Ferrari NV’s first-quarter earnings rose as the Italian manufacturer benefited from selling pricey supercars like the €2 million Daytona SP3.

Adjusted earnings before interest, taxes, depreciation and amortisation climbed 13% to €605 million, in line with analyst estimates. While deliveries in the period were stable, personalisations made a greater contribution, Ferrari said Tuesday (May 7).

The luxury car maker has hiked prices and profited from its wealthy buyers being less affected by inflation and high interest rates. While CEO Benedetto Vigna has started a shift towards battery power, Ferrari is still relying on its highly profitable combustion engine vehicles to protect margins.

The Maranello, Italy-based manufacturer is building a factory to make hybrid and electric cars that’s due to be ready next month, with the first fully electric Ferrari expected in the fourth quarter of 2025.

The competition to make the transition is intensifying. China’s BYD Co in February unveiled a high-performance EV priced from around US$233,000 .

Ferrari reported revenue of €1.59 billion for the first three months of the year, broadly in line with analyst estimates.

  - Bloomberg