Ferrari CEO Benedetto Vigna Talks Earnings & Ferrari's First All-Electric Car

Summary

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Podcast Summary: Ferrari CEO Benedetto Vigna Talks Earnings & Ferrari's First All-Electric Car

Podcast: Bloomberg Talks
Host: Bloomberg
Guest: Benedetto Vigna (CEO, Ferrari)
Date: October 15, 2025

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Overview

In this engaging interview, Ferrari CEO Benedetto Vigna joins Bloomberg to discuss the luxury automaker’s new financial strategy, investor reactions, the highly anticipated first all-electric Ferrari, and the company’s evolving product mix. The conversation addresses Ferrari’s ambitions for steady, sustainable growth, its commitment to scarcity and exclusivity, as well as the balance between tradition and innovation as Ferrari ventures into electric vehicles and adapts to new market trends.

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Key Discussion Points & Insights

1. Ferrari’s Financial Targets and Investor Expectations

• Annual Growth Target:
  Ferrari released guidance for 5% annual revenue growth through 2030, which some perceived as cautious.
  • Vigna’s Response: “The plan we shared last week is equally ambitious as the last one. Three years ago we committed to deliver and we delivered.” (01:16)
  • Ferrari wants to “address this market with the same great determination as before” (01:22).
• Investor Skepticism:
  • Free cash flow target (€8bn over five years) and shareholder return plans (€7bn via dividends/buybacks) fell short for analysts seeking higher numbers.
    • Vigna: “Maybe they...believe that we don’t care too much about scarcity. For us, scarcity is important; it’s embedded in our business model.” (02:17)
    • Ferrari sees success as "a marathon, not a 100-metre sprint" focusing on long-term client satisfaction, which translates to investor happiness (02:35).

2. Margin Expectations and Product Mix

• Margins on Icona Supercars:
  • Analysts noted exceptional profits on limited-run models (e.g., Icona, F80) and hoped for sustained high margins (43–45%).
    • Vigna: “We said...more than 40 [percent] every day, and more than 38 [percent].” (03:05)
    • Ferrari provides six years of financial visibility, which is rare in the industry (03:10).
• Supercar Scarcity:
  • Strict cap: “The number of iconic supercars will not go more than 5%, and we want to stick to it.” (03:37)
    • Scarcity and exclusivity are crucial to the brand and client happiness (03:46).

3. The Electric Ferrari: Unveiling & Strategy

• EV and Capital Markets Day:
  • Simultaneous announcements of financials and the "Electrica" (first electric Ferrari) led some to think the EV was overshadowed.
    • Vigna: “It was important..to show that we are on track, and we deliver...And...to show the beauty of our new car.” (04:33)
• Electric Model Sales Projections:
  • Ferrari reduced its EV offering target for 2030 from 40% to 20%, shifting focus.
    • Vigna: “This is not a split of our sales. This is split of our offer. The client...is going to select if we want to drive ICE, hybrid or electrical.” (05:40)
    • Reduction due to “what is happening around us," increasing total model count and boosting internal combustion options (05:50).

4. Electric Ferrari Details & Timeline

• Body-in-White Reveal:
  • The first electric Ferrari (Electrica) will be seen in the first half of next year (H1 2026).
    • Vigna: “We keep delivering on our promises. Phase one, then phase two is going to be...in Q2.” (06:26)

5. Balancing Analog and Digital Luxury

• Return to Analog Controls:
  • Ferrari moves back to physical buttons in new models after client feedback.
    • Vigna: “We are a big fan of digital. It means you use digital where it's needed and physical where it's needed...when you drive, you need to look at the road.” (07:17)
• Manual Gearbox Premiums:
  • Huge resale price gap favoring manuals prompts the question of new manual Ferraris.
    • Vigna: “You have to listen to client for something; for something else, you don’t...Maybe some good end for the future.” (08:16)

6. Ferrari’s China Strategy

• Market Position:
  • Despite competitors’ struggles in China, Ferrari intends to keep sales in Mainland China, Taiwan, and Hong Kong under 10%.
    • Vigna: “Last year Ferrari did not have an offer that was fitting well the Chinese market...Now we are going to change...Electric could be also a good, interesting car for them.” (08:52)
  • EVs could offer tax advantages and potentially greater success in China (09:31).

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Notable Quotes & Memorable Moments

• On Ferrari’s Growth Mindset:
  “This is not a 100 metre sprint. This is a marathon and we have to make sure that we do not alienate our client. Because if the client is happy, the investor is happy.”
  — Benedetto Vigna (02:28)

• On Scarcity and Exclusivity:
  “The number of iconic supercars will not go more than 5% and we want to stick to it...the client...has to feel that he owns something that not too many people can have.”
  — Benedetto Vigna (03:37–03:46)

• On Balancing Digital and Analog:
  “We will use digital where it's needed, and physical where it's needed.”
  — Benedetto Vigna (07:40)

• On Listening to Customers:
  When asked about a return for manual gearboxes:
  “You have to listen to client for something; for something else you don’t...Maybe some good end for the future.”
  — Benedetto Vigna (08:16)

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Timestamps for Key Segments

• Financial Targets & Investor Expectations: 00:56–02:46
• Product Mix & Supercar Scarcity: 03:05–04:07
• Launching the Electric Ferrari: 04:07–05:33
• EV Strategy & Targets: 05:33–06:26
• Analog vs. Digital Controls: 06:38–07:53
• Manual Transmission Discussion: 07:53–08:25
• China Strategy & EV Opportunity: 08:32–09:31

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Final Thoughts

This episode provides a rare, candid look at how Ferrari’s CEO balances reverence for the company’s storied heritage with calculated innovation and adaptation to shifting market realities. From electrification to exclusivity, Benedetto Vigna reinforces that while Ferrari evolves, it is steadfast in its commitment to its discerning clientele, measured growth, and unmatched brand prestige.

Transcript

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[Bloomberg Audio Studios Announcer]

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[Bloomberg Host]

News Ferrari unveiling a slate of new strategies and financial targets in its capital markets day last week. Now the more cautious than expected outlook. It sparked the stock's biggest intraday drop in nine years, which overshadowed the launch of the luxury automaker's first ever electric vehicle. I'm pleased to say that we're joined live in studio now by Ferrari CEO Benedento Vignette. Great to see you in person.

[Benedetto Vigna]

Likewise. Good afternoon.

[Bloomberg Host]

So let's talk a little bit more about what exactly you said last week. It was the guidance for revenue growth and profit. If you map it out to 2030, I believe that that only targets about 5% annual growth. So is that Ferrari being cautious prudently here or do you actually see something troubling ahead when it comes to the luxury market?

[Benedetto Vigna]

But I think that the plan we shared last week is equally ambitious as the last one. I think that three years ago we committed to deliver and we delivered on our promises. We are committing and we will deliver on our promises. So the confidence is over there want to address this market these strategic view with the same greater determination as we as we did before.

[Bloomberg Host]

So not setting the bar low to then.

[Benedetto Vigna]

I don't think, I don't think. I mean one gentleman in the in the capital market, they asked me if the plan was equally ambitious or not. And I believe this plan is ambitious. Equally ambitious.

[Bloomberg Analyst]

Michael Dean from Bloomberg Intelligence was there. He said he had a fantastic time. So well done.

[Benedetto Vigna]

Thank you.

[Bloomberg Analyst]

But he did say he expected more in terms of free cash flow. You have 8 billion euros pencilled in over five years. He's looking for nine shareholder returns. You have roughly 7 billion euros between split between dividends and buybacks. He said he was disappointed by that as well. Why do you think investors or analysts the street is expecting more from you?

[Benedetto Vigna]

Maybe they were. They are expecting. They believe that we don't care too much about scarcity. I think for us the scarcity is important is embedded in our business model. We want to make sure that the scarcity is always kept over there. I like to that this is not 100 meter sprint. This is a marathon and we have to make sure that we do not alienate our client. Because if the client is happy, the investor is happy that, that we're on the may not work.

[Bloomberg Analyst]

I think he's expecting more in terms of margins. He. I talk to him all the time and he says like the margins on something like the icona or the F80 are just jaw dropping. He's looking for more like 43, 44, 45% and you did forecast more than 40%.

[Benedetto Vigna]

We said two things. More than 40 ye every day and more than 38 bit, right? Yeah, and I think we did, we did also visibility for six years. I don't know many companies are giving us a bit for so long nowadays.

[Bloomberg Analyst]

Are you going to be selling more of these iconos? These are the special incredibly high price tag vehicles. I heard for example that you can order one with a gated shifter, which got me very excited. Next time I come up with $4 million, I'll put it in my order. But is are you going to sell more of those in the mix along with the F80?

[Benedetto Vigna]

I think that we have always to make sure that these Icona, these supercar are limited. There was a clear message from a clear chart from our CFO that was telling that the number of iconic supercars will not go more than 5% and we want to stick to it. I think that to have our client happy, he has to feel that he owns something that not only. Not too many people can have it. And I think this is the business model of Ferrari. This carcin. It must be managed well and we have to take care of the, of the client. This is important.

[Bloomberg Host]

I do want to go back a little bit to last week and the capital markets day because it was a two parter, right? You unveiled your financial targets, but you also were showcasing the Electrica, your first of course, ev. And it's the opinion of Bloomberg Intelligence that really it was the EV technology that was overshadowed by the finance financial targets, that those ultimately ended up being the focus. And in hindsight would you maybe have separated those two announcements?

[Benedetto Vigna]

I know this feeling of Bloomberg, but I have to say that I had a lot of other comments positive in this direction. They said it's good that you show to the community that what you said the three years before it was happening because three years before we said we want to show you that we are on target. We are going to unveil the electric Ferrari electric. And we did. So I think that I fully respect this point of view in this consideration. But I think it was important for two reasons. Number one, to show that we are on track and we deliver on our promises. Number two, that we had to show to all the people over there for the capital market day to show the beauty of our new car.

[Bloomberg Host]

And to be fair to the Bloomberg newsroom, I mean, the shares did drop by the most since 2016. So I don't know, maybe some of the Wall street analysts shared that view as well. But I do want to talk a little bit more directly about electric Ferraris because you lowered Your targets to 20% of the lineup by 2030. Previously, it had been 40%. We'd love to hear a little bit more about that decision to lower the target.

[Bloomberg Analyst]

I figured that would drive the shares higher. You know, you're making more combustion engines than we expected. That's what we want from a Ferrari.

[Benedetto Vigna]

Yeah, but look, I think it's important. Last time as this time we said something important. This is not a SPL split of our sales. This is split of our offer. Because at the end of the story, it's the client that is going to select if we want to drive ice, hybrid or electrical. So it's up to him or to her to select. The reason why we drop or we reduce, we trim it down. The split of the 20% of the offer is because we have seen what is happening around us. So we pushed. The number of model overall has been increased overall. And number two, in this mix, we increase the thermal. I see.

[Bloomberg Analyst]

When are we going to see the body in white and when are we going to hear it? Because apparently it's going to be amplified within.

[Benedetto Vigna]

We've been H1 next year. We do. We keep delivering on our promises. Phase one, then phase two is going to be, let's say in Q1, phase two. In Q2, we've been Q2.

[Bloomberg Analyst]

Can I talk about something that you probably are sick of hearing it from me, but analog versus digital, right? You're putting buttons back on the steering wheel in the Amalfi, which I'm very.

[Benedetto Vigna]

Not only in Amalfi, except all the kind of this year.

[Bloomberg Analyst]

So that's fantastic. I imagine customers ask for that, right? You still got, you know, fields of screens in there. And I've driven a number of very expensive cars where they have screens replacing these elegant and beautiful analog gauges. You know, why don't we go back to clocks that are an animal with. With, you know, needles? Wouldn't that be more exciting for a Ferrari buyer?

[Benedetto Vigna]

Look, we said clearly that we are a big fan of digital. It means that you use digital where it's needed and physical where it's needed. I can tell you that all the time. This year we presented the five cars, the two special six cylinder, the two Testarossa Spider and coupe and the Ferrari Malfi. When we told our client in the entire world that we are going back to the bottom where you feel it, okay, without touching, without looking. Because when you drive, you need to look at the road. Well, that was a big, big approach we had. So we will use digital where it's needed and physical where it's needed.

[Bloomberg Analyst]

Can I just ask about the shifters? Because I spend so much time on bring a trailer. I'm looking at three 60s, I'm looking at four 30s, you know, sometimes 575 and 612 cars. And I noticed that the premium for a manual is massive. 50, 60, 70%, sometimes even double for the manual car versus the autobox. So doesn't that mean customers want to buy that new to look, you have.

[Benedetto Vigna]

To listen to client for something, for something else you don't. You cannot listen for something else. Maybe some good end for the future.

[Bloomberg Host]

So maybe in the future you can just make a suggestion box and Matt can put his comments directly in there.

[Benedetto Vigna]

He has to come to see us.

[Bloomberg Host]

There you go. Before we you go, I do want to talk a little bit about China because you take a look at some of your, your peers in Porsche, BMW, Mercedes on a slightly different price point there. But they're rapidly losing market share when it comes to China. And I wonder, you know, when you look at that, are you confident that you're going to be able to buck the trend there?

[Benedetto Vigna]

But since the beginning, at least since I joined the company, we said that for us, China is mainland, I mean mainland China, Taiwan and Hong Kong will be below 10%. That's what, what we said recently. I think that last year Ferrari did not have an offer that was fitting well the Chinese market because we were having only 12 cylinders and we had a robospider with soft hat is not so welcome. Now we are going to change the. We are in reach. Let me see the offer for the. For China Electric could be also a good interesting car for them because you will not have all the taxes that you have on ic.

[Bloomberg Analyst]

Well, and it could be a product that they embrace maybe more than other parts of. Great having you here. Thank you so much for joining us.

[Benedetto Vigna]

Thank you.

[Bloomberg Analyst]

Benedetto Vigna, the CEO of Ferrari.

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