Ferraris are becoming increasingly popular among younger buyers, with the CEO of the luxury automaker revealing that 40% of new buyers are now under the age of 40. That reflects a significant upswing from just over 18 months ago, when Ferrari’s chief said the figure stood at 30%.

“40% of the new clients are below 40 years,” Ferrari CEO Benedetto Vigna told CNBC on the sidelines of CONVERGE LIVE in Singapore. “I don’t know for other brands, but for us, it is an achievement that is thanks to our team,” he added. The Maranello, Italy-based manufacturer is well known for keeping a tight rein on the production of its cars, seeking to maintain the brand’s promise of exclusivity. Indeed, as of last year, nearly three-quarters of all Ferraris were sold to existing customers.