Ferrari Purosangue: Erfolgsgeschichte oder Image-Killer? – Eine Analyse nach zwei Jahren auf dem Markt

Motor1 Figures: Has the Ferrari Purosangue Been a Hit?

How Ferrari's first SUV has impacted sales and brand reputation after two years

Two years ago, on September 13, 2022, Ferrari took the auto industry by surprise by unveiling the Purosangue: Maranello's inaugural four-door production model, and a so-called "SUV" at that. While the brand doesn't label it as an SUV, it's clear it's an attempt to break into the SUV/Crossover market where other luxury players have already made their mark.

When the newcomer was introduced, it quickly became a sensation. Traditionalists deemed it a sacrilege and not a true Ferrari, while others viewed it as a chance to tap into new markets. However, the question remains: what impact did it have on Ferrari's sales and brand reputation?

Photo Gallery: Testing the Ferrari Purosangue (2023)

The Prancing Horse is more popular than ever

Ferrari is currently selling more cars than at any other time in its history. Following the mid-year financial results, the brand has set a new sales record for the first half of the year, with over 7,000 vehicles delivered. The Italian automaker sold a total of 7,044 units, marking a 1.2 percent increase from January to June of 2023.

Although this represents the smallest increase for this period in the past decade, excluding the year 2020 impacted by COVID-19, the volume up until June 2024 was nearly twice as large compared to ten years ago, with 3,694 units delivered.

The surge in growth is quite impressive, especially when you take into account the typically steep prices of Ferraris. Furthermore, the escalating geopolitical conflicts and wars impacting some of its markets add to the significance of this rise. However, this increase in numbers cannot be solely attributed to the new model release, as its registrations only commenced towards the conclusion of the third quarter of 2023.

Bestselling Ferraris

According to information from JATO Dynamics, which encompasses data from 52 markets globally, the Purosangue ranked as the third highest-selling Ferrari from January to August 2024. These statistics, which omit a crucial luxury car market such as the Middle East, indicate that the SUV sold nearly 1,500 units by August. It was surpassed only by the Ferrari 296, with sales exceeding 3,100 units, and the Ferrari Roma, which approached 1,900 units sold.

Ferrari's

Ferrari Unveils

Ferrari's All-New SUV Model

The Purosangue has outperformed in sales against models such as the Ferrari SF90 Stradale, the 812, and the Portofino, which was phased out in 2023. In Germany, the starting price for the Purosangue is approximately 380,000 Euros, which is nearly 100,000 Euros higher than the Ferrari 296 GTB, and 170,000 Euros above the price of the Ferrari Roma Coupe.

Additionally, the Purosangue experienced a 28 percent increase in sales compared to the SF90, even though its base price was just 16 percent higher than that of the SF90. With the Purosangue, Ferrari is undoubtedly boosting its revenue.

Sales of Ferrari by Model

What about the Brand Perception?

There's no evidence to suggest that Ferrari's reputation has taken a hit due to the Purosangue. The brand continues to dominate the high-performance sports car sector by a significant margin and is highly profitable (with EBIT increasing from 28.3% in H1 2023 to 28.9% in the first half of 2024).

The valuation in the capital markets has now hit an unprecedented high, with the share price reaching nearly 450 euros on August 30, 2024. Thus, this thoroughbred can be termed yet another triumph for Ferrari.

Further Analysis:

Felipe Munoz, who wrote the article, works as an Automotive Industry Specialist for JATODynamics.

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