Ferrari profits soar as rich list grows

26 October 2007
Ferrari has this week announced a sharp increase in its third-quarter profits as demand for luxury cars increases thanks to a swell in the number of rich in the UK and the emergence of buyers from new markets such as China.

Market share in the luxury vehicles is currently in decline as Ferrari intentionally keeps production below demand which in turn has seen an increase over the past few months. Ferrari has said it expects to produce about 6,000 cars this year, which is a significant rise from the 5,671 in 2006.

Currently its Maranello plant makes about 12,000 engines a year, half of which are produced for Italian car firm Maserati. With the average waiting list for a Ferrari presently being at around two years, a length of time calculated to give Ferrari its special cachet; it is thought that this may have to be extended as the manufactures cope with the excess demand.

According to the Sunday Times Rich List published in April, Britain’s richest have seen a 20% increase in their wealth since last year pushing the number of billionaires up from 14 to 68.

This growing population of extreme rich has also meant that Ferrari has begun operating a policy of enhanced exclusivity in longer waiting lists for its luxury cars.

However, if exclusivity is the most important thing, it appears that Ferraris come in near the top when it comes to choosing the ideal of supercar for lottery winners.

According to Camelot’s National Lottery Survey the most bought make of car is a BMW followed closely by Ferrari, Aston Martin, Lamborghini, Porsche and Rolls Royce. Luca Cordero di Montezemolo, Ferrari's chairman explains: "For us, exclusivity is fundamental.”

It is rumoured that three years is expected to be sufficient waiting time for someone spending €208,000 ($296,000) for the Scuderia, a car made famous by its Formula One technology.

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