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Ferrari said it would unveil its first electric vehicle in early October as the Italian luxury-car maker posted a sharp rise in quarterly profits on the back of increased personalised features.
Chief executive Benedetto Vigna said the carmaker would present an all-electric model that would be “unique” in style, performance and driving experience.
“Don’t ask me anything about the electric car. The Ferrari model, we will announce in a unique and innovative way,” said Vigna at the earnings briefing.
The company has previously said that its battery-powered model will use technology from Ferrari’s racing team and its understanding of how to reduce energy loss.
Its electric vehicle will be among the six models that Ferrari plans to launch this year as Vigna emphasised that its strategy would not be affected by the tariffs and the energy policy of US President Donald Trump’s administration.
“Flexibility is more crucial than ever in this current context,” Vigna said.
The group, which delivered six hybrid models last year, representing 51 per cent of its total shipments, beat market expectations on all metrics for the fourth quarter, bucking the industry trend.
It posted a 31 per cent increase in net profits to €386mn for the three months to December, while revenues rose 14 per cent to €1.7bn — resulting in its highest revenue per shipment.
Personalised features, where customers sometimes pay tens of thousands of pounds on top of the price of their car, have been a big driver of profits in recent years.
In October, Ferrari also launched a €3.6mn F80 supercar, which was fully allocated to collectors.
Ferrari forecast that its earnings would continue to rise this year, expecting 29 per cent or higher in adjusted operating profit margin. Its shares rallied more than 9 per cent on Tuesday.
Shipments to China, Hong Kong and Taiwan fell 21 per cent year-on-year during the final three months of 2024, but overall shipments rose 2 per cent on the back of strong demand in the US.
Luxury car brands have been hit by slowing demand in China, but it represents a relatively small market for Ferrari because it currently sets a cap of 10 per cent on deliveries to the country.
Vigna signalled that the group could revise its strategy in China in light of strong demand for luxury EVs in the country.