Drivers will soon see more Ferraris passing them by on the road – about 3,000 more over the coming years.
That’s because Ferrari is ramping up production as demand grows among the growing class of super wealthy (the one’s who can splurge on $1.3 million cars without a second’s thought), according to Bloomberg.
The increased production to 10,000 annually from about 7,000 comes at crossroads for the company, too. Next month, Sergio Marchionne, who led a turnaround of Fiat between 2004 to 2006, will take the helm of the luxury car company.
Notably, Ferrari is one of Fiat Chrysler’s brands.
But the increased number of Ferraris isn’t coming all at once. It’ll happen gradually, ensuring that demand remains high for the premium automobile.
“If that class increases, we should be able to follow them,” Marchionne said at an event in Balocco, Italy on Thursday, as quoted by Bloomberg. He added that “the waiting list will become too long, and people get tired” as a result.
Luca Cordero di Montezemolo, Ferrari’s chairman, resigned Wednesday after 23 years on the job. In the past, he said he wanted to limit production to 7,000 per year in order to keep it exclusive. But Marchionne is reversing that strategy with his signature appetite for risk (as in the case for Fiat).
The decision marks an especially significant turnaround from May 2013 when the company reduced annual production to 7,000 cars. That was down from 7,300 in 2012, according to the Telegraph.
In August, the Ferrari underscored super-luxury status when one of its cars became the most expensive sold at a public auction. A Ferrari 250 GTO Berlinetta, made between 1962-63, sold for $38.1 million in California.
The move also comes as Fiat Chrysler prepares for an initial public offering that is expected in October and listing on the New York Stock Exchange.