GTC4 Lusso family car, he said, speaking on a call on Thursday with analysts.
“Everything else is pretty well gone,” Mr Marchionne said.
Ferrari shares rose as much as 3.5 per cent in US trading after the CEO’s comments. Earlier, the Maranello, Italy-based company that was spun out of Fiat Chrysler Automobiles NV reported adjusted earnings before interest, taxes, depreciation and amortisation jumped 13 per cent to 272 million euros (S$433.7 million) in the first quarter. That beat the 262-million-euro average of eight analysts surveyed by Bloomberg.
Mr Marchionne, who’s also helmed Fiat for the past 14 years, is working on his final business plan for the race-car maker before he retires. The five-year strategy will be presented in September. It’ll include details for the iconic Italian brand’s expansion into new segments, including sport utility vehicles and electric hybrid cars.
Ferrari is testing a petrol-electric hybrid car “you could run silently”, Mr Marchionne said in an interview last month. While Ferrari has no plans to produce a fully electric car before 2022, the company is developing vehicles that will show “the full power of electrification”, Mr Marchionne told Bloomberg Television.
The shift comes as the manufacturer is targeting annual sales exceeding a self-imposed 10,000-car limit that until now has enabled it to operate under less-stringent fuel-economy rules. Fuelling growth, Ferrari has flagged profits will rise to at least 1.1 billion euros this year and to two billion euros by 2022.
Mr Marchionne said Ferrari is not considering buying another car brand and could in theory acquire non-auto brands in the luxury-goods sector. Still there is no plan at the moment, he said.