Core Viewpoint - Ferrari has appointed Yang Yue Si as the President of Greater China starting September 2025, aiming to revitalize its declining sales in the region, particularly as the company faces challenges in the luxury car market due to a shift towards electric vehicles and changing consumer preferences [2][3]. Group 1: Leadership and Experience - Yang Yue Si has over 10 years of global management experience with Ferrari, having held significant positions in various markets including Europe, the Americas, Australia, and New Zealand [2][3]. - Prior to his new role, Yang served as the President of Ferrari Australia and New Zealand, where he successfully enhanced the brand's influence and drove sustainable business growth [3]. Group 2: Market Performance - In the first half of 2025, Ferrari's sales in China were only 356 units, representing a 20% decline year-on-year, while European and North American markets experienced positive growth [2][3]. - The decline in sales is attributed to a decrease in purchasing power among the ultra-high-end consumer segment, impacting the demand for imported luxury vehicles [3]. Group 3: Product Strategy and Electric Vehicles - Ferrari is accelerating its electrification strategy, aiming for carbon neutrality by 2030, with electric and hybrid models expected to account for 40% of sales, while only 20% will be traditional fuel vehicles [6]. - The launch of Ferrari's first electric vehicle has been postponed to spring 2026, with initial customer deliveries expected by October 2026 [6][7]. - Despite the delay, Ferrari's product lineup has increasingly shifted towards hybrid models, which accounted for 45% of deliveries by the second quarter of 2025 [7]. Group 4: Market Adaptation and Tax Benefits - The lower tax rates for electric vehicles in China are anticipated to be a key factor in revitalizing Ferrari's market presence, with the first electric model subject to a 30% composite tax rate compared to nearly four times that for traditional models [7]. - Ferrari is enhancing its customer engagement through various initiatives, including expanding showrooms and service centers in key regions like the Guangdong-Hong Kong-Macao Greater Bay Area [4].

Core Viewpoint - Ferrari has delayed the launch of its second all-electric vehicle from 2026 to at least 2028 due to insufficient demand for high-performance luxury electric cars, raising concerns about the future of ultra-luxury brands' transition to electric vehicles [2][4]. Group 1: Ferrari's Electric Vehicle Strategy - Since 2019, Ferrari has entered the hybrid vehicle market, with hybrids expected to account for half of its total sales by 2024 [3]. - The first all-electric model was initially set to debut in 2026, but the timeline has been adjusted, with the global premiere now scheduled for spring 2026 and first deliveries expected in October 2026 [3][4]. - The second all-electric model, seen as a pivotal point in Ferrari's electric strategy, was originally planned for late 2026 but is now anticipated to launch no earlier than 2028 [4]. Group 2: Market Challenges for Ultra-Luxury Brands - The demand for high-performance electric vehicles is currently perceived as "zero," with internal targets for sales of 5,000 to 6,000 units over five years deemed unsustainable due to lack of customer interest [4]. - The unique sound of internal combustion engines is a significant appeal for Ferrari's core clientele, and the absence of this feature in electric vehicles may diminish their attractiveness [4][6]. - Other luxury brands, such as Lamborghini and Aston Martin, are also facing similar challenges, with several delaying their electric vehicle launches due to insufficient consumer interest [7][10]. Group 3: Industry Trends and Responses - Many ultra-luxury brands are postponing or scaling back their electric ambitions, with Lamborghini pushing its first all-electric model from 2028 to 2029 [7]. - Bentley has delayed its first all-electric vehicle from 2025 to 2026 and extended its timeline for full electrification from 2030 to 2035 [9]. - Maserati has canceled plans for an electric version of its MC20 model due to anticipated low demand, indicating a preference among its customers for high-performance gasoline engines [10][11].