Ferrari

“Ferrari has already said that the technology is old, all the plug-in stuff, we don't want to be any part of the LaFerrari.”

“Whereas Enzo very famously, he just wanted to race and he hated his customers, his road car customers deeply. It wasn't his thing. He just wanted to race. He only sold road cars to kind of finance racing.”

“Ferrari couldn't make the number of cars that Porsche does and maintain those margins, so that's not really a fair, like, direct comparison in terms of who their competitor is.”

“BMW, as we mentioned, 10 times more units of BMW sold than Porsches are down at 17%. In terms of gross margin, so they really aren't marking up much above their cost of goods in order to ship those cars. Mercedes a little bit better at 23%. Porsche is at 29%, …”

“Like, I think they'll fare better than Mercedes and BMW in a downturn, and, like, way worse than Ferrari.”

“My best comparison that I think I came up with is Rolex is Porsche. And I know there are different categories of price, but, like, cars are expensive things, and you do need one anyway. It's real scale manufacturing with a high-quality engineered product with …”

“Ferrari is the only team that's been part of every single F-One season going all the way back to the beginning.”

“I think you could maybe even argue they are the only legitimate luxury brand established in the second half of the 20th century.”

“So today, 70% of the F-one teams are based in the UK. Really the only notable exception is Ferrari, which of course is in Italy.”

“Michael Schumacher was getting paid sixty million dollars a year. In that era. Like, that's what Max and Lewis make today.”

“Even today, 30% of all F-One fans, their favorite team is Ferrari.”

“There are two companies that are formed. One is called Ford Ferrari. It is 90% owned by Ford, and it would make road cars. There's a second called Ferrari Ford that's 90% owned by Ferrari. That's the racing team.”

“The thing that makes you successful at scale prevents you from being able to execute Ferrari's strategy.”

“Fiat's attempt, their best solution to fixing the problem of the road car business is to produce more road cars, which is the cardinal sin of luxury strategy management.”

“They love that cold shoulder of a artist creating the car mysteriously, In some small town in Italy who's just interested in racing. He's not interested in mass market cars. You're just lucky to get one of these racing cars, and he couldn't even care less abou…”

“Of the very few cars that they do make, this is my favorite one, David, about 80% of them are earmarked specifically for people who already own a Ferrari. So that means there's less than 3000 new customers buying Ferraris in any given year.”

“Ferrari's first electric vehicle designed In collaboration with love from Johnny Ive and Mark Newsome in San Francisco.”

“The average selling price of a Ferrari is about 500,000 dollars, up from 350,000 dollars in 2022.”

“Ferrari was not appreciated by investors when it was nestled inside of fiat for the real gem that it was. And as a publicly traded company on its own reporting its own financials, people piled in.”

“Of the famous Dreyfus family and Julia Louis Dreyfus's grandfather, Elaine from Seinfeld, her grandfather, was one of the first Ferrari clients and raced in Le Mans.”

“In total, under Montezemolo's tenure, Ferrari wins 19 Drivers' and Constructors' Championships, which is more than Enzo.”

“The asking price was originally eighteen million, but somehow Ford manages to easily negotiate it down to ten million.”

“There are models that are literally called one-off. So they will make you, and not just like you can change the seat color, they will make you a custom car with a custom body style for very, very, very special VIP customers, and they never disclose them.”

“The profit per car average exceeded 170,000 dollars. That is more than the entire retail price of your average luxury sedan, and even Porsche would need to sell six cars to equal the profit dollars that come from a single average Ferrari.”

“In luxury, you never want a customer to feel like they've done it all. You want a place for them to graduate to.”

“If you're gonna build a luxury brand, you need time and you need heritage where you tie it to an important emotional thing that people lust for connection over. And in cars, it's racing. I'm sorry. It's just, it's the obvious thing to tie the emotion of your b…”

“Ford, here's another good one, makes a 160 times the number of cars that Ferrari does, yet Ferrari Has a higher market capitalization. They're worth more than the Ford Motor Company, and Volkswagen, and Honda, and Stellantis, and Mercedes-Benz.”

“Now the allocation is done centrally by Ferrari, and the dealerships really serve more as distribution, operations, and service. And I've been thinking about it less as a dealer network, and more as a franchised service and delivery infrastructure, with Ferrar…”

“China is only seven percent of Ferrari's sales, down from 10% at its peak.”

“Now, 10% are what they call the special series. These will run you between 500,000 and a million, again, before customization.”

“In 1991, Ferrari had made 4500 cars, which is just this giant inflation. By 1993, just two years later, Luca brought this down to 2300. So cut it almost in half in those two years.”

“So after 1994, Ferrari does not have a stock of cars. They're not just sitting there at dealerships. They're not just sitting there at the factory. They don't manufacture them and then find buyers. It's the other way around. So for every single car, they only …”

“No Ferrari shares a platform with any other car.”

“If you do the exchange rate at that time, it is seventy seven million dollars, which valued the company at a hundred and ninety two million dollars. In 1988.”

“Ferrari ships very, very few cars, around 14,000 per year.”

“The family behind it, the Agnellis, are the wealthiest and most important industrialists basically in the history of Italy, and today they own and control both Stellantis, which is the merged result of Fiat, Chrysler, and Peugeot, and they also own and control…”

“Management said in their October, 20, 25 investor day that the era of double digit revenue growth is over. And over the next five years, they expect revenue to grow just five percent each year.”

“Ferrari, of course, would become one of the founding teams, and the only F-One team continuously operating from the beginning of the sport all the way through to today.”

“And the really impressive thing about Ferrari is the cars are just different enough where they deserve different names. But a lot of the R&D and the components are carried over. When you look at the internals from some of these cars to the next generation that…”

“If you look back at the Ferrari IPO year, back then, the average selling price was about even. It was about 300,000 dollars, whether you're buying a Lamborghini or a Ferrari. Today, Ferrari's average selling price, as we mentioned, is 500,000, whereas Lamborgh…”

“I think the average age is 52 of a Ferrari buyer. I believe 35% of people who are buying the lifestyle merchandise they're creating are women.”

“If you do the lira to US dollar exchange rate in 1969, They ended up selling half the company for a little under three and a half million dollars. Valuing all of Ferrari at 6.8 million.”

“There have been 330,000 Ferraris ever made, and almost 300,000 of them are drivable.”

“Ferrari will always deliver one car less than the market demand.”

“Built this beautiful partnership with Pin and Farina, first Batista himself, and then his son Sergio, and then multiple generations that lasted 61 years. This was a multi-generational partnership. It lasts all the way up until 2013.”

“Like they've expanded the pyramid so much in recent years that a period of slower growth probably is the right thing to do in terms of luxury strategy management here.”

“Back on our Rolex episode, we threw out the idea of a functional alibi, a reason you could claim that you need such a watch. For Ferrari, they have lots of incredible alibis. Most people do not experience the thing that you just described, feeling maximally al…”

“85% of units shipped fall into what they call the range. These cars are a few 100,000 dollars each, of course, before any personalization or customization.”

“In 1947 they build three cars, just for team racing, just for the Scuderia, in which, during the year, they enter 14 races and win seven of them.”

“There is not a direct correlation between Ferrari victories on the track and the number of cars that you can sell, but If for many years you do not win, it means that you do not add wood to the fire of the myth. The myth of Ferrari is based on competition on c…”

“They did 8.2 billion dollars in revenue in 2025. In terms of profits, they did 3.2 billion in EBITDA. So they've got a 38.8% EBITDA margin.”

“So they incentivize dealers to buy and sell by giving them a hundred percent of the economics on a secondary market transaction rather than being involved in that in any way.”

“I think the point I keep kicking around is much like the quartz crisis in the world of watches, speed is no longer relevant. I mean, the F-Eighty goes zero to 60 in 2.2 seconds. This is the supercar. This is the three to five million dollar car. The Tesla Mode…”

“And yet, even though almost nobody owns a Ferrari, only about a 180,000 people globally,”

“The LaFerrari Halo car was the first fully in-house designed Ferrari.”

“Ferrari is Hermes and Manchester United smashed together.”

“If you can marry a luxury brand with a sports team, it is a business cheat code.”

“However, the voting shares are a different story. So together, Exor and Piero have the right to vote about 49% of the voting shares. So it doesn't take much for them to control the vote on any given decision as long as they vote together. They just need to go …”

“The most extreme clients can buy a former F-one car. Like an actual F-one car that was raced in prior seasons.”

“So I would say Ferrari is the only ultra luxury brand that has reached mass cultural awareness.”

“Ferrari is 50% gross margins.”

“Ferrari knows exactly what their sales will be and to who through the end of 2027, at least, maybe into early 28.”

“People are dying for their SUVs, and yet they limit them to just 20% of total volume.”

“Clients who were invited to the supercar or the Icona class These people own at least 10 new Ferraris, maybe 20 plus Ferraris in a garage. These people are tens of millions of dollars deep into buying Ferraris.”

“All of these were sold out before the car was even announced to the public.”

“As part of the spinoff of Ferrari and the whole transaction, they effectively transfer another 3.2 billion dollars in Fiat Chrysler debt to Ferrari.”

“The company IPOs at a 9.8 billion dollar market cap in 2015. Within a few years, it's trading at, you know, what, ninety billion, flirting with a hundred billion market cap?”

“Ferrari makes all of their cars, mostly by hand, inefficiently, and one-off in a single town, Marinello, Italy. And they have the highest margins in the entire auto industry.”

“Lamborghini had just launched the Mira, the Lamborghini Mira at this point in time, which was a truly excellent car. Like, a better Ferrari than a Ferrari at the time.”