Ferrari CEO says nearly a third of new buyers are under 40, even as wait lists grow

Despite a waiting database of 3 years for immoderate of its cars, Ferrari's CEO said the institution has nary plans to supercharge accumulation to conscionable demand.

"We are a marque that is not looking for volume," Ferrari CEO Benedetto Vigna told CNBC successful an exclusive interrogation from Pebble Beach. "We are a marque that is looking for worth and respecting the client. For us, the lawsuit is very, precise important.

"The lawsuit is giving a worth to our cars due to the fact that they are unique, due to the fact that they are limited, due to the fact that they are exclusive," helium said. "We could marque more, but that doesn't marque sense. We volition offend our clients."

The equilibrium betwixt maturation and exclusivity has ne'er been much captious to Ferrari. The company's stock terms is up 44% implicit the past year, astatine a valuation higher than Ford oregon General Motor, creating pressure from shareholders to proceed its beardown income and measurement growth.

Yet due to the fact that the celebrated prancing-horse marque is built connected scarcity — and owners who trust connected constricted accumulation to support their cars' worth — Ferrari is besides expected to support choky reign connected production.

Last year, Ferrari produced 13,221 vehicles, up 18.5% implicit 2021. Demand inactive acold exceeds supply, with dealers saying the hold for a caller Purosangue SUV and different models is present astatine 3 years oregon more. Many buyers accidental they can't adjacent get connected the waiting database for a car, since determination is simply not capable production.

Founder Enzo Ferrari famously said Ferrari would nutrient "one little car than the marketplace demand." Today's shortfall is acold greater, with immoderate analysts saying the institution could easy merchantability doubly arsenic galore cars arsenic it produces. Ferrari is gathering a caller mill for its hybrid and electrical vehicles, but it's unclear however overmuch Ferrari volition summation production.

Vigna said that contempt constricted supply, the institution continues to grow its scope among younger, caller clients. Its lawsuit basal has expanded for 10 quarters successful a row, and 30% of its caller clients are younger than 40 years old, helium said.

"Our caller clients are 10% younger than each the clients we person successful the world," helium said. "So the prancing equine is kicking strong."

Vigna added that buying a Ferrari should ne'er beryllium casual oregon quick, since it's the eventual aspirational car.

"Getting a Ferrari is an acquisition that starts from the clip you archetypal spot a Ferrari," helium said. "It's not thing you tin get precise easily."

Winning successful Formula 1 car racing, however, has besides not travel easy to Ferrari successful caller years. Ferrari is presently successful 4th spot successful the F1 squad standings, down Red Bull, Mercedes and Aston Martin. Vigna said the main absorption for the squad is connected improving the car.

"This is precise important to us, due to the fact that our DNA is racing," helium said. "We person a car that is the fastest for america truthful far, but it is not the fastest connected the track. So we person to support improving."

Vigna quoted Enzo Ferrari arsenic saying, "The idiosyncratic who comes aft maine volition person to instrumentality connected a precise elemental inheritance — to support live that tendency for advancement which has been pursued successful the past."

"That's what we person to do, successful racing and successful everything we do," Vigna said. "We person to support working."

When asked if Lewis Hamilton, the famed Mercedes Formula 1 driver, mightiness articulation Ferrari, Vigna said: "We person Charles (Leclerc) and Carlos (Sainz Jr.), they are doing a fantastic job. They are friends, they are competing. So for us, the main precedence is for the car to beryllium much competitive."