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Ferrari sees AI wealth fueling demand for personalized supercars, raises profit forecast
🇸🇬 Singapore /Economy & Trade

Ferrari sees AI wealth fueling demand for personalized supercars, raises profit forecast

From CNA · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News From a news agency New plan
  • Ferrari forecasts higher profits this year, citing strong demand for personalized supercars from a growing base of wealthy clients, including those from the AI sector.
  • The luxury automaker raised its full-year guidance, with its order book filled through 2027, driven by hyper-personalization services.
  • Despite a slight dip in vehicle shipments, Ferrari's operating profit rose due to increased spending on custom features, with analysts noting the AI wealth surge as a new customer opportunity.

Ferrari anticipates exceeding its profit targets for the year, fueled by a surge in demand for highly personalized supercars. The Italian luxury manufacturer is the sole European carmaker to elevate its full-year forecast, with orders already secured through 2027, capitalizing on a trend toward hyper-personalization.

a good opportunity

— Benedetto VignaFerrari's CEO describing the wealth generated by the AI boom as beneficial for the company.

CEO Benedetto Vigna described the wealth generated by the artificial intelligence boom as a "good opportunity" for Ferrari. However, he emphasized that the increased interest in customizing cars comes from "all the clients, not only from the AI situation." The company now projects an adjusted operating profit of at least €2.26 billion, up from previous estimates of €2.22 billion, maintaining an industry-leading margin of at least 29.5%.

While vehicle shipments saw a modest 3.7% decrease in the second quarter compared to the previous year, Ferrari's operating profit climbed 10% to €605 million. This growth is attributed to increased customer investment in bespoke vehicle features. Analysts suggest Ferrari is well-positioned to attract new customers emerging from the wealth created by the artificial intelligence sector's rapid expansion.

from all the clients, not only from the AI situation, to personalise more and more cars

— Benedetto VignaFerrari's CEO clarifying that demand for car personalization extends beyond clients benefiting from the AI boom.

Bernstein analyst Stephen Reitman noted that models like the 296 Speciale are likely experiencing "extremely high levels of personalization, especially in the USA." He added that the positive results and guidance increase were welcome, particularly amid concerns about the luxury consumer market and Ferrari's margin development. Reitman anticipates further guidance increases in the third quarter.

extremely high levels of personalization, especially in the USA

— Stephen ReitmanAn analyst commenting on the high demand for personalized features on specific Ferrari models in the United States.

Vigna explained that personalization demands range from aesthetic choices like leather types to functional requirements such as the number of cameras. Ferrari's CFO, Antonio Picca Piccon, indicated that personalization could soon account for over 20% of annual revenue. Regarding the company's first electric vehicle, "Luce," Vigna expressed satisfaction with the uptake, though he declined to provide specific sales figures.

A good set of results and a small raise in guidance were certainly welcome after concerns have been raised about the health of the luxury consumer and about the cadence of Ferrari’s own margin development

— Stephen ReitmanAn analyst's positive assessment of Ferrari's recent performance and financial outlook.
DistantNews Editorial

Originally published by CNA in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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