Ferrari Aims to Cash in on New Brand Strategy as it Commits Faster Growth
Automobile News

Ferrari Aims to Cash in on New Brand Strategy as it Commits Faster Growth

Ferrari Portofino’s strong sales and 812 Superfast new models enabled the Italian luxury car manufacturer to raise its overview on Monday, with a brand new strategy promising even more progress.

Ferrari’s Milan-listed shares surged as much as 7.4% to an all-time high of 155.15 euros after it reported “solid” third-quarter outcomes and signaled a robust year ahead.

The ‘Cavallino Rampante’ or ‘Prancing Horse’ launched a plan to enhance its brand through new apparel and accent collections, entertainment offers, and luxurious services and products for buyers. They embody an agreement with Italian vogue house Giorgio Armani and the opening of a restaurant with star chef Massimo Bottura in the group’s hometown of Maranello in northern Italy.

The latest branding strategy builds on the group’s aggressive roll-out of new premium versions.

Ferrari stated core earnings could be around 1.27 billion euros ($1.42 billion) for the full year, topping an earlier forecast of 1.2-1.25 billion euros.

Camilleri stated that this year, Ferrari would strike what it forecast in 2018 for 2020. “I believe it’s reasonably premature for us to address 2020 at this time. However, we do anticipate a strong year,” he told analysts.

The car manufacturer additionally increased its scope on 2019 revenues to about 3.7 billion euros, from a previous forecast of over 3.5 billion euros and industrial free cashflow.

Ferrari will present its newest new model in Rome next week, taking the sum to five this year, along with the F90 Stradale, its first hybrid car in series-manufacturing.

To support Ferrari’s progress and profitability, Camilleri’s strategy plan from September 2018 promised to launch 15 new versions between 2019 and 2022.

Ferrari, known for its racing ancestry and roaring combustion engines, is also contemplating a full-electric model, although that won’t roar on the road before 2023.