Ferrari N.V.
History Timeline
- 1939 - Enzo Ferrari founds Auto Avio Costruzioni in Modena
- 1947 - First Ferrari-badged car: 125 S with V12 engine
- 1950 - Ferrari enters Formula 1 (only team to compete in every season since)
- 1969 - Fiat acquires 50% of Ferrari
- 1988 - Enzo Ferrari dies at age 90; Fiat becomes majority owner
- 2014 - Ferrari revenue passes €2.8B for first time
- 2016 - Ferrari spun off from Fiat Chrysler, IPOs on NYSE (ticker: RACE)
- 2019 - SF90 Stradale launches as first PHEV Ferrari
- 2022 - Purosangue — Ferrari's first 4-door SUV breaks tradition
- 2023 - Revenue exceeds €5.5B; operating margin ~27%
- 2025 - First fully electric Ferrari planned for 2025 unveiling
Business Model
Three pillars: Cars (92% of revenue, ~13,000 units/year), spare parts & merchandise (5%), sponsor/engineering (3%). Key to the model: Ferrari deliberately produces fewer cars than demand supports. Waitlists for popular models (296 GTB, Roma) are 12-24 months. This artificial scarcity drives pricing power and resale value.
Moat Analysis
Brand mystique is the ultimate moat — Ferrari is the only car brand where owners are often forbidden from reselling within a year (anti-flipping rules). F1 heritage creates unmatched racing DNA narrative. The allocation/dealer network is tightly controlled. Limited production means no economies of scale pressure — Ferrari can focus on margin over volume.
Key Data
FY2023 revenue: €5.5B. Operating margin: ~27% (highest in automotive). Net income: ~€1.1B. Units delivered: 13,679 (2023). Americas: 35% of revenue, EMEA: 34%, APAC: 18%. ~5,500 employees. Market cap: ~$75B.
Fun Facts
- The prancing horse logo was originally used by WWI Italian fighter pilot Francesco Baracca — his mother suggested Enzo Ferrari use it for good luck
- Ferrari has won more Formula 1 races than all other teams combined (240+ wins out of ~1,100 races total)