撰文 | 莫 莉 编辑 | 黄 大 路 设计 | 甄 尤 美 在法拉利首款纯电车型进入交付倒计时之际，股东层面的控制权安排先一步完成了续期。 当地时间2026年1月3日，阿涅利家族旗下埃克索集团(Exor)发布声明称，已与法拉利创始人之子皮耶罗·法拉利（Piero Ferrari）及其相关家族安排 续签有关意大利豪华跑车制造商法拉利（Ferrari N.V.）的股东协议。 据了解，新协议将在现行协议于2026年1月4日到期后生效，期限至2029年1月4日，并在届满后自动续期三年，除非双方提出终止。 共探新营销，共创新可能 据路透社报道，Exor目前持有法拉利约20%股权，皮耶罗·法拉利持股约10.6%，双方合计掌握超过48%的投票权，Exor首席执行官约翰·埃尔坎 （John Elkann）担任法拉利董事长，皮耶罗·法拉利为副董事长及非执行董事。 Exor在声明中披露，新协议允许双方就法拉利股东大会需要审议表决的事项协调立场，并设置相互的优先要约权。也就是说，任一方若计划向第 三方转让法拉利股份，另一方将先获得要约并决定是否接盘。 在时间安排上，协议并不是从"签字日"起算，而是衔接原协议到期后的治理空窗。期限 ...

Group 1: Ferrari and Exor's Strategic Moves - The luxury automotive sector is shifting towards electrification, with Ferrari's first fully-electric model, the Elettrica, expected to be presented in 2026 [2][3] - Exor and the Ferrari family have extended their shareholders' agreement, indicating a long-term commitment to Ferrari's future [2][9] - Ferrari aims for 20% of its model line-up to be fully-electric by 2030, a revision from its previous target of 40% [3] Group 2: Exor's Broader Business Context - Exor's CEO John Elkann emphasized that cars, particularly Ferrari and Stellantis, remain the company's "first love" and significant contributors to Exor's gross asset value last year [3] - Piero Ferrari, son of founder Enzo, retains over 10% ownership, while Exor N.V. controls more than 21% of Ferrari [3] Group 3: Venezuela's Political Landscape - The U.S. is increasing political and military pressure on Venezuelan President Nicolás Maduro, including military buildups and discussions of potential military actions [4][9] - The Venezuelan opposition, led by figures like María Corina Machado and Edmundo González, is actively working towards a democratic transition [6][9] - International scrutiny remains on Venezuela, with ongoing efforts to monitor upcoming elections and support the opposition's platform [7][9]

As I look back on the past 12 months in the automotive world, the Year of the Supercar could rightfully be considered 2025, since it now seems there may be no limit to the number of cars Bugatti, Pagani, Koenigsegg, Lamborghini and Luxury cars in general played heavily in 2025. The average price of a new car in the segment reached record heights — above $50,000 — in the US as demand for such vehicles continues to grow. Manual transmissions powered by internal combustion saw high appeal among wealthy consum ...

Core Viewpoint - Investors have a unique opportunity to purchase Ferrari shares at a discount after a 17% decline in stock value, despite the company posting strong third-quarter results and raising 2025 guidance. The market's reaction to lower-than-expected growth projections through 2030 is seen as an overreaction, making it a favorable buying opportunity [1]. Financial Performance - In the third quarter, Ferrari achieved 3,401 total shipments, resulting in a net revenue increase of 7.4% to €1.77 billion compared to the previous year. Operating profit (EBIT) rose by 7.6% to €503 million, with margins remaining strong at 28.4%, highlighting Ferrari's elite pricing power in the automotive industry [2][5]. Strategic Direction - CEO Benedetto Vigna emphasized the company's commitment to a clear long-term growth trajectory during the Capital Markets Day, setting a foundation for sustainable growth towards 2030 [4]. Product Mix and Market Position - Ferrari's success in the third quarter was attributed to a lucrative product mix, including strong deliveries of the SF90 XX and 12Cilindri families, along with increased sales of expensive personalization options, which helped mitigate the impact of U.S. import tariffs [5]. Shareholder Value - Ferrari is completing a multiyear share buyback program of approximately €2 billion, indicating confidence in its business and long-term share value [8]. Electric Vehicle Strategy - The company has scaled back its electric vehicle ambitions, now projecting that full EVs will constitute about 20% of its lineup by 2030, which is half of the original goal set in 2022. This adjustment comes amid challenges faced by competitors in the EV market [9]. Revenue Transparency - Ferrari's order book is sold out through 2027, providing revenue transparency and setting the stage for the introduction of its first fully electric model, the Elettrica, next year [10]. Investment Outlook - Ferrari is considered a strong buy due to its robust brand image, exceptional pricing power, and industry-leading operating margins. The company is expected to continue performing well despite market reactions to its long-term guidance [11].

Core Insights - Ferrari's stock (RACE) has faced challenges this year due to a slowdown in the luxury market, tariff concerns, and weak sales in China, leading to a reduction in its electric vehicle (EV) ambitions from a target of 40% to 20% by 2030 [1][5][11] Company Performance - Ferrari reported net revenues of 1.79 billion euros ($2.03 billion) for Q2 fiscal 2025, a 4.4% year-over-year increase, but below Wall Street's forecast of $2.15 billion [8] - Operating profit (EBIT) rose to 552 million euros, an 8.1% increase, with a 30.9% operating margin for the quarter [9] - Total shipment volumes remained flat at 3,494 units, reflecting the company's focus on brand exclusivity [9] Product Development - The company unveiled its first electric model, the Elettrica, which is set to launch in late 2026, featuring a top speed of 310 kilometers per hour and a range of at least 530 kilometers [12][14] - The Elettrica's chassis is built with 75% recycled aluminum, emphasizing sustainability, and is expected to start at around 500,000 euros ($580,400) [13] Financial Guidance - Ferrari slightly raised its fiscal 2025 guidance, expecting net revenue of at least 7.1 billion euros ($8.2 billion) and adjusted EBITDA of about 2.72 billion euros [15] - The long-term growth outlook is modest, with a forecast of around 9 billion euros in net revenue by 2030, which did not meet market expectations [16] Market Sentiment - Despite recent setbacks, Wall Street maintains a "Moderate Buy" consensus rating on Ferrari, with an average price target of $505.64, indicating a potential upside of 27% [17][18]

Core Viewpoint - Ferrari's strategic shift indicates a move from an aggressive electrification approach to a balanced portfolio of fuel, hybrid, and electric vehicles, with a target of 20% electric vehicles by 2030, down from a previous goal of 40% [4][5][6] Summary by Sections Strategic Shift - The adjustment reflects a more conservative stance on the demand for high-end electric vehicles, contrasting with the aggressive electrification strategies of other automakers [5][6] - The first electric model, Elettrica, is set to launch in 2026 but will serve as a supplement rather than the main offering [5] Market Reaction - Following the announcement, Ferrari's stock price fell, indicating market concerns regarding its electrification progress and demand forecasts [5][6] Consumer Preferences - Research shows over 60% of high-end sports car users believe electrification could weaken brand uniqueness, suggesting a longer market cultivation period than expected [5][6] Technical Challenges - Ferrari faces significant technical barriers in electric vehicle development, particularly in battery management and motor efficiency, compared to leaders like Tesla and Porsche [6] - The high development costs and the need to maintain performance standards complicate the production timeline for electric models [6] Profitability Concerns - The company’s high profit margins are tied to the scarcity and customization of fuel models, which are more profitable than electric vehicles [6][8] - Maintaining a 40% share of fuel vehicles is seen as a strategy to protect brand identity and high-margin business [6][8] Industry Trends - The shift towards differentiated competition is noted, with other luxury brands like Porsche and Mercedes also adjusting their electric vehicle targets [7] - The luxury car market's unique characteristics allow for more flexibility in meeting emissions regulations while retaining traditional options for core customers [7] Brand Identity - Ferrari's strategy emphasizes the importance of brand identity, focusing on high performance and elegant design rather than merely following electrification trends [8][9] - The company aims to balance traditional values with innovation, as seen in its development of a unique sound system for electric models to preserve brand heritage [7][9] Conclusion - Ferrari's cautious approach to electrification may reduce risks associated with rapid transformation, aligning with its high-end, customized production model [8][9] - The strategic adjustment reflects a deeper understanding of luxury market dynamics, prioritizing brand essence over mere technological adoption [9]

Core Viewpoint - Ferrari is choosing to advance its electric vehicle (EV) strategy while other luxury brands are slowing down their electrification efforts, showcasing its commitment to delivering unique driving experiences through electric technology [1][4][36]. Group 1: Product Development - Ferrari has officially revealed details about its first all-electric model, internally codenamed "Elettrica" [2]. - Unlike expectations, "Elettrica" is not a supercar but a practical four-seat GT aimed at expanding the customer base rather than converting existing fuel vehicle owners [5][36]. - The vehicle will be designed in collaboration with Jonathan Ive's design firm, Lovefrom, known for iconic Apple products [10]. Group 2: Technical Features - "Elettrica" will feature a unique sound system that enhances the driving experience by amplifying mechanical vibrations, providing a more authentic auditory feedback compared to conventional speaker systems [13][14][16]. - The car will have a total output exceeding 986 horsepower, with a 0-100 km/h acceleration time of 2.5 seconds and a top speed of approximately 309 km/h [18][19]. - It will be equipped with a 122 kWh battery, offering a WLTC range of over 530 km and a maximum charging power of 350 kW [23]. Group 3: Performance and Dynamics - The four-motor layout allows for complete torque distribution to all four wheels, enhancing agility and stability [22]. - The vehicle's design will lower its center of gravity by 80 mm compared to the Purosangue model, optimizing weight distribution [26]. - "Elettrica" will incorporate an advanced suspension system capable of measuring dynamic parameters 200 times per second, ensuring optimal handling [28]. Group 4: Market Positioning - Ferrari aims to attract customers who typically do not consider purchasing a Ferrari, emphasizing that electric vehicles can complement the brand's driving characteristics [7][36]. - Despite initial hesitations about the market's readiness for high-performance electric vehicles, Ferrari is committed to moving forward with the project to meet customer expectations [35][36].

Core Insights - Ferrari's stock experienced a significant decline following the company's updated revenue guidance for 2025 and 2030, with a 15% drop on Thursday, marking its worst trading day ever [1][3][7] - The company's 2030 revenue forecast of approximately 9 billion euros fell short of Wall Street's consensus estimate of around 10 billion euros, leading to investor disappointment [3][4][6] - Ferrari's adjusted EBITDA for 2030 is projected to be 3.6 billion euros, reflecting a lower annual growth rate of 6% compared to the previously anticipated 10% [4][7] Revenue Guidance - For 2025, Ferrari estimates revenue will be at least 7.1 billion euros, a slight increase from the previous estimate of over 7 billion euros [3][6] - The 2030 revenue outlook of 9 billion euros is significantly below analysts' expectations, contributing to the stock's decline [3][6] Electric Vehicle Strategy - Ferrari announced a reduction in its electric vehicle (EV) ambitions, stating that only 20% of its vehicles will be EVs by 2030, down from the previously expected 40% [5][7] - The company plans to continue focusing on hybrids and internal combustion engine (ICE) powertrains, which will account for 40% of its models in 2030 [5][7] Market Reaction - Investors reacted negatively to the combination of lower revenue guidance, disappointing EBITDA growth projections, and a scaled-back EV strategy, resulting in a notable drop in share price [1][6][7] - The upcoming third-quarter results are anticipated to provide further insights into Ferrari's performance and strategy [7]

Core Viewpoint - Ferrari is choosing to advance its electric vehicle (EV) strategy with the introduction of its first all-electric model, the "Elettrica," while other luxury brands are slowing down their electrification efforts [1][3]. Group 1: Product Development and Strategy - The "Elettrica" is not a supercar but a practical four-seat GT, aimed at expanding Ferrari's customer base rather than converting existing fuel vehicle owners [3][4]. - Ferrari's CEO, Benedetto Vigna, emphasizes the brand's commitment to delivering unique driving pleasure through electric technology [3]. - The development team believes that electric vehicles can enhance driving characteristics, interior space, and visibility, attracting customers who typically wouldn't consider a Ferrari [3][4]. Group 2: Technical Specifications - The "Elettrica" will feature a total output power exceeding any previous Ferrari road car, with four electric motors producing a combined output of over 986 horsepower [12]. - The vehicle can accelerate from 0 to 100 km/h in 2.5 seconds and reach a top speed of approximately 309 km/h [12]. - The battery pack has a capacity of 122 kWh, with a WLTC range exceeding 530 km and a maximum charging power of 350 kW [15]. Group 3: Design and Innovation - The design of "Elettrica" is a collaboration with Jonathan Ive's design firm, Lovefrom, known for iconic Apple products [7]. - The vehicle's layout allows for complete torque distribution to all four wheels, enhancing agility and stability [14]. - An innovative sound system will provide a unique auditory experience, reflecting the dynamic driving experience [10][11]. Group 4: Market Position and Challenges - Despite initial hesitations and market readiness concerns, Ferrari is committed to launching the "Elettrica" to meet the expectations of both new and existing customers [24]. - The company has previously explored hybrid technologies and is now transitioning to fully electric models, marking a significant shift in its strategy [22][24].

Core Viewpoint - Ferrari's shares experienced a significant decline in both European and U.S. markets following the release of disappointing earnings guidance, marking the company's worst trading day since its IPOs in respective markets [1][2]. Financial Performance - Ferrari's stock fell nearly 15% to just over $407 in the U.S. market, and over 14% in Milan, dropping about €60 to around €357.60, representing the largest single-day loss since its listing in January 2016 [1][2]. - The company projected revenue of €7.1 billion for the current year, an increase from previous forecasts of just over €7 billion, and expects revenue to reach around €9 billion by 2030, with adjusted earnings of at least €3.6 billion, up from just below €2.7 billion [2]. Analyst Insights - RBC Capital analyst Tom Narayan noted that Ferrari's earnings estimates for 2030 were conservative and fell below previous growth projections, indicating a potential downshift in earnings expectations [3]. - CFRA downgraded Ferrari's stock to a "sell" and reduced its price target from $475 to $350, citing concerns over slowing growth [4]. Management Commentary - Ferrari CEO Benedetto Vigna acknowledged that expectations for higher revenue were not met, emphasizing the importance of executing achievable goals [5]. Market Sentiment - Despite the negative outlook from some analysts, others, such as JPMorgan and Deutsche Bank, expressed confidence in Ferrari's long-term growth prospects, with Deutsche Bank upgrading the stock to a "buy" and raising its price target to €520 [5]. Strategic Shift - Ferrari announced a reduction in its electric vehicle production plans, now targeting a model lineup of 40% internal combustion engines, 40% hybrids, and 20% fully electric cars, down from earlier projections of 40% EV sales [6].