Shipments were up to 3,567 units (316 over Q1 of 2022) while net revenues increased by 20.5% year-on-year to €1.43 billion.

Ferrari highlighted that its product portfolio in the quarter included nine internal combustion engine models and four hybrid engine models, representing 65% and 35% of total shipments respectively.

Deliveries in the quarter fell by 12% in the EMEA region while the Americas was up by 46.1% and Mainland China, Hong Kong and Taiwan was up by 38.9%. The Rest of APAC region, meanwhile, increased by 19.5% year-on-year.

Revenues from cars and spare parts totalled €1.24 billion for the period, an increase of 23.2% year-on-year, which the brand attributed to higher volumes, richer product and country mix as well as the contribution from personalisations and pricing.

Meanwhile, sponsorship, commercial and brand revenues increased by 15.2% to reach €130 million and engines revenues fell by 11.5% to €33 million.

Adjusted EBITDA for the first quarter of 2023 jumped by 27% to reach €537 million and the adjusted net profit result was €297 million, an increase of 24%.

Ferrari is now expected an adjusted EBITDA result of €2.13-2.18 billion for the full 2023 fiscal year and total net revenues of around €5.7 billion.

Benedetto Vigna, Ferrari CEO, said: “Our order book already extends into 2025 with an award-winning product portfolio. We have decided to reopen orders for the Purosangue, suspended due to an initial unprecedented demand, and launched the Roma Spider to further enrich our offer. We are on track with our electrification journey on the development of both sports cars and infrastructures in Maranello.”