Their car doesn’t take you from point A to point B. It takes you from point A to a more refined, aspirational version of point A with a detour through Monza (😎), the Nürburgring, and your childhood bedroom wall (Go, Shumi! 🙏). You buy it not to commute, but to live and feel yourself alive. Looking at their latest quarter’s financials, we can simply conclude: a masterclass.
The numbers are frankly silly for an automotive company: 13% revenue growth, 23% jump in EBIT, 18% earnings-per-share increase, and €620 million in industrial free cash flow, all while shipments only inched up by 1% . That’s like selling the same number of tickets to your show, but charging more, delivering less, and still getting a standing ovation. The business model is basically “what if scarcity had a waiting list?”
Wall Street seems to get it. Ferrari is LVMH on wheels, except better, because Louis Vuitton doesn’t host a Formula 1 team, win races, has a super show on Netflix, or offer a V12 you can opt for like a fine suit. And unlike your average carmaker stuck chasing EV margins and factory robot upgrades, Ferrari just quietly prints cash from “personalizations” (a euphemism for charging €15,000 to paint your brake calipers the right shade of red)
I’m not sure this is a tech story, or even a mobility story. It’s a mythological story. It’s a symbolic premium extraction story because Ferrari has monetized identity better than most tech platforms. While the auto industry races toward electrification, autonomy, and scale, Ferrari opts out. Its future is about emotional exclusivity.
Every quarter, Ferrari reminds us that they sell… meaning. And meaning is scarce.
sources:
[1] YFinance https://finance.yahoo.com/quote/RACE/
[2] Ferrari IR https://www.ferrari.com/en-EN/corporate/investors
