Factory shifts will double in 2018.
Ferrari is having to increase shifts at its factory in Maranello in order to keep up with demand, with deliveries on target to reach the company's 9,000 units a year target. The Italian supercar is doubling assembly shifts at its factory in Maranello to two a day in 2018 with its long-term assembly targets having been reached earlier than normal.
When the company was formed as a separate entity from Fiat Chrysler Automobiles, CEO Sergio Marchionne set out a clear limit of 10,000 models a year in order to avoid falling foul of European fuel economy rules, but Marchionne is set to present a new strategy that maintains exclusivity on the most expensive models while boosting sales of more entry-level cars over the 10,000 mark, which for the first time will include a Ferrari SUV.
This year the company's profits rose to around £900 million after tax, helped in part due to the introduction of limited edition models such as the LaFerrari Aperta and the FXX K Evo track car.
Ferrari planned to reach full-year sales of 9,000 cars in 2019, according to filings for the carmaker’s US initial public offering in October 2015. Ferrari stock has more than doubled since its debut on the New York Stock Exchange, and its 83 percent gain this year marks the best performance among US car makers in 2017, valuing the company at over £15 billion.
The boost in sales is helped by the recent surge of millionaires worldwide – in the last decade, the number of millionaires in the world increased by 36 percent to 13.6 million people and it could rise even further in the coming years according to the Wealth Report by real estate firm Knight Frank. The number of billionaires also increased by 45 percent in the same period.
Despite aiming to increase its production numbers, Ferrari maintains a waiting list of at lease a year, and Marchionne recently echoed the company's founder Enzo Ferrari by saying that it would always offer one less car than demand in order to maintain exclusivity.