Despite the COVID-19 pandemic, Ferrari produced a record number of cars last year, and the sports manufacturer forecasted a rise in core earnings for 2022.

According to the firm, shipments increased by 22% to 11,155 cars last year, compared to COVID-affected 2020, and were up 10% from pre-pandemic 2019.

Strong sales of 8-cylinder models, such as the F8 series, the Roma grand tourer, and the hybrid SF90 Stradale, drove a double-digit increase in all areas. Shipments of the more powerful 12-cylinder vehicles, which are also more polluting, have decreased.

Compared to the previous year, shipments to China, Hong Kong, and Taiwan nearly doubled.

"We carefully managed an impressive order intake in line with our strategy to pursue controlled growth and preserve brand exclusivity," said Chief Executive Benedetto Vigna in a statement, presenting results after taking over the company in September and tasked with leading it into a new era of cleaner, quieter, and interconnected mobility.

This year, the Italian firm expects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to be in the range of 1.65-1.70 billion euros, up from 1.53 billion euros ($1.73 billion) in 2021.Ferrari SF90 Stradale - Wikipedia

Last year's result was in line with the company's projection of 1.52 billion euros, representing a 34% rise over the previous year.

Last year, the adjusted EBITDA margin achieved a new high of 35.9%, which was more than predicted. According to the business, this ratio is likely to drop to between 34.5 and 35.5% this year.

Ferrari shares on the Milan Stock Exchange recovered some of their losses after the results were released, and were up 0.1% by 1255 GMT.

Rolls-Royce, a unit of Germany's BMW, said its sales surged 49% in 2021, to a record high of 5,586 units, indicating robust global demand for luxury cars.

Similarly, Porsche, a unit of Volkswagen, delivered over 300,000 vehicles last year, with increases in all regions, particularly the United States, and China is the company's largest single market.

However, Ferrari and other high-performance sports car rivals such as Lamborghini, which is also owned by Volkswagen, Aston Martin Lagonda, and McLaren are grappling with how to transition to battery power without sacrificing the high performance that underpins their premium price.

At a capital markets day on June 16, Vigna, a tech industry veteran and former top executive at chipmaker STMicroelectronics, will explain the company's future direction.

Meanwhile, Ferrari, whose 'Prancing Horse' brand is famed around the world for its roaring combustion engines, has promised to release its first all-electric vehicle in 2025, after already releasing three hybrid versions.