I'm Chris Rouseer from Bloomberg Pursuits and I'm here in historic Newport, Rhode Island to attend the Audrean Concord Elegance. Why don't you come along with me. What is a Concord Elegance.It's a car show for rare and extremely wellpreserved automobiles from the last century and even earlier. The Audrey Concord takes place at the Breakers, the former summer home of the Vanderbilt family. Collectors bring their cars from all over and judges award prizes based on quality of restoration, historical accuracy, ...

When you look at, you know, how Ferrari has traded relative to its peers, particularly over here in Europe, it's just incredible. I mean, the rise that you've seen since the listing in early 2016, the stock listed a little bit earlier in the US, but this is a name that just has been sort of reliably up, up and up over the years. And, you know, I think going into this Capital Markets Day, you saw analysts as bullish as they had been in half a decade.A lot of optimism that surely they were going to have posit ...

Company Overview - Ferrari's stock has shown consistent growth since its listing in early 2016, outperforming peers in Europe, with analysts expressing strong bullish sentiment ahead of the Capital Markets Day [1][2] - The company is expected to unveil its electric vehicle (EV) model next year, generating optimism among analysts and investors [2][3] Earnings and Growth Projections - Analysts noted a conservative outlook from Ferrari regarding its earnings growth compared to previous projections made during the last Capital Markets Day, which did not meet market expectations [3] - The company is producing a limited number of vehicles annually (around 10,000 to 12,000), raising questions about its compliance with future regulations on combustion engines [6][7] Electric Vehicle Market Dynamics - The growth of EV sales in Europe has not reached anticipated levels, leading to skepticism about the EU's goal to phase out combustion cars by 2035 [5] - There is a growing belief that lower-volume manufacturers like Ferrari may receive leniency regarding combustion engine regulations, allowing them to adjust their product plans accordingly [7] Competitive Landscape - The German automaker Porsche is facing challenges in the Chinese market due to aggressive pricing strategies from domestic manufacturers, impacting its profitability [9][10] - The transition from combustion to electric vehicles is leading to a commodification of performance, which could undermine the premium pricing that German companies have traditionally enjoyed [10][11]

Porsche AG Q3 Update Summary Company Overview - **Company**: Porsche AG - **Event**: Pre-close call for Q3 delivery figures - **Date**: October 10, 2025 Key Industry Insights - **Global Deliveries**: Porsche delivered 212,500 vehicles globally from January to September, showing resilience in a challenging environment [5][6] - **Electrified Models**: Electrified models accounted for 35% of total deliveries, a 13% increase year-over-year, with 23% being fully electric and 12% plug-in hybrids [6] - **Regional Performance**: North America was the largest market with 64,000 units delivered, a 5% increase year-over-year. Deliveries in China totaled 32,000, reflecting a decline of 26% [6] Core Financial Highlights - **Market Share**: Porsche increased its market share in five out of six model segments despite intensifying competition [7] - **Production Capacity**: Production in Q3 is expected to reflect current demand, with a disciplined approach to inventory management in the US and China [9][11] - **Cash Flow**: The automotive net cash flow is expected to reflect a reduction in elevated inventories and production closures during summer [15][45] Strategic Developments - **Product Strategy Realignment**: Porsche is undergoing a strategic realignment, expecting incremental expenses of up to €1.8 billion in fiscal year 2025 due to product portfolio decisions [14][18] - **Inflationary Pressures**: The company anticipates continued inflationary pressures, particularly in material costs and compensation to BEV suppliers [15] - **Tariff Impact**: The forecast includes a 15% US import duty effective August 1, with mitigation measures being implemented [17][18] Upcoming Product Launches - **New Models**: The all-electric Cayenne will be unveiled at the upcoming Agnes of Porsche event in Dubai, with positive initial reactions [8] - **911 Turbo S**: Strong demand for the 911 Turbo S is noted, with expectations for significant contributions to unit sales in 2026 [40][42] Customer Demand and Individualization - **Order Book**: Customer demand remains robust, with a high level of individualization in orders, particularly for the 911 Turbo S [12][30] - **Pricing Adjustments**: Prices in the US have been increased by 2.4% to 3.6% per model, reflecting the impact of tariffs [39] Conclusion and Future Outlook - **Financial Guidance**: The group return on sales guidance for fiscal year 2025 includes extraordinary expenses related to strategic realignment and tariffs, with expectations for a slightly positive return on sales [19][22] - **Long-term Strategy**: Porsche is focusing on enhancing brand identity and product flexibility to ensure sustainable long-term success [21][22] Additional Notes - **Hedging Policy**: Porsche has a conservative hedging policy in place to mitigate currency fluctuations, which is expected to support financial stability [50][52] - **Investor Relations**: The third quarter results will be published on October 24, with an invitation to the upcoming Agnes of Porsche event in Dubai [22][23]

Deliveries Performance - Porsche's total deliveries YTD Q3 2025 reached 212,509 units, a decrease of 6% compared to 226,026 units in YTD Q3 2024 [10] - Macan sales experienced an 18% increase in the first three quarters of 2025 [8] - Approximately 35% of all vehicles delivered in the first three quarters of 2025 were electrified, with around 23% being fully electric [8] - Deliveries of the Cayenne model experienced a decrease, partly attributed to catch-up effects from the prior-year period [8] - The iconic 911 model saw a decline due to strong final sales of the predecessor model in 2024 and staggered product launches of new derivatives [8] - 718 sales decreased mainly due to limited model availability caused by EU cybersecurity regulations [8] Regional Performance - North America remains the strongest sales region, with a 5% increase compared to 2024, delivering 64,446 units YTD [14, 11] - Overseas and Emerging Markets achieved new all-time high deliveries [11] - China experienced a continued tense economic situation, especially in the luxury segment, with a focus on value-oriented sales [11] - Europe and Germany saw a decline partly due to a strong prior-year period with catch-up effects from 2023 [11] Strategic Realignment and Expenses - Porsche is taking final steps in the realignment of its product strategy and recalibration measures to secure long-term success, reflecting changing customer needs and a slower adaption of electric mobility [12] - Porsche expects incremental expenses of up to €1.8 billion in FY 2025, fully booked in Q3 2025, related to the strategic realignment, bringing the total to approximately €3.1 billion for the year [13]

Core Insights - Volkswagen Group's global vehicle deliveries increased by 1% year-on-year to 2.2 million in Q3, with significant growth in Western Europe (up 8%) and Central and Eastern Europe (up 13.7%) [2] - Deliveries in China fell by approximately 51,000 vehicles, a 7.2% decline year-on-year, amid intense competition and price cuts from rivals [3] - North American deliveries decreased by 9.8% to 246,900 vehicles, influenced by U.S. tariff uncertainties [5] Regional Performance - Western Europe saw an 8% increase in vehicle deliveries, while Central and Eastern Europe experienced a 13.7% rise [2] - South America, Asia-Pacific, and the Middle East and Africa also reported solid gains, compensating for declines in China and North America [5] Electric Vehicle Strategy - Battery-electric vehicles accounted for 11.5% of global deliveries in Q3, up from 8.7%, driven by rising demand in Europe and the U.S. [6] - Volkswagen plans to launch a new range of entry-level electric compact cars starting at €25,000 ($28,900) next year, with another EV model priced around €20,000 expected in 2027 [6] Market Outlook - The company remains committed to its pricing strategy in China, avoiding participation in the ongoing price war [4] - Volkswagen emphasizes the importance of offering a flexible range of drive systems to adapt to varying market transformations [8]

Core Insights - Ferrari's long-term financial guidance has disappointed investors, leading to a significant drop in stock price [1][4] Financial Projections - Ferrari projects 2025 net revenue to reach or exceed 7.1 billion euros ($8.24 billion), an increase from the previous estimate of over 7 billion euros, but still deemed insufficient by investors [2] - The adjusted EBITDA for 2025 is expected to be greater than 2.72 billion euros ($3.14 billion), up from 2.68 billion euros ($3.1 billion), yet still not meeting investor expectations [2] - For 2030, Ferrari targets revenue of 9 billion euros ($10.4 billion) with adjusted EBITDA of 3.6 billion euros ($4.16 billion) or more, which reflects a compound annual growth rate (CAGR) of only 6%, below the 10% rate forecasted in 2022 [3] Market Reaction - Following the updated guidance, Ferrari's stock fell over 10%, indicating investor dissatisfaction with the company's conservative outlook [4] Electric Vehicle Strategy - Ferrari's initial target of 40% of sales from electric vehicles (EVs) has been revised down to only 20%, with the remainder split between gas-powered and hybrid vehicles [4] - The company attributes this shift to a "client-centric" approach, suggesting that demand for electric Ferraris is not as strong as anticipated [5] - Despite the adjustments, Ferrari plans to launch its EV, the Ferrari Elettrica, in 2026, which will feature a four-seat grand touring design with over 1,000 horsepower [6][7] Executive Statement - Ferrari's executive chair, John Elkann, emphasized the company's commitment to innovation through the integration of technology, design, and manufacturing in the development of the Elettrica [8]

Core Insights - Germany's auto industry is facing a rapid decline due to weak demand, trade tensions, and increasing competition from Chinese manufacturers [1][2] - Major German automakers like Porsche, BMW, and Mercedes-Benz are reporting weaker sales in China, where local competitors are gaining market share with affordable electric vehicles [1][2] - The German automotive sector has lost approximately 55,000 jobs over the past two years, with projections indicating tens of thousands more will be lost by 2030 [4] Industry Challenges - The decline in market share in China is exacerbated by US tariff costs and stagnant sales in Europe, putting pressure on German carmakers across their primary markets [2] - Despite significant investments in battery technology, the initial wave of electric vehicles (EVs) has not performed well, with next-generation models not expected until next year [2][3] - High energy costs and regulatory burdens are prompting automakers to reduce production and cut jobs [3] Company Responses - Volkswagen AG is reducing production and laying off staff, while Robert Bosch GmbH plans to cut 18,500 jobs, primarily in Germany [5] - Other companies like Continental, Schaeffler, and ZF Friedrichshafen are also implementing workforce reductions, alongside Ford Motor Co. [5]

[Music] Hello and welcome to Morning Brief Market Sunrise. I'm Raman Karamali live from Yahoo Finance Studios in London. It's Thursday 9th October.Coming up on the show, Nvidia gets the green light to sell chips to the UAE. Gold prices stutter after President Trump hells a peace deal in the Middle East. And do you want to drive a car with a,000 brake horsepower.Well, Ferrari has the car for you and it's electric. So, grab your coffee and let's own the morning. [Music] Well, the first thing you need to know ...

Core Insights - ECD Automotive Design has launched Project Gravette, its first bespoke Porsche build, which is a modern reinterpretation of the classic Porsche 911 (993) [1][5] - The project combines the nostalgic elements of the 993 with modern performance and luxury features, showcasing ECD's craftsmanship [2][8] Company Overview - ECD Automotive Design is the largest restoration company for Land Rover and Jaguar, specializing in custom luxury builds [1][10] - Founded in 2013, the company operates from a 100,000-square-foot facility in Kissimmee, Florida, employing 105 skilled craftsmen [11] Project Gravette Specifications - The vehicle features a turbocharged M64 engine producing an estimated 500 horsepower, paired with a 6-speed manual transmission [2][9] - The exterior is finished in Icy White gloss with Agate Gray metallic accents, and it includes custom decals and a wide-body stance [3][9] - Interior details include Recaro Cross Sportster CS front seats in premium black leather, a custom center console, and modern technology such as a floating touchscreen stereo [4][7][9] Design and Craftsmanship - Every aspect of Project Gravette is designed to enhance the driving experience, with meticulous attention to detail in materials and finishes [6][8] - The build process involves 2,200 hours of handcrafting by master-certified Automotive Service Excellence (ASE) craftsmen [11]