Ferrari (RACE.US) releases F80 supercar priced at US$3.9M, sold out with 799 units
AInvestThursday, Oct 17, 2024 9:40 am ET
1min read
RACE --

Ferrari (RACE.US) unveiled its first new supercar in a decade, the F80, which has already sold out despite a base price of 3.6 million euros ($3.9 million).

Ferrari said on Thursday that the new F80, powered by a 1,200-horsepower V6 hybrid engine, is one of the most expensive cars in the history of the Italian luxury car maker, with just 799 units available. Deliveries will begin by the end of this year.

The car represents the latest effort by Ferrari to boost its industry-leading profit margins. Despite producing just a fraction of the output of its rivals, Ferrari's high margins have made it one of the most valuable carmakers in Europe.

Despite a general slowdown in luxury spending, demand for high-end supercars priced above $1m remains strong. The standard price in Italy is 3.6m euros, with prices in other countries to be announced later.

The two-seat F80, which has a top speed of about 217 miles per hour, is Ferrari's first supercar since the LaFerrari in 2013. While the term "supercar" is usually used to refer to high-performance cars, Ferrari uses it for its limited and most expensive models.

The company said the F80 was inspired by the aerospace industry. Flavio Manzoni, Ferrari's chief design officer, said Ferrari "wanted to do something absolutely futuristic and disruptive, and we didn't want to be driven by nostalgia".

Enrico Galliera, Ferrari's chief marketing and commercial officer, said earlier this week that the pre-launch of the car had gone very well, with all 799 cars informally reserved by potential buyers, although no contracts have yet been signed. Selling all those cars for 3.6m euros each would give Ferrari a total revenue of €2.88bn.

Chief executive Benedetto Vigna, who joined shortly after Vigna, has been pushing the company to produce more electric vehicles. Last month, he said the company was on track to launch its first electric supercar in the fourth quarter of next year.

Vigna has also been committed to keeping exclusivity in Ferrari's product line, relying on customisation to boost profits. That gives him further room to raise prices.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.