Even supercar-maker Ferrari can't escape reality of the slow spending lane
Supercar manufacturers typically operate in the rarefied sphere of recession-proof consumption, where wealthy customers possess enough money to drop €300,000 or more on their purchases.
On Friday, Ferrari experienced the limits of that behaviour, reporting growth in the second quarter far behind the first three months of the year, sending its stock tumbling. Both profit and shipments slowed, with vehicle deliveries only about a third of the gain the Italian company had delivered during the first quarter.
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Ferrari fell the most in almost ten months after climbing 70pc this year before Friday's setback. Some investors had hoped to see a raised outlook, which didn't materialise. It shows even a supercar-maker isn't immune to a car market that has rapidly deteriorated in recent months, with companies from Daimler to BMW to Toyota cutting their goals as customers have second thoughts about purchases.
The company's deliveries rose 8pc during the second quarter, less than a 23pc gain during the first three months of the year, Ferrari said. The slowdown followed rival Aston Martin Lagonda last week reporting lower vehicle prices, an ominous development for an elite brand. Still, Ferrari CEO Louis Camilleri pointed to an acceleration in demand in coming months.
"Ferrari's order book has reached record-levels," Camilleri told analysts on a call, with the pace of orders set to speed up during the remainder of the year, he added.