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Much has been made about the arrival of Ferrari’s first SUV in the near future. The Purosangue will land at the end of this year, with first deliveries starting in early 2023. As is sometimes the case with all-new Ferrari models, the Purosangue has sparked heated debate about its contribution to the brand. Regardless of aesthetics and market position, the real question is whether an SUV with the Ferrari logo actually makes sense.
Sports Utility Obsession
The SUV phenomenon is relatively new in automotive history. Some models such as the Chevrolet Suburban and Toyota Land Cruiser have been around for decades, but the formation of the mainstream SUV segment began in the late 1990s. Originally launched in the United States, the SUV quickly became popular worldwide as the vehicle of choice for families, and it holds true to this day. As such, SUVs have become an important component of sales volume and profits for almost every manufacturer.
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Along with McLaren, Ferrari is one of the few exceptions to this rule. Or rather, a Ferrari before exception. The company’s strategy since its founding in 1947 has been to lead the high-performance sports car market, avoiding the temptation to enter other, more mundane segments. Even the sedan was not spared from this policy. For this reason, the prospect of an SUV raises enthusiasm and doubt among Ferrari loyalists.
Will Purosangue Be Successful?
Times change. The brand had to evolve and adapt, and that was the main factor that Ferrari faced. The world of SUVs has grown tremendously over the last 10 years to cover every segment, cover every category. That goes for simple entry-level vehicles like the Honda HR-V, to high-performance, ultra-luxurious exotic cars like the Lamborghini Urus. Today’s customers don’t have to compromise by owning high-end supercars and simple everyday vehicles. Everyday machines can be just as enticing as a supercar, if compromised to some degree based on size and weight.
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However, given its pedigree, Ferrari might create its own luxury and sporty SUV category that minimizes or eliminates those compromises. The Purosangue will certainly rival the Urus and Aston Martin DBX, but the brand could eventually become the benchmark for the new SUV. As such, it is difficult to identify any risks to Ferrari in taking this step. There is a good opportunity to increase sales without reducing the Prancing Horse’s legacy.
Some might find that a bold statement. But based on previous Ferraris thriving beyond pure supercar duties (the GTC4Lusso comes to mind), the Purosangue should be placed above the competition in terms of performance. Considering rivals like the DBX and Urus, perhaps Purosangue can create its own SUV genre – the best of the best in the fastest-growing automotive segment, if you will.
Other than performance benchmarks, one cannot ignore sales statistics for wealthy shoppers. By 2021, these customers purchased 72,000 high-end vehicles worldwide. That’s a 16 percent increase from 2020 and nearly triple the volume sold in 2010. And those buyers don’t get a convertible or two-seat hypercar. 53 percent of 72,000 sales were SUVs.
As such, it seems almost certain that Purosangue will be a success for Ferrari, bringing in new buyers and opening up a new dimension for the brand. Lamborghini, Bentley, Aston Martin and Rolls-Royce are well established in this genre. There must be some justification for Ferrari to join the party as well.
The author of this article, Felipe Munoz, is a specialist in the automotive industry at JATO.
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