Have money, will buy! Recession risks don't worry Ferrari, strong 2023 expected
The risk of recession is real and its impact could potentially impact the global automotive industry as a whole. With chances of inflation and rising car loan rates, sales could potentially take a hit. Unless of course, you are selling a Ferrari.
It isn't as if Ferrari is turning a bling eye towards how the global economy is moving into difficult times. It is just that CEO Benedetto Vigna feels the Italian manufacturer is well-poised to continue on its path of strength. “We are also very positive for the next year," he told news agency Reuters. "This is thanks to the order book that we have, that is spanning all the products we have as well as all the regions. With the exception of a few models, our entire range is sold out."
Vigna further highlighted that while Purosangue - the company's first-ever SUV, although Ferrari isn't describing it as an SUV - has received an overwhelming response, Ferrari is also poised to end 2022 on a high. The company has reported a third-quarter adjusted core earnings of $427 million. This is a 17% rise and one that is buoyed by a continuing rise in shipment to almost every region where it has a presence.
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And for anyone who may have felt that the transition towards electric personal mobility will be a big challenge for the supercar maker, it hasn't been the case thus far. Racing ahead, Ferrari is creating new upper gears - metaphorically speaking - and is reportedly planning a hypercar successor to the LaFerrari. Market watchers also indicate that the clientele of Ferrari is largely expected to not change buying plans already in place for 2023 which means that Ferrari could indeed have a very happy new year regardless of what the larger automotive industry may have.