Ferrari plans to boost its annual production in 2018 as global demand for high-priced supercars grows.
According to Bloomberg, the number of millionaires worldwide surged 36 percent to 13.6 million people between 2006 and 2016, and that number is expected to grow by another 37 percent in the next decade. The number of billionaires in the world grew 45 percent over the same period, the publication claims, bolstered mainly by the Asian-Pacific region.
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Ferrari, which is looking to double its operating profit to $2.35 billion by 2022, is responding to this surge in wealth appropriately. The automaker will increase its production by about 600 cars in 2018 to 9,000 units, a source close to the matter told Bloomberg. It was no secret that Ferrari wanted to build more cars, but it hadn’t originally planned to ramp up production to 9,000 units until 2019, so it now seems the expanding number of wealthy individuals has convinced Ferrari to fast-track its growth plan.
Ferrari chairman Sergio Marchionne is expected to present a mid-term strategy for the automaker sometime in 2018, which will be his last such presentation before he retires. Sources have indicated that plan will include the so-called Ferrari Utility Vehicle, which is expected to be a popular product in the Middle East and Asia. The “FUV” will allow the automaker to boost its annual sales and profits while maintaining the exclusivity of its $200,000+ models like the 488 GTB.
More information on Ferrari’s future business plan, along with additional word on the automaker’s first-ever utility vehicle, should become available following Sergio Marchionne’s media conference early next year.