--- title: "Ferrari's Q1 Revenue Surges Against the Trend; Focus Shifts to First All-Electric Model in Second Half" type: "News" locale: "en" url: "https://longbridge.com/en/news/285569330.md" description: "Ferrari's financial report for the first quarter of 2023 shows that despite a 4.4% year-on-year decline in global deliveries to 3,436 units, net revenue reached €1.848 billion, EBITDA climbed to €722 million, and the profit margin hit a high of 39.1%. This performance was driven by strict production capacity control and optimization of the product mix. Ferrari's CEO stated that orders are booked until the end of 2027, and the decline in sales is mainly due to the transition in the product cycle. The personalized customization business contributed approximately 20% of revenue, demonstrating the brand's strong premium pricing power" datetime: "2026-05-07T14:14:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285569330.md) - [en](https://longbridge.com/en/news/285569330.md) - [zh-HK](https://longbridge.com/zh-HK/news/285569330.md) --- # Ferrari's Q1 Revenue Surges Against the Trend; Focus Shifts to First All-Electric Model in Second Half On May 5, Ferrari released its first-quarter financial results. The data showed that while global deliveries in the first quarter fell 4.4% year-on-year to 3,436 units, net revenue reached €1.848 billion, EBITDA climbed to €722 million, and the profit margin hit an industry-high of 39.1%. Against the macro backdrop of slowing demand in the global automotive market and frequent price wars, Ferrari's financial report demonstrated a typical counter-cyclical logic: offsetting the decline in sales volume with higher net profit per vehicle through strict production restraint and extreme optimization of the product structure. But this is only one side of the coin. The first all-electric model, "Luce," set to debut in Rome on May 25, is the true test of whether this supercar manufacturer can sustain its high-premium logic in the era of intelligent electric vehicles. ## Selling Less, Earning More The decline in Ferrari's deliveries in the first quarter was not due to shrinking market demand. Ferrari CEO Benedetto Vigna confirmed that the current order backlog extends to the end of 2027. The slight dip in first-quarter sales was more a result of the product lifecycle transition. Deliveries of the 296 series and Roma Spider naturally declined as they entered the late stage of their product cycles, while production capacity for high-premium models such as the 12Cilindri and Purosangue is ramping up. The core driver behind the counter-trend rise in net profit margin lies in the product mix and personalized customization. Details disclosed during the first-quarter earnings call revealed that the personalized customization business contributed approximately 20% of the total revenue from automobiles and spare parts at constant exchange rates. This model, heavily reliant on customization services, allowed Ferrari to achieve steady growth in operating profit even while delivering 157 fewer cars than in the same period last year. This approach, which deviates from the traditional manufacturing route of "economies of scale," proves that Ferrari's brand premium capability has risen rather than fallen in the twilight of the internal combustion engine era. Meanwhile, the industrial free cash flow of €653 million in the first quarter not only maintained a healthy balance sheet but also provided ample ammunition for subsequent high R&D expenditures in new energy and electronic/electrical architectures. Currently, whether it is the pricing pressure brought by slowing electric vehicle penetration and tariff barriers in the North American market, or the intensifying "same price for fuel and electric" trend and competition in intelligent technology in the Chinese market, mainstream global automakers and Tier 1 suppliers are facing severe profit squeezes. The fundamental reason Ferrari remains temporarily unaffected by macro fluctuations is that it does not operate within the traditional automotive pricing system; instead, it follows the pricing logic of "collectibles and social currency." While mainstream automakers engage in fierce competition over BOM costs, battery price reductions, and computing power for end-to-end autonomous driving, Ferrari's powertrain structure in the first quarter remained 70% internal combustion engines and 30% hybrid. At this stage, it does not rely on iterations of battery, motor, and electronic control technologies to seize market share, but rather relies on the supply-and-demand dynamics of scarcity to hedge against macro inflation and geopolitical risks. ## Luce's Battle to Defend Premium Pricing However, the sense of security on the balance sheet cannot answer the questions ahead. On May 25, Ferrari's first all-electric model, named Luce, will be officially unveiled. This will be an extremely perilous "battle to defend premium pricing." The premium foundation of traditional supercars lies in the roar of internal combustion engines, the mechanical complexity of multi-cylinder engines, and the exquisite feel of chassis tuning. However, under an all-electric architecture, the 0-100 km/h acceleration capability of electric motors has been leveled by Chinese new-energy vehicle startups to models in the 300,000 yuan range, leading to a serious democratization of power performance across the industry. To reshape scarcity in the electric vehicle era, Ferrari's solution is not to participate in the parameter stacking of battery, motor, and electronic control systems. According to current early testing and supply chain information, Luce's interior design involves deep participation from LoveFrom, the team led by former Apple design director Jony Ive. While retaining many retro physical buttons and helicopter-style launch levers, it attempts to preserve the ritual of mechanical operation within the electronic architecture. Nevertheless, capital markets remain skeptical about whether it can successfully navigate this transition. This explains why its stock price experienced volatile corrections around the time of the earnings release, despite robust first-quarter performance and an unchanged full-year financial guidance. The market is watching to see whether Ferrari in the all-electric era can still convince high-net-worth individuals to willingly pay a substantial brand premium for a "Prancing Horse" powered by batteries and motors. Overall, Ferrari's Q1 2023 financial report is a specimen of the traditional supercar business model operated to its extreme, demonstrating strong counter-cyclical resilience and profitability. However, under the irreversible trend of the automotive industry's overall transformation towards intelligence and electrification, maintaining the glory of the fuel era is merely a defensive strategy. The launch of the all-electric model in late May is not only an expansion of Ferrari's product lineup but also a critical leap in reconstructing the brand's core assets and reshaping its underlying logic in the new energy era. Whether it can smoothly cross this period of transitional pain will directly determine Ferrari's capital market trajectory and industry status over the next five years. Market investments carry risks; caution is advised. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial status, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. 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