Ferrari pulls ahead: Italian carmaker posts profits of over £1bn for first time

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Ferrari shares soared as the Italian car maker posted profits of more than £1 billion for the first time and signed Lewis Hamilton.

Profits rose 34 per cent to almost £1.1 billion last year as wealthy customers shelled out for bespoke features. Total car sales rose 3.3 percent to 13,663.

And seven-time Formula 1 champion Hamilton will join Mercedes for the 2025 season.

Shares rose 9.2 per cent to a record high as boss Benedetto Vigna hailed a “very successful year”.

The new four-seater Ferrari Purosangue has proven particularly popular, with prices starting at £313,000.

On track: Ferrari's profits rose 34% to almost £1.1bn last year as wealthy customers shelled out for bespoke features.  Total car sales increased 3.3% to 13,663

On track: Ferrari’s profits rose 34% to almost £1.1bn last year as wealthy customers shelled out for bespoke features. Total car sales increased 3.3% to 13,663

Production levels of a model that has so far been touted as Ferrari’s most comfortable vehicle are set to increase.

The automaker said it has a strong order book for the coming year, despite fears of a slowdown in the luxury sector.

Porsche said high borrowing costs were starting to weigh even on the wealthy, while Bentley warned the boom in expensive cars could be over.

But the record results in 2023 have allowed Ferrari to look to the next two years with “greater confidence”, Vigna said.

Future plans include releasing its first fully electric car in late 2025.

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