"What recession, what inflation" seems to be the situation at Ferrari, which is quick to revise for the better - for the second time this year - its estimates for its 2022 financial results, thanks to the high demand recorded for most of its models.
The Italian automaker, which specializes in ultra-luxury and high-end vehicles, now forecasts that adjusted EBITDA (before interest, taxes, depreciation and amortization) will exceed $1.73 billion in the 12 months of the year.
According to the Newmoney.gr, for the third quarter, which ended in September, the company reported a profit of EUR 435 million, with sales jumping by 16% (3,188 vehicles sold), thanks mainly to the market explosion in the US and China.
"With the exception of certain models, our entire range has sold out," confirmed, in a written statement, CEO Benedetto Vigna, who noted that all of this positive performance is taking place in an environment of macroeconomic challenges.
High inflation, rising interest rates and slowing growth are the main problems of the global economy, with the Eurozone one step closer to recession and the US following close behind.
However, the "clouds" do not seem to touch luxury cars. After all, it's not just Ferrari, which was quick to upgrade its 2022 outlook. Mercedes-Benz did the same weeks ago, which found that wealthy buyers of its expensive models are less affected by the crisis.
This is why, moreover, car manufacturers have the scope to raise prices, passing on the increased production costs to the final consumer. It is indicative that Ferrari is preparing to revise the prices of the Portofino and Monza models to 125,000 and 1.6 million euros, respectively, in the first quarter of 2023.
