Two years ago, on September 13, 2022, Ferrari stunned the automotive industry with the new Purosangue: Maranello’s first production four-door—and an “SUV” to boot. Of course, Ferrari doesn’t call the Purosangue an SUV, but it’s certainly a competitor to the SUV/crossover segment, where other luxury brands already compete.
When the Purosangue was introduced, it caused quite a stir. “Purists” said it was sacrilege, while others saw it as a good opportunity to explore new segments. But what kind of impact has the Purosangue had on Ferrari’s sales and image? That’s what we wanted to find out.
Ferrari
The good news is that Ferrari currently sells more vehicles than ever before. According to semi-annual results, the brand recorded a new sales record in the first half of this year, with more than 7,000 units shipped. In total, the Italian automaker delivered 7,044 units, up 1.2 percent from January to June of 2023.
Although this is the lowest growth increase for the period over the past ten years (excluding the 2020 COVID year), the volume through June 2024 was nearly double the total shipped ten years ago, which was 3,694 units.
The growth is remarkable considering the high price of Ferraris and the many geopolitical tensions affecting some of its markets. The reason for the increase, though, isn’t completely due to the Purosangue—registrations for the SUV didn’t begin until the end of the third quarter of 2023.
Global Ferrari shipments in the first half of the year.
According to data from JATO Dynamics, which covers 52 markets worldwide, the Purosangue was the third-best-selling Ferrari between January and August 2024. The data, which excludes key markets like the Middle East, says Ferrari sold nearly 1,500 units through August, third only to the Ferrari 296 (with more than 3,100 units) and the Ferrari Roma (with nearly 1,900 units).
The Purosangue surpassed the Ferrari SF90, the 812, and the Portofino (which was discontinued in 2023), among others. The base price of the Purosangue is $423,686, which is around $81,000 more than a Ferrari 296 GTB and $176,000 more than the Ferrari Roma coupe.
In addition, the Purosangue sold 28 percent more than the SF90, but the SF90’s base price was only 16 percent higher than that of the Purosangue. That means Ferrari is definitely increasing its revenue.
| Model | 2023 | January-August 2023 | January-August 2024 |
| 296 | 2,718 Units | 1,700 Units | 3,117 Units |
| Roma | 1,916 Units | 1,329 Units | 1,870 Units |
| Purosangue | 227 Units | 43 Units | 1,489 Units |
| SF90 | 1,880 Units | 1,333 Units | 1,162 Units |
| 812 | 1,753 Units | 1,270 Units | 723 Units |
| Portofino | 1,560 Units | 1,175 Units | 160 Units |
| Daytona | 110 Units | 75 Units | 133 Units |
| F8 | 1,459 Units | 1,254 Units | 49 Units |
As far as Ferrari’s image goes, there’s no evidence to suggest that Ferrari’s name has deteriorated because of the Purosangue. The brand continues to be, by far, the leader in the supercar segment. And it’s earning a lot of money because of it (earnings before interest and taxes increased from 28.3 percent in the first half of 2023 to 28.9 percent in the first half of 2024).
Meanwhile, Ferrari’s valuation has reached a new high, with the share price at nearly $474 as of Septebmer 27, 2024. The Purosangue is another success for Ferrari.
The author of the article, Felipe Munoz, is an Automotive Industry Specialist at JATO Dynamics.
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