The shares are now Euro221.70 ($A348.60) each, up from Euro177.60 ($A279.25) in early October and up 34.16 per cent compared with six months ago.

Key to the investor support was news from Ferrari’s new CEO, Benedetto Vigna, that profits were up, that it had successfully negotiated its way through the semiconductor shortage, and that analysts saw confidence that going to electrification would be a positive not a negative.

Analysts reported that they were relieved when Mr Vigna talked about seeking partnerships for the car-maker’s leap into electrification, rather than raising more capital. 

Morgan Stanley was reported by global financial services company Forbes as saying Ferrari’s switch to electrification will be a big boon to a company more renowned for its V12 petrol engines.

He said that the launch of the Icona limited-edition cars, building on the success of the Monza SP1 and SP2 supercars which sell for around $A2.5 million, had been brought forward a little to early 2022. 

Ferrari will launch its first EV in 2025, Mr Vigna said. It will be preceded by the reveal of the hybrid Purosangue SUV that is scheduled to be unveiled next year and set to compete with rivals such as the Lamborghini Urus, Bentley Bentayga, and Aston Martin DBX.

The Purosangue will be followed in 2024/25 by a full-electric version, using similar body architecture.

Benedetto Vigna

Investment bank UBS approved of the idea of partnerships and the implication that the huge sums needed for electrification can be made available for other uses.

“(Mr Vigna) made a strong initial impression, with a clear approach to capital spending (capex), innovation and EVs – capex partnerships rather than pursuing a 100 per cent ‘make’ strategy,” UBS said in its research note on Ferrari.

“We think this will come as a relief to some investors, who feared a significant uptick in capex intensity in the development phases of EVs, planned for 2025.”  

Ferrari announced its third-quarter results last week, with earnings before interest, tax depreciation and amortization (EBITDA) jumping 12 per cent to $A583 million compared with the same period last year. 

Mr Vigna, who joined Ferrari from chipmaker STMicroelectronics in June, raised his forecast for the full year’s EBITDA profit to around €1.52 billion ($A2.4 billion) from the previous guidance of between €1.45b and €1.5b ($A2.28b-$A2.36b).

Morgan Stanley published a report earlier in the year saying Ferrari annual sales will reach 20,000 by 2029/2030 compared with 11,000 now, with an average selling price per car of about €375,000 ($A590,000) compared with €325,000 now ($A511,000).

This forecast was based on Morgan Stanley’s view of Ferrari’s model segment expansion plans, with the Purosangue appearing in 2022, expected growth in China and Asian-Pacific, and new models and technologies while still including internal-combustion engines but encompassing hybrids and electric cars.  

The forecast also took into account Ferrari’s expected expansion outside of car-making including Formula 1 racing, theme parks and luxury brand extensions.

Forbes said Ferrari now compares itself to luxury goods manufacturers like Hermes, LVMH, Prada, Ferragamo, Moncler or Richemont, rather than car-makers such as Volkswagen and Stellantis.

296 GTB

By Neil Dowling