Ferrari core earnings rose 13% in the first quarter helped by sales of models such as the EUR2m (US$2.2m) Daytona SP3 limited series luxury car and a greater contribution from personalised vehicles.

Reuters said the result was also helped by strong pricing power and product and country mix, as the automaker achived double digit growth for both revenue and profits despite stable car deliveries.

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“Our value over volume strategy continues to be successful,” CEO Benedetto Vigna said.

According to Reuters, he said Ferrari’s total order book was spanning into 2026 and that almost all of its models were “substantially sold-out”.

He reportedly added Ferrari did not plan price increases on existing models after those decided last year but would rather push further on personalisations.

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“It’s an area where we have immediate room,” he said.

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Analysts at Bernstein said in a note Ferrari’s results were of “a high quality”, showing “how mix and pricing are going to be the principal drivers of margin development as we enter the second part of Ferrari’s 2022-26 plan”.

Reuters noted, as part of its current business plan, Ferrari had announced investments worth EUR4.4bn through 2026 while delivering core earnings of EUR2.5bn-EUR2.7bn by that year. It has also promised its first fully electric car for late 2025.

In the first quarter, Ferrari’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) reached EUR605m, in line with analyst expectations in a Reuters poll.

Shipments fell by seven units to 3,560 in January-March, dragged by a 20% drop in the China, Hong Kong and Taiwan region, which however only accounts for around 10% of the company’s total unit sales.

Ferrari confirmed its forecast for full year adjusted EBITDA to rise to at least EUR2.45bn in 2024, Reuters said.

It did not raise its full year guidance, Reuters noted.