Ferrari’s profits have exceeded expectations after the Italian supercar manufacturer sold out most of its models for 2018 and a part of next year.
Sergio Marchionne, CEO of the Italian company, said its production was almost at full capacity for this year and part of 2019.
There was still availability only for the GTC4 Lusso family car, he told analysts last Thursday.
“Everything else is pretty well gone,” Marchionne said.
Ferrari shares advanced as much as 6.6 per cent to a record €112.25 Friday in Milan, giving the company a market value of €20.7 billion (US$24.7 billion).
They rose in the US last Thursday following the CEO’s comments, which came after the close of European trading.
The Maranello, Italy-based company, spun out of Fiat Chrysler Automobiles, earlier on Thursday had reported adjusted earnings before interest, taxes, depreciation and amortisation jumped 13 per cent to €272 million in the first quarter. That beat the €262 million average of eight analysts surveyed by Bloomberg.
Marchionne, who has also run Fiat for the past 14 years, is working on his final business plan for the sports car maker before he retires.
The five-year strategy will be presented in September. It will include details for the iconic Italian brand’s expansion into new segments, including sport utility vehicles and electric hybrid cars.
Ferrari is testing a petrol-electric hybrid car “you could run silently”, Marchionne said last month. While Ferrari has no plans to produce a fully electric car before 2022, the company is developing vehicles that will show “the full power of electrification”, Marchionne told Bloomberg Television.
The shift comes as the manufacturer is targeting annual sales exceeding a self-imposed 10,000-car limit that until now has enabled it to operate under less-stringent fuel-economy rules.
Fuelling growth, Ferrari has flagged profits will rise to at least €1.1 billion this year and to €2 billion by 2022.
Marchionne said Ferrari was not considering buying another car brand and could, in theory, acquire non-motoring brands in the luxury-goods sector.
However, there was no plan at the moment, he said.