Ferrari greatly benefited from Formula 1 and increased shipments of its products during the third quarter.
The Italian automaker generated $1.24 billion in revenue, up from $1.04 billion in Q3 the year before, and expects full-year revenue to remain at a previous estimate of $5 billion.
Ferrari saw its sponsorship, commercial, and brands segment generate $110 million in revenue, up 1.3% year-over-year, thanks to the iconic car brand’s F1 sponsorship deals.
The brand’s engines segment saw revenue reach $63.7 million during the quarter, a 24.8% increase year-over-year, behind rentals to other F1 racing teams.
Ferrari did, however, see industrial costs — plus research and development expenses — from Formula 1 and product innovation increase.
The automaker is pursuing more green initiatives on and off the racetrack.
- Ferrari announced in April that its first all-electric vehicle will debut in 2025.
- It will participate in LMDh, a hypercar class that demands a clean-energy output.
- Acura, Toyota, Peugeot, Porsche, Audi, and Cadillac will also race in LMDh in 2023.
Ferrari previously produced two hybrid vehicles: the LaFerrari, which debuted in 2013, and the SF90 Stradale, which hit the streets in 2019.