Ferrari makes very nice cars that are fun to drive fast. For most people, however, they’re also prohibitively expensive. But even though the least expensive car in next year’s lineup, the Portofino, will cost more than $200,000, people are apparently ordering so many Ferraris, it has to increase production next year.
Bloomberg reports that in order to meet demand, Ferrari will double factory shifts to two a day. As a result, it will be able to deliver nearly 9,000 cars in 2018. Previously, Ferrari had hoped to hit that number in 2019, but strong interest in its cars has apparently accelerated that timeline. When Ferrari finally introduces its first-ever SUV, expect annual production to increase even further, potentially pushing past 10,000 units a year.
This production boost is reportedly part of CEO Sergio Marchionne’s plan to increase the Italian automaker’s profits without hurting exclusivity. In the first quarter of next year, Marchionne is expected to present a more detailed plan for the next five years. When that happens, we’ll likely learn more about his plans for the SUV, as well as production volume. One goal is reported to be doubling operating profits to about $2.35 billion (€2 billion) per year by 2022.
As Bloomberg points out, Ferrari’s strong sales performance is due in part to an increasing number of millionaires worldwide. By the end of 2016, there were an estimated 13.6 million people in the world with seven-figure net worths. That’s a 36-percent increase since 2006. One report estimates that in the next decade, that number will increase another 37 percent.
And as long as there are wealthy customers in the world looking to make rare and exotic purchases, we suspect Ferrari’s business will continue to do well.