Thanks to theÂ increasing wealth of the worldâ€™s elite, supercars have remained inÂ fashion. Ferrari profits surged upward in the first quarter of 2017 as the Italian automaker continued a scheme designed to gradually accelerateÂ volume.
The brand’s net income over the first three months of 2017Â climbed to 124 million euros ($135 million) from 78 million euros duringÂ same period last year. Meanwhile, overall revenue increased 22 percent to â‚¬821 million,Â helped largely by engine sales to Fiat Chrysler’s MaseratiÂ â€” the car you buy when you wanted a Ferrari, but fell just shy of being able to afford one.
Likewise,Â Ferrari NV stock prices rose dramatically on May 4th after climbing steadily since the company’s split with FCA. High-end luxury and sporting automobiles have proved exceedingly popular over the last two years, but demand for the 812 Superfast and grotesquelyÂ expensive LaFerrari Aperta convertible are practically unparalleled. However, rivalÂ Porsche is doing rather nicely, especially when it comes to sales.
By contrast, Lamborghini andÂ Aston Martin are about on par with last year’s sales. Which proves that it isn’t a bad idea to shake things up once in a while. Both Ferrari and Porsche are branching out into new territory without abandoning their core identities, and it seems to be working well.
According to Bloomberg, CEO Sergio Marchionne plans to continue evolving the brand, expanding the lineup to draw a wider range of customers. At present, Ferrari is considering more-affordable models equipped with a V6 engine and has practically guaranteed hybrid powertrains in the company’s future.Â V12 engines proved to be the winning recipe for prancing horse sales, however. Models using theÂ company’s biggest motors went up 50 percent in the first quarter, but even Ferraris equipped with less desirable enginesÂ still sold outÂ immediately.