Ferrari’s (NYSE:RACE) LaFerrari Aperta “Sold Out” Before Debut
Ferrari (NYSE:RACE) sold out its $2.1-M open-top version of the LaFerrari Supercar before its public debut, underscoring the iconic marque’s allure, Ferrari is a former unit of Fiat Chrysler Automobiles (NYSE:FCAU).
That Supercar went on display at the Paris Motor Show Thursday.
At 1 end of the display, the Italian sportscar maker showed visitors with the aura of the LaFerrari Aperta, which is limited to 200 examples and was so sought-after that a collector sued for being left off the buyer’s list.
At the other end is the 4-seat GTC4 Lusso T, fitted with a smaller turbo charged V-8 instead of the standard V-12.
“For us a Limited Edition is a way to reward our clients,” Ferrari’s head of sales and marketing Enrico Galliera said at the Paris unveilings. The Lusso is meant to fill a market gap. “There were a number of clients that were looking for something different. They were looking for the same emotion of driving a Ferrari, which is sporty and versatile, but at the same time is specifically designed to be driven every day.”
Wall Street has had Ferrari under pressure to show that its strategy of wooing the world’s elite can work without the backing of a bigger manufactures. The firm’s stock has been below the IPO price of 52/share since November, and notably its ambition to broaden the brand beyond exotic cars and challenge luxury icons such as Hermes and Louis Vuitton has been make headway.
That put the focus on Ferrari’s cars to fuel revenue profit growth, which means safeguarding exclusivity with limited-run models such as LaFerrari Aperta gradually driving up volumes with the likes of the $261,000 GTC4 Lusso T. The company has a taarget to increase overall production to 9,000 cars annually by Y 2019 from about 7,000 now.
The stock erased most of its losses after hitting a low of 32 in the wake of the October IPO in New York. The shares have been trading close to 50 for most of this month.
In Milan, Ferrari’s shares rose as much as 1.7% to 46.23 euros, the highest since the European listing there in January
Demand for the new LaFerrari Aperta, whose engine is derived from Ferrari’s Formula 1 race cars, shows how the brand continues to excite aficionados aka as Ferrari Clienti.
Ferrari will be keeping 9 LaFerrari Aperta, which costs about 50% more than the original hard-top LaFerrari.
In Italy, the car will be sold at about EUR 1.85-M including taxes. Requests for the vehicle were 3X the planned production run, Mr. Galliera said.
|NYSE:RACE||50.77||29 September 2016||-0.72||51.49||51.6||50.43||331,700|
|HeffX-LTN Analysis for RACE:||Overall||Short||Intermediate||Long|
|Bullish (0.31)||Neutral (0.17)||Very Bullish (0.50)||Bullish (0.25)|
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