• Fri. May 24th, 2024

More Ferrari hybrids are sold than gasoline-powered cars, but that won’t last long because of an SUV

ByDerrick Rodriguez

Nov 7, 2023

At Ferrari, we understand neither crises nor economic downturns. The Cavallino-based brand has announced record profits and a historic milestone. For the first time, Ferrari sold more hybrid cars than non-hybrids, although this trend will probably disappear next year.

Between July and September this year, 51% of cars sold by Ferrari were hybrids. In the previous quarter, this share was 43%, and last year at the same time it was just 20%.

Although the brand only offers four hybrid models out of a range of thirteen, these are the least expensive models. This has boosted sales of electrified models. The Ferrari 296 GTB and GTS use an 829 hp (610 kW) plug-in hybrid system, the result of combining a 663 hp V6 petrol engine with a 166 hp electric motor. Price? From 317,000 US dollars.

More Ferrari hybrids are sold than gasoline-powered cars
The brand’s best-selling “low-cost” models are hybrids.

One notch higher, with a price tag of almost 565,000 US dollars before options, are the SF90 Stradale and SF90 Spider, whose hybrid system is even more complex: three electric motors and a V8 engine which, in total, develop 1,000 hp.

The hybrid trend is set to change next year, when the Purosangue goes into full production. The brand’s first SUV was so successful that it’s sold out until 2026, forcing the brand to halt orders. The Purosangue is sold only with a V12 engine and is expected to account for 20% of Ferrari sales next year, reducing the share of hybrids in the total.

At the results presentation, Ferrari CEO Benedetto Vigna also talked about the brand’s first electric car. Although still two years away from launch, development is progressing faster than expected. According to Benedetto Vigna, the project “is on schedule, but in some processes we’re even ahead of schedule”, although he gave no further details.

More Ferrari hybrids are sold than gasoline-powered cars
The Purosangue will reduce the share of hybrids from next year.

The very first electric Ferrari will arrive in 2025, and 40% of the brand’s range will be battery-powered cars by the end of the decade, although it will continue to offer gasoline-powered cars for as long as it can. Mr. Vigna declared that Ferrari wanted to give its customers “the freedom to choose” the propulsion mode of their cars.

On the other hand, the company’s profits are rising steadily. Net profits were up 46% on the same period last year, reaching 375 millions dollars between July and September. The company’s sales rose by 24% to 1.7 billion dollars, despite sales growth of just 9% (to 3,459 units).

The increase in profit margin is due to the growing number of car customizations. Customers are choosing more and more details to suit their tastes, which Ferrari charges a lot for. The level of customization can start with the simple choice of a certain color for the brake calipers and reach a truly bespoke level of detail, what Ferrari calls Tailor Made, where the customer can request virtually anything that is technically possible.