The average buyer of luxury sports car Ferrari (RACE) is getting younger, according to the company’s chief executive officer (CEO).
Ferrari CEO Benedetto Vigna says that 40% of new buyers of the distinctive red colored cars are now under the age of 40.
That’s a significant increase from just over 18 months ago, when the percentage of Ferrari buyers under age 40 stood at 30%.
The Italian-based sports car manufacturer is known for constraining production of its cars, seeking to maintain the brand’s exclusivity.
Company founder Enzo Ferrari once said that the company would “always deliver one less car than the market demands.” The wait list to get a new Ferrari is currently more than two years.
The comments about Ferrari’s younger demographic come as the luxury automaker prepares to deliver its first fully electric vehicle this October.
The upcoming electric model, which will be manufactured in Italy, is one of six new models the company plans to unveil this year.
The new vehicles expected from Ferrari this year include a traditional sports car, a hybrid gas-electric version, and a fully electric model.
Vigna said the company’s buyers are increasingly split between those that will never purchase an electric Ferrari and others who will only take a fully electric vehicle.
The stock of Ferrari has risen 5% in the last 12 months to trade at $449.23 U.S. per share.
