You wouldn't know the automotive industry had a bumpy year with rising interest rates and supply chain issues by looking at Ferrari's (RACE 0.64%) full-year results. The luxury supercar manufacturer turned in a record 2022 with growing demand and an order book that paves the way for an even stronger 2023. Shipments, net revenue, and EBITDA all grew by double-digit percentages compared to the prior year.

Here are three reasons Ferrari should continue to be one of the most attractive automotive stocks even as the industry rapidly evolves.

Adapt or die

Ironically, because Ferrari focuses on exclusivity and an ultra-luxury niche market, the automaker is one of the few that could adapt more slowly to a changing automotive industry that's gearing up for a future of electric vehicles (EVs).

Perhaps in tune with its racing heritage, Ferrari has no plans to be left in the dust amid a changing auto landscape. The company is already planning to adapt to the new reality.

In fact, Ferrari's upcoming list of full-electric and hybrid models will make up 80% of its sales by 2030, with its first EV slated for a 2025 launch. More broadly, the automaker plans to launch 15 new models from 2023 to 2026, firmly setting the stage for its brand to evolve alongside those of mainstream automakers and their lineups of EVs.

Ferrari's willingness to launch electric vehicles comes with risk for investors, as it could hinder the company's lauded and juicy profit margins -- more on this later. However, management has vowed that its EV development won't happen at the expense of profitability, and the company still projects its EBITDA to reach a compound annual growth rate of 9%.

Speaking of juicy margins, that's another reason investors should flock to Ferrari's stock.

Bigger is better

In an industry despised for being capital intensive and low margin, Ferrari bucks the trend with its immense pricing power, brand recognition, and exclusivity. Its margins are simply at another level compared to those of mainstream and luxury automakers.

F Operating Margin (Quarterly) Chart

F Operating Margin (Quarterly) data by YCharts.

Ferrari's pricing power is driven by its exclusivity; the company is famous for keeping a lid on its annual sales to make sure demand always exceeds supply. This makes it easier to maintain high ticket prices as well as to pass on price increases in tough years plagued by rising costs and other headwinds.

For context, Ferrari produced record 2022 results by selling only 13,221 units. That is an incredibly small fraction of the sales a global automaker such as General Motors (NYSE: GM) produces; GM sold nearly 6 million vehicles around the world in 2022.

Beyond Ferrari's pricing power and powerful brand, there is another reason to believe its margins could improve even further.

Evolving vehicle lineup

While investors worry about EVs denting the company's margins in the near term, there's a new Ferrari hitting the roads that could have the opposite impact just as quickly: the Purosangue.

Ferrari has long refuted the idea that it would bring a traditional SUV to the market, but as Detroit automakers have proven over the years, those bigger vehicles can haul in even bigger margins. In fact, those larger SUVs and trucks are so profitable compared to smaller passenger cars that Ford Motor has essentially given up on all passenger car sales in the U.S. except for the Mustang.

Enter the Purosangue, Ferrari's first-ever utility vehicle. And while Ferrari stubbornly refuses to call it an SUV, the four-door ride will command a starting price of $391,000. Before it even hit the road, the interest and order backlog for the Purosangue was so strong that the company stopped taking orders late in 2022 to cap its sales and ensure exclusivity.

The bottom line

A lot of qualities make Ferrari an excellent brand, car maker, and perhaps above all, automotive stock. It has brand power from racing heritage and exclusivity that cannot be easily replicated, and it uses those qualities to drive pricing power and profitability higher for investors.

While the company keeps a lid on its total shipments worldwide annually, it leaves plenty of room for annual growth. In addition to its annual growth and strong backlog of orders that already stretch well into 2024, the company is expanding its horizons to include EVs and utility vehicles that have the potential to increase its margins even further -- especially as costs to develop EVs continue to decline.

You won't find another automotive stock offering investors the same qualities that Ferrari currently does, and that's partially why the automaker drove through a bumpy 2022 with little to no negative financial impact. These are just three small reasons Ferrari is a stock to buy now, and that likely isn't changing anytime soon.