(Bloomberg) -- The scourge of inflation is coming for Ferrari NV dealerships.

The maker of 215,000-euro ($219,460) Portofino and 1.6 million-euro Monza models will raise prices in the first quarter of next year, Chief Executive Officer Benedetto Vigna said on an earnings call Tuesday.

Ferrari raised its forecasts for full-year revenue, adjusted earnings and free cash flow, as strong demand helps offset higher costs hitting the Maranello, Italy-based manufacturer. Vigna said the company is booking orders from customers who will take delivery beyond next year while cautioning that growth is expected to slow in 2023.

Read more: Ferrari Raises 2022 Outlook With US, China Fueling Sales

Ferrari is in the midst of an electrification drive to turn its historic factory in northern Italy into a hub for battery-powered cars. The transformation underscores how even the most pure-bred makers of combustion engines are embracing an electric future.

Three hybrid models accounted for about 17% of Ferrari’s total shipments in the second quarter. The company will unveil its first sport-utility vehicle, the Purosangue, in early September and start making deliveries early next year.

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