Ferrari NV Dossier
Qualitative Analysis
Business overview
Ferrari N.V. (NYSE/EXM: RACE) is a globally renowned luxury performance automotive manufacturer based in Maranello, Italy. The company designs, engineers, manufactures, and sells ultra-high-end sports cars, supercars, and limited-edition series. Beyond its core automotive manufacturing, Ferrari leverages its iconic brand through Formula 1 racing, sponsorships, commercial agreements, and selective lifestyle licensing. Operating under a strict exclusivity model, Ferrari deliberately limits production volumes to maintain brand rarity, high pricing power, and strong customer loyalty among ultra-high-net-worth individuals and collectors.
Research as of 29 Jul 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Ferrari is executing a balanced transition to electrification, targeting a 2030 shipment mix of 40% hybrid, 40% internal combustion engines (ICE), and 20% fully electric vehicles (BEV). This represents a strategic revision from its 2022 plan (which targeted 40% BEV) to align with cooling global luxury EV demand.
Expected impact: Preserves Ferrari's brand exclusivity and high margins while complying with global emissions regulations and capturing new, younger demographics.
Inaugurated in June 2024 and fully operational in 2026, this flexible manufacturing facility integrates the assembly of internal combustion, hybrid, and fully electric platforms on a single line using automated guided vehicles.
Expected impact: Provides high manufacturing flexibility and operational efficiency, allowing Ferrari to adjust production quickly based on shifting demand between ICE, hybrid, and electric powertrains.
A multi-year share buyback program of approximately €3.5 billion expected to be executed by 2030, funded through available cash and strong industrial free cash flow.
Expected impact: Optimizes capital allocation and enhances long-term shareholder returns without diluting equity value during the capital-intensive transition.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
SK On is Ferrari's primary battery cell supplier. In March 2024, the companies signed a Memorandum of Understanding (MoU) to reinforce their partnership and lead innovation in cell technology, securing pouch-format Nickel-Manganese-Cobalt (NMC) cells with an energy density of approximately 305 Wh/kg for Ferrari's hybrid and electric models.
Terms: Specific financial terms were not disclosed.
Ferrari collaborated with LoveFrom, the creative collective founded by Sir Jony Ive and Marc Newson, to develop the design of the Ferrari Luce EV, blending Ferrari's performance heritage with LoveFrom's world-class design expertise.
Terms: Specific financial terms were not disclosed.
Effective January 1, 2025, UniCredit partnered with Ferrari SpA under a multi-year agreement to support its Formula 1 racing activities, directly replacing Santander.
Terms: Specific financial terms were not disclosed, but the sponsorship is expected to match or exceed previous major sponsorship contributions.