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

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

Could this surge in sales of brands like Ferrari, Bentley and Lamborghini – also posting record profits – mean that the luxury car market is booming?

Ferrari and BP support the green car movement

These luxury car makers have noticed the rise of electric vehicles and the important role they are playing in the conversation.

Ferrari has promised that 40% of its vehicles will be electric by 2030, and that 40% will be hybrid.

Fuel giant BP has branched out to include electric charging alongside its gas stations.

The widespread deployment of electric charging compatibility at these sites is essential to support the demand for electric vehicles, especially as we enter an energy crisis. Their network of charging stations has doubled over the past year.

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

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

Who is buying luxury cars these days?

Record growth was driven primarily by surging demand in the United States and China. Post-pandemic speculative spending has led to a 19% increase in supercars registered to UK addresses, as reported by UHY Hacker Young.

Now able to get out of the house and without constraints, a new car is a tempting purchase. With international travel subject to so much change and home loan repayments booming, a sports car fuels the adrenaline rush, adds a hint of luxury, and gets you from point A to point B. where to put money, it’s no surprise that the big names in luxury motors are raking in high-level profits.

While these numbers may be difficult to reconcile with the rising cost of living and the daily impacts of inflation, it seems there will always be a demand for the finer things in life – fast cars, nice houses, eye-catching outfits.

If you are looking to get yourself a new car – luxury or otherwise! – check out our selection of the best car loans from Mozo and our complete guide to car financing.