Even in uncertain economic times and climate change crises, Ferrari can still bring in customers. The luxury car brand revealed that they are no longer taking orders for their new SUV vehicle, the Purosangue. Due to the unexpected demand for Ferrari’s first SUV, they have suspended any new orders for the vehicle until production has begun.
The number of orders Ferrari has received is yet to be disclosed. Still, the current list of orders is so big that it will take at least two years to fulfill, which means any prospective buyers will have to wait a while before Ferrari decides to re-open their order list again.
Customers who previously bought or own a Ferrari are given production priority with the Purosagne SUV, so they don’t have to drive around in their old Ferraris for long.
Closing their customer list is something that Ferrari is known to do as they like to keep their brand and vehicles exclusive. In 2021, they sold just over 11,000 vehicles. Regardless of the demand from the automotive market or customers, they will always keep their sales low.
Their new SUV will take up 20% of the manufacturing and production output for the year, so if their vehicle output is 15,000, then there will only be 2,000 – 3,000 SUVs available.
While Ferrari has set their business up to remain exclusive and elusive, Lamborghini has not taken the same route. In 2021, out of over 8,000 vehicles they sold, over 5,000 were their new Urus SUV.
Ferrari’s first attempt at an SUV has a starting price of $375,000, but like all luxury cars, the price will be vastly different once you add on the copious number of extras. It comes with a 6.5-liter V12 engine.
The engine contains 715 horsepower and 528 foot-pounds of torque that can reach a top speed of over 190mph. It has an eight-speed double-clutch gearbox that can go from 0 – 60 mph in under 3.3 seconds. Also, passengers will actually be able to sit in the back, something that most supercars do not have, even if they are fiver-seaters.
Ferrari stock hit an all-time high in November 2021, but since then, it has started to fall consistently. But overall, it had had an incredible increase from 2015, when its stock was valued at $52. Now in November 2022, it is valued at $215.95. This valuation makes Ferrari worth over $40.67 billion. There isn’t a lot of hardship in the luxury car market.
Every day on the news, you hear of economic volatility, war, recession, and other unpleasant and negative information. But in the world of luxury, there is no such thing as a recession. Ferrari has filled their pre-orders of an incredibly expensive car so has Tesla. I’m sure the same could be said for Lamborghini and Bugatti, along with every other luxury brand.
The negative news is something that only dramatically affects the middle and lower classes of people. While the upper-class and uber-wealthy decide on which color their new Ferrari Purosagne SUV will be in, ordinary people have to cut back on most of their expendable purchases to pay their essential bills.