Not everybody’s in the green car race, as Ferrari posts record profits

By Sara Borman · · 2 min read
Fact Checked
Advertiser disclosure
yellow luxury sports car like ferrari with record profits

You’d be forgiven for thinking the whole world was making the switch to electric vehicles with the recent announcement of plans in the EU (and our very own ACT) to phase out the sale of petrol and diesel cars by 2035. With Ferrari posting record quarterly profits, it seems like that’s not always the case.

The Italian luxury sportscar manufacturer saw a 29% increase in sales in the June quarter. Only 17% of the Ferraris sold were hybrid electric cars, with the rest being standard combustion engines.

Could this uptick in sales for brands like Ferrari, Bentley and Lamborghini - also recording record profits - mean the market for luxury cars is booming?

Ferrari and BP show support for green car movement

These luxury car makers have taken notice of the rise of the EVs and the important role they play in the conversation. 

Ferrari has made the promise that 40% of its vehicles will be electric by 2030, with another 40% to be hybrid. 

Fuel giant BP has diversified to include electric charging alongside its petrol refuelling stations. 

The widespread rollout of electric charging compatibility at these venues is critical to supporting the demand for EVs, specifically as we move into an energy crisis. Their network of charging points has doubled in the past year.

Ferrari has also highlighted its investment in renewable energy, installing solar panels and alternative power sources to their factories and committing to carbon neutrality. This is an important step, with Italy unable to secure exemptions from the EU’s overall move to ban the sale of new petrol vehicles by 2030 for their sports car industry.

Many luxury car manufacturers, rather than committing 100% to the move towards electric vehicles, are dedicated to finding alternative power sources and new solutions for energy efficiency.

Who is buying luxury cars right now?

The record growth was driven mainly by soaring demand in the US and China. Speculated post-pandemic splash out spending has led to a 19% increase in supercars registered to UK addresses, as reported by UHY Hacker Young. 

Now able to leave the house and free from restrictions, a new car is a tempting purchase. With international travel subject to so much change and home loan repayments soaring, a sports car feeds the thirst for adrenaline, adds a hint of luxury and gets you from point A to point B. Of all the places to put money, it’s unsurprising that the big names in luxury motors are pulling in high level profits.

While these figures can be hard to reconcile with the rising cost of living and the everyday impacts of inflation, it seems that there will always be a demand for the finer things in life - fast cars, nice houses, eye-catching outfits.

If you’re looking to get yourself a new car - luxury or otherwise! - check out our picks of Mozo’s best car loans and our complete guide to vehicle finance.

Compare car loans - last updated 19 April 2024

Search promoted car loans below or do a full Mozo database search. Advertiser disclosure
  • New Car Loan - Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

    Compare
    Go to site
    Details
  • New Car Loan - Special

    Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.74% p.a.
    8.85% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Extra low rate for qualifying homeowners. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.74% would cost $37,153.94 including fees.

    Compare
    Go to site
    Details
  • New Car Loan

    Fixed, Secured, Excellent Credit Score [832+]

    Interest rate
    comparison rate
    Monthly repayment
    7.29% p.a.to 7.79% p.a.
    8.00% p.a.to 8.50% p.a.based on $30,000
    over 5 years

    Enjoy a quick application process and no monthly fees on NRMA new car loans. Finance also available motorcycles, caravans and motorhomes. Low fixed interest rates with terms of up to seven years. Plus, NRMA Blue Member benefits apply so you could enjoy even lower rates as an NRMA Member**.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 7.29% would cost $36,387.95 including fees.

    Compare
    Go to site
    Details
  • New Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Go to site
    Details
  • New Car Loan - Special

    Home Owner Discount, Including Demo, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.99% p.a.
    8.11% p.a.based on $30,000
    over 5 years

    Eligible for homeowners only. Low fixed car loan rate for purchasing new and demo vehicles from dealers. Early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,513.67 including fees.

    Compare
    Go to site
    Details

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.