Two years ago, on September 13, 2022, Ferrari made a bold move by unveiling the Purosangue: Maranello's first production four-door vehicle, and an 'SUV' in all but name. While Ferrari refrains from labeling the Purosangue as an SUV, it undeniably competes in the SUV/crossover segment, where other luxury brands have already established a presence. The introduction of the Purosangue sparked significant debate. Some purists decried it as a betrayal of tradition, while others viewed it as a strategic expansion into new markets. But what has been the actual impact of the Purosangue on Ferrari's sales and brand image? This is what we sought to uncover.
The positive news is that Ferrari is currently selling more vehicles than ever. According to the latest semi-annual results, the brand achieved a new sales record in the first half of this year, shipping over 7,000 units. Specifically, Ferrari delivered 7,044 units, representing a 1.2 percent increase from January to June 2023. Although this growth rate is the lowest for the period in the past decade (excluding the 2020 COVID year), the volume shipped by June 2024 was nearly double that of ten years ago, which stood at 3,694 units. This growth is particularly noteworthy given the high cost of Ferraris and the geopolitical tensions affecting some of its markets. However, the surge in sales cannot be solely attributed to the Purosangue, as registrations for the SUV only began towards the end of the third quarter of 2023.
Data from JATO Dynamics, which covers 52 global markets, reveals that the Purosangue was Ferrari's third best-selling model between January and August 2024. Excluding key markets like the Middle East, Ferrari sold nearly 1,500 Purosangue units by August, trailing only the Ferrari 296 (with over 3,100 units) and the Ferrari Roma (with nearly 1,900 units). The Purosangue outperformed the Ferrari SF90, the 812, and the Portofino, which was discontinued in 2023. The base price of the Purosangue is $423,686, which is approximately $81,000 more than a Ferrari 296 GTB and $176,000 more than the Ferrari Roma coupe. Additionally, the Purosangue sold 28 percent more units than the SF90, despite the SF90's base price being only 16 percent higher. This indicates that Ferrari is significantly boosting its revenue.
As for Ferrari's brand image, there is no evidence to suggest that the introduction of the Purosangue has tarnished its reputation. Ferrari remains the undisputed leader in the supercar segment, and this leadership is translating into substantial financial gains (earnings before interest and taxes rose from 28.3 percent in the first half of 2023 to 28.9 percent in the first half of 2024). Meanwhile, Ferrari's market valuation has reached new heights, with the share price soaring to nearly $474 as of September 27, 2024. The Purosangue is yet another triumph for Ferrari.
