Italian luxury carmaker founded by Enzo Ferrari in 1947, headquartered in Maranello, near Bologna and Modena. Among carmakers, only Tesla, Toyota and BYD are more valuable. Ferrari's market capitalisation stood at €76bn ($90bn) in mid-2025. Exor, the investment company of Fiat's founding Agnelli family, owns a stake (as well as The Economist's parent company).
Ferrari sold fewer than 14,000 cars in 2024—almost twice as many as in 2015—and generated more than twice as much revenue as in that year. Its operating-profit margin was 28%, compared with low single digits for most mass-market carmakers. The order book is full for two years. Around 80% of customers are existing owners.
Enzo Ferrari's maxim was to sell "one less car than the market demands". New models used to be priced 3-5% above their predecessors; the 12Cilindri is 30% more than the 812 Superfast it replaces. Personalisation options—custom paint, carbon fibre, lavish interiors—can add 20% to a car's price. The average price of a new Ferrari is expected to exceed €500,000 in 2026.
Ferrari's flagship cars arrive at irregular intervals. The F80 (€3.6m, limited to 799 units) will generate total revenue exceeding €2.3bn. Sales were three times oversubscribed; getting chosen required buying several other Ferraris and attending car shows. Enrico Galliera, the marketing chief, is dubbed "Mr No" for frequently rejecting would-be buyers.
In April 2025 Ferrari added up to 10% to the price of its American cars in response to Donald Trump's tariffs, rather than absorbing the cost.
Ferrari was sold by Fiat Chrysler in 2016. Fiat Chrysler later merged with Groupe PSA in 2021 to form Stellantis, which sold 5.7m vehicles in 2024 but has a market capitalisation of just €25bn. Ferrari's market value is around nine times higher than when it went public.
Benedetto Vigna, a theoretical physicist by training, became boss in 2021 after running part of STMicroelectronics, a chipmaker—a break from the industry tradition of promoting insiders. He contends that Ferrari is a luxury-goods company comparable to Hermès, but with the added advantages of racing heritage and cutting-edge technology.
Ferrari's first electric car, the Elettrica, is due in 2026. The company recently doubled the size of its Maranello factory. In June 2025 reports emerged that a second electric model would be delayed by two years, to 2028. Chinese consumers account for just 8% of sales. Ferrari sells through around 180 dealerships worldwide.
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