BIZ BUZZ: Ferrari sales revving up

Even the cheapest of these engineering marvels that are the epitome of power, precision and performance costs more than most Filipinos’ homes.

But that has not stopped tycoon Ramon S. Ang’s Velocita Motors from selling more of these Ferrari supercars, even amid challenging economic conditions that have prompted the majority of Filipinos to scale down on their discretionary spending.

Velocita Motors general manager Japheth Castillo tells Biz Buzz that 16 units of these luxury vehicles with the famous prancing horse logo were sold last year.

Turning out to be the best-seller was the 296 GTB hybrid, which the Maranello-based company said represented a revolution, combining a new V6 engine with a plug-in electric motor.

This year, Velocita Motors hopes to sell even more of these eight-figure vehicles as they have already placed an order for some 20 more units.

Velocita Motors already kicked off the year with the unveiling of the 12Cilindri, which will sell for a minimum of P43.9 million each.

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Another four models are expected to follow throughout 2025, which should bolster Velocita Motors’ chances of topping the 2024 sales performance.

The only question now is whether the Philippines will get the allocation. As for buyers, apparently they are already waiting in the wings, ready to get their hands on their dream machine.