Ferrari projected higher sales and profits this year after delivering record results in 2022, driven by demand across the Americas and China, as it shrugged off the spectre of an economic downturn.

The supercar brand’s net profits, revenues and cash generation hit record levels last year, as luxury buyers splashed out for more models and spent ever-higher sums on personalised features.

Sales growth was driven by its entry-level Portofino M, and higher demand for its hybrid hypercar, the SF90.

In China, sales rose 73 per cent to 1,552 models, while in the Americas they rose 22 per cent 3,447 cars. Europe was still the largest market, up 8 per cent at 5,958 cars.

Bespoke additions, from interior fabrics to distinctively coloured brake callipers, are a mainstay of Ferrari’s business, adding tens of thousands of pounds to the cost of its models that already begin at £170,000.

Net profits last year rose 13 per cent to €939mn, after a 19 per cent rise in shipments and sales to 13,221 and €5.1bn. Free cash flow when finance deals were stripped out rose 18 per cent to €758mn.

The brand expects 2023 sales to be about €5.7bn, up from €5.1bn last year, with pre-tax profits between €1.45 and €1.5bn, compared with €1.23bn in 2022.

It also projects its profit margin, which last year was 24 per cent, will rise to 26 per cent.

“Despite a complex global macro-scenario, we look ahead with great confidence, encouraged by the many signs and achievements of an…