Group 1 - Ferrari announced a significant personnel change, appointing Yang Yue Si as the new President of Greater China starting September 2025, replacing Bai Bei, who has held the position since 2020 [2] - This leadership change comes at a critical time as Ferrari's sales in Greater China have declined for three consecutive years, coinciding with a strategic shift towards electrification [2] - Yang Yue Si has extensive global operational experience, having worked in key markets including Europe, the Americas, and Australia/New Zealand, which Ferrari believes will aid in advancing its development in Greater China [2] Group 2 - In 2022, Greater China achieved sales of 1,552 units, a 72.6% increase year-on-year, representing 11.7% of Ferrari's global sales of 13,221 units, making it the third-largest market after Europe and the Americas [2] - However, in 2023, deliveries in Greater China fell to 1,490 units, a 4% year-on-year decline, marking it as the only major market for Ferrari experiencing negative growth [2] - For 2024, Ferrari's global deliveries slightly increased by 0.7% to 13,752 units, but the share from Greater China further decreased to 8.4%, approximately 1,162 units, reflecting a 22% year-on-year decline [3] Group 3 - In the first half of the current year, Greater China's shipment volume was only 511 units, a 14.1% year-on-year drop, continuing to be the only major market with both sales and revenue declines, while Europe and North America saw positive growth [4] - The leadership change coincides with a pivotal period for Ferrari's electrification strategy, which began in 2019 with the introduction of hybrid models, and the first all-electric model was initially set to be unveiled in October 2023 [5] - However, the launch of the first electric model has been delayed to spring 2026, with initial customer deliveries now expected in October 2026, and the second electric model's release has been postponed to as late as 2028 [5] Group 4 - The delay in Ferrari's electrification transition is not an isolated incident, as several luxury brands are also slowing their electric vehicle rollouts due to insufficient demand for high-performance electric vehicles [6][7] - Lamborghini has postponed the launch of its first all-electric supercar from 2028 to 2029, while Bentley has delayed its first electric model's production from 2025 to 2026 [8] - Maserati has even canceled its electric version of the MC20, citing market research indicating that customers still prefer high-performance gasoline engines [8]