Ferrari N.V. (Ferrari) focuses on the design, engineering, production and sale of luxury performance sports cars.
Ferrari is among the world's leading luxury brands, focused on the design, engineering, production and sale of the world's most recognizable luxury performance sports cars. The company designs, engineer and produce its cars in Maranello, Italy; and sells them in over 60 markets worldwide through a network of 180 authorized dealers operating 200 points of sale as of the end of 2024....
Ferrari N.V. (Ferrari) focuses on the design, engineering, production and sale of luxury performance sports cars.
Ferrari is among the world's leading luxury brands, focused on the design, engineering, production and sale of the world's most recognizable luxury performance sports cars. The company designs, engineer and produce its cars in Maranello, Italy; and sells them in over 60 markets worldwide through a network of 180 authorized dealers operating 200 points of sale as of the end of 2024.
In 2024, the company launched three new models: 12Cilindri, 12Cilindri Spider, F80.
The company’s product portfolio (including cars presented in 2024, for which shipments will commence in future years) consists of:
Seven Range, models of which: (i) one V8 internal combustion engine (‘ICE’) model: Roma Spider, (ii) three V12 ICE models: Purosangue, 12Cilindri and 12Cilindri Spider, (iii) two V6 hybrid models: 296 GTB and 296 GTS, and (iv) one V8 hybrid model: SF90 Spider;
Three Special Series models: 812 Competizione A, SF90 XX Stradale and SF90 XX Spider;
One limited edition Icona model: Daytona SP3; and
One Supercar model: F80 (unveiled in October 2024).
During the course of the year, the company phased out the following models: Portofino M, SF90 Stradale, 812 GTS, 812 Competizione, Roma.
The company also produces track cars and limited edition One-Off cars from time to time, as well as other strictly limited-series cars that may be for track or non-track use.
Whilst broadening its product portfolio to target a larger customer base, the company continues to pursue a low volume production strategy in order to maintain a reputation for exclusivity and scarcity among purchasers of its cars and it carefully manages its production volumes and delivery waiting lists to promote this reputation. The company divides its regional markets into Europe, Middle East and Africa (EMEA), Americas, Mainland China, Hong Kong and Taiwan, and Rest of Asia-Pacific (APAC), which represented respectively 45.1 percent, 29.1 percent, 8.4 percent and 17.4 percent of units shipped in 2024. The geographic allocation of the company's shipments and their mix by product reflects its deliberate allocation strategy over the lifecycle of the individual models and is generally impacted by the phase-in/phase-out pace of the models, as well as the length of waiting lists and other market-specific factors and conditions, including its commercial strategy and the potential for future growth.
The company focuses its marketing and promotion efforts on the investments it makes in its racing activities and in particular, its participation in the FIA Formula 1 World Championship with Scuderia Ferrari and the FIA World Endurance Championship with the Ferrari Endurance Team, the former being the pinnacle of motorsport and one of the most watched annual sports series in the world, with a cumulative TV audience of approximately 1.3 billion, 65 million average race weekend viewership, 20 million average digital and F1 TV viewership and 94 million social media followers (Source: 2024 Liberty Investor Meeting). Although the company’s most recent Formula 1 world title was in 2008, it continuously enhances its focus on Formula 1 activities with the goal of improving racing results and restoring its historical position as the premier racing team in Formula 1. Beyond Formula 1, the company engages in several other competitive motorsport events and in 2024 it recorded victories in some of the world’s prominent endurance races, including the 24 Hours of Le Mans in 2023 (100th edition) and 2024.
Ferrari's presence in the broader luxury landscape is a unique opportunity to ensure brand relevance across present and future generations and to amplify the cultural relevance of the company's brand. As one of the world's primary luxury brands, the company operates in carefully selected luxury and lifestyle categories - personal luxury goods, collectibles and experiences, the role of which is to fuel long-term growth by broadening its customer base and expanding its unique value proposition beyond its core business, while preserving the brand's DNA, its heritage and values.
As part of the company’s lifestyle activities, the company launched its own Ferrari fashion collection with dedicated fashion shows in June 2021 and it has continued with successive showcases culminating in the latest displays in February 2024 and September 2024. The company also licenses the Ferrari brand to a limited number of producers and retailers of luxury and lifestyle sectors, including theme parks that, enhance the brand experience of its loyal clients and Ferrari enthusiasts. The world of Ferrari can also be experienced in the company’s Ferrari Museum in Maranello and in the Enzo Ferrari Museum in Modena.
The company’s international network of Ferrari Stores consisted of 15 Ferrari-owned directly operated stores and 2 franchised stores as of December 31, 2024, where visitors can find its fashion collection, as well as on its website.
Business
Sports Car Line-Up
The company's diversified product offering may include different architectures (such as front-engine and mid-rear engine), engine sizes (V6, V8 and V12), technologies (natural aspirated, turbo-charged, hybrid), body styles (such as coupes, spiders, targa and 4-doors) and seats (2 seaters, 2+ seaters, 4 seaters).
The company targets end clients seeking high performance cars with distinctive design and state-of-the-art technology. The company's broad product portfolio is designed to fulfill the strategy of different Ferrari for different Ferraristi, different Ferrari for different moments, which means being able to offer a highly differentiated product line-up that can meet the varying needs of current and new customer segments (in terms of sportiness, comfort, on-board space and design, amongst others) and that can allow its existing clients to use a Ferrari in various moments of their lives. The company's target end clients can be divided into two main categories: on the one hand, the Sports Car Driver, a client looking for an elegant and understated design, who likes driving their car in a variety of locations and conditions, alone or with passengers, and who uses their Ferrari for longer journeys; on the other hand, the Pilot, a client looking for a high performing and extreme sports car, who intends to drive their car on track and on challenging roads, and who is looking for an exciting driving experience. The company is also actively engaged in after sales activities driven, among other things, by the objective of preserving and extending the market value of the cars it sells.
Range
The company’s Range line comprises products designed for both its Pilot and its Sports Car Driver clients.
Range models designed for Pilot clients are characterized by compact bodies, a design guided by performance and aerodynamics, that often benefit from technologies initially developed for the company’s Formula 1 single-seaters or other racing activities. They favor performance over comfort, seeking to provide the driver with an immediate response and superior handling, leveraging state-of-the-art vehicle dynamics, components and controls. Following the phasing out of the SF90 Stradale and of the 812 GTS, the company offers the following models: the SF90 Spider, one of its first series production cars featuring PHEV technology that combines a V8 engine (780 hp) with three electric motors allowing the car to reach 1,000 hp; the 296 GTB and the 296 GTS, which also feature PHEV technology and are powered by the first 6-cylinder engine installed on a Ferrari road car producing 830 hp of total power output delivered by the new 120° V6 engine (663 hp), coupled with an electric motor capable of delivering a further 122 kW (167 hp) – an unprecedented performance for a V6 car.
Range models designed for Sports Car Driver clients, which also exhibit the performance expected of a Ferrari, are characterized by more refined interiors with a higher focus on comfort and on-board life quality. Following the phasing out of the Portofino M and the Roma, the company offers four such models: one model equipped with its V8 engine; the Roma Spider (620 hp), and three models equipped with its V12 naturally aspirated engine, the Purosangue (725 hp), launched in September 2022, and the 12Cilindri (830 hp) and the 12Cilindri Spider (830 hp), both launched in May 2024.
Special Series
From time to time, the company also designs, engineers and produces Special Series cars, which can be limited in time or volume and are usually based on some of its Range models but introduce novel product concepts. These cars are characterized by significant modifications designed to enhance performance and driving thrills. The company’s Special Series cars are particularly targeted to collectors, and, from a commercial and product development standpoint, they facilitate the transition from existing to new Range models. In 2021, the company launched the 812 Competizione, shipments of which started in 2022, and the 812 Competizione A, for which shipments started in 2023. The 812 Competizione and the 812 Competizione A, respectively a coupe and a targa, both feature 830 hp V12 engines. The 812 Competizione was phased out throughout the course of 2024. In 2023, the company launched the SF90 XX Stradale and SF90 XX Spider, the new pinnacle of performance and technological content, and the first XX street legal cars. The coupè reaches 0-100 km/h in 2.3 seconds and 0-200 km/h in 6.5 seconds and set the Fiorano lap time record for street legal cars with 1 minute and 17.3 seconds. Shipments of both models started in 2024.
Icona
In September 2018, the company introduced a new pillar of its product portfolio: the Icona, a unique concept that takes inspiration from the iconic concepts of its history and reinterprets them in a modern way, pairing timeless design with state-of-the-art materials and technology. The first example of this strictly limited-edition product line-up is the Ferrari Monza SP1/SP2, which is inspired by the classic collectible barchetta cars (like the 750 Monza and 860 Monza for example), and out of production. In 2021, the Daytona SP3 was unveiled. This limited edition targa takes inspiration from legendary Ferrari sports prototypes of the 1960s (historically equipped with a naturally aspirated V12 engine, mid-rear-mounted in typical racing car style). The Daytona SP3 follows the same approach, and its power unit delivers 840 hp – along with 697 Nm of torque and maximum revs of 9500 RPM – making it the most powerful naturally aspirated road engine ever built by Ferrari.
Supercars
In line with its tradition of Supercars starting with the GTO (288 GTO) in 1984, and including the F40 in 1987, the F50 in 1995, the Enzo in 2002, the LaFerrari in 2013, and the LaFerrari Aperta in 2016, the company continues to produce limited edition Supercars - its latest is the F80, launched in October 2024. These are the highest expression of Ferrari Road car performance at the time and are often the forerunners of technological innovations for future Range models, with innovative features and futuristic design.
Track Cars
The company also develops special track racing cars that are based on its range and special series models. These cars are not registered for use on the road and may only be used on track in competitive and non-competitive race events, including for its XX Programme, Ferrari Challenge, F1 Clienti and Sport Prototipi.
One-Offs
In order to meet the varying needs of its most loyal and discerning clients, the company also produces a very limited number of One-Off models. While based on the chassis and equipped with engines of one of the current models for homologation and registration purposes, these cars reflect the exact exterior and interior design specifications requested by the clients, and are produced as a single, unique car. Some of the most iconic models emerged from the company’s One-Off program include the SP12 EC (inspired by the 512 BB and created in 2011), the F12 TRS (a radical two-seat roadster created on the platform of the F12 Berlinetta in 2014), the Ferrari SP38 (a superlative mid-rear V8 turbo taking inspiration from the legendary Ferrari F40), the 458MM Speciale (the last mid rear model with a V8 naturally aspirated engine in 2016), the Ferrari P80/C, a real track car taking inspiration from past Ferrari Sport Prototipo models, and the Ferrari Omologata, based on the 812 Superfast V12 platform. The last models include the BR20, a very elegant V12 based on the GTC4 Lusso and produced in 2021, and the SP48 Unica, based on the F8 Tributo, and SP51, based on the 812 Superfast but with an open-air configuration, both launched in 2022. In 2023, the company produced the KC23, a non-homologated car based on the 488 GT3 and featuring a futuristic design, as well as the SP-8, which is based on the F8 Tributo and features a particular targa design and visible carbon fiber in the front part of the car.
In addition to the aforementioned cars, from time to time it presents other strictly limited-series cars that may be for track or non-track use.
Personalization Offer
Each Ferrari represents a masterpiece of engineering and design, enhanced by a multitude of personalization options available through its exclusive product portfolio. Among the primary elements, which are continually expanding, are the range of body-color paints, exclusive livery designs that add a refined touch and better define the car’s character, an increasing selection of leather and Alcantara colors for the interiors, carbon fiber components in various color variations, titanium exhaust systems, parking cameras, dual-mode suspension, and high-fidelity audio systems.
Through the Special Equipment & Atelier program, the company’s specialists guide the client in creating a highly personalized car with a continuously growing and enriching array of options, ensuring a unique experience. These options include special paints created specifically at the client’s request, custom liveries, and exterior accents designed to define the car’s character in line with the owner’s lifestyle and driving preferences, colored and transitional carbon fiber elements in dual glossy/matte finishes for both the exterior and interior, personalized stitching and embroidery details, and luggage sets designed to perfectly match the car’s interior.
In 2024, the company launched a new project where Atelier specialists not only consult clients in its Personalization Centers but also during dealership visits and other marketing platforms (for example Universo Ferrari). The aim of this initiative is to strengthen relationships with the company’s clients by getting closer to them, while also training the network and enhancing the experience of both Ferrari dealers and clients.
During the 2024 F1 Grand Prix in Miami, the company presented two stunning 296 GTS Assetto Fiorano models, adorned with special liveries in the historic Azzurro Dino and Azzurro LaPlata colors. It also launched the new 12Cilindri, an elegant Gran Turismo that pays homage to the tradition of naturally aspirated V12 engines, offering several design suggestions on how to personalize the car.
Moreover, with the launch of the new Ferrari F80, the company expanded its portfolio by introducing a hybrid supercar that redefines the concept of performance, customizable through the Tailor-Made program with exposed carbon fiber, available in 26 different color finishes.
The Tailor-Made program elevates personalization to a higher level, with the assistance of a dedicated Ferrari designer who guides the client in selecting exclusive materials, such as cashmere, denim, and innovative fibers for their car. The three collections - Scuderia, Classica, and Inedita - continue to represent the brand’s essence, celebrating sporting history, traditional style, and experimental innovation, respectively.
Design
Design is a fundamental and distinctive aspect of the company's products and its brand. The design of a Ferrari is a structural part of the company's innovation process, and everything it does to develop the lines of its cars is functional to increase their performance and driving thrills. The company's designers, modelers and engineers work together to create car bodies that incorporate the most innovative aerodynamic solutions in the sleek and powerful lines typical of its cars. The interiors of the company's cars seek to balance functionality, aesthetics and comfort. Cockpits are designed to maximize the driving experience, tending towards more sporty or more comfortable depending on the model. The interiors of the company's vehicles boast elegant and sophisticated trims and details that enhance the ergonomic layout of all main controls, many of which are clustered on the steering wheel. A guiding principle of the company's design is that each new model represents a clear departure from prior models and introduces new and distinctive aesthetic elements, delivering constant innovation within the furrow of tradition.
For the design of its cars, the company has relied historically on Italian coachbuilders, such as Carrozzeria Touring, Vignale, Scaglietti and Pininfarina. These partnerships helped Ferrari in defining its design language at the forefront of design advance. Throughout the years this area of excellence has been recognized repeatedly by a long series of awards being bestowed upon Ferrari cars.
In 2010, the company established the Ferrari Design Centre, its in-house design department, with the objective of improving control over the entire design process and ensuring long-term continuity of the Ferrari style. The mission of the Ferrari Design Centre is to define and evolve the stylistic direction of the marque, imprinting all new products with a modern stamp, according to a futuristic, uncompromised vision. The name and logo Ferrari Design denotes all concepts and works of the Ferrari Design Centre. The Ferrari Design Centre handles all aspects of automotive styling for the Ferrari road cars product range, encompassing the styling of all bodywork, external components and interior trim, applied to series production models for the Range, Special Series, Supercars, Icona, One-Offs, concept cars and some track-only models. The Ferrari Design Centre also includes a Color & Trim unit which manages the choice of materials and finishes for both exterior and interior trim and, in addition, is responsible for the Tailor-Made program in conjunction with the Product Marketing department. The Ferrari Design Centre is also often involved in the styling and conceptual definition of Ferrari branded products produced by the company's licensees. In 2019, the company created the Advanced Design team, a laboratory that aims at defining the brand’s design vision, developing new concepts and formal languages through so far unexplored methods and tools, and trying to achieve simplification and formal purity while staying true to the Ferrari DNA which has characterized its history.
The multi-year collaboration with the creative collective LoveFrom, which started in September 2021, continues today and the partnership brings together Ferrari’s legendary performance and excellence and LoveFrom’s experience and creativity that has defined extraordinary world changing products.
Sales and After-Sales
The company's commercial team is organized in four geographic areas, covering its principal regional end markets: EMEA, Americas, Mainland China, Hong Kong and Taiwan, and Rest of APAC.
Dealer Network
The company sells its cars exclusively through a network of authorized dealers (with the exception of one-offs and track cars which it sells directly to end clients). In its larger markets the company acts as importer either through wholly owned subsidiaries or, in China, through a subsidiary partly owned by a local partner, and it sells the cars to dealers for resale to end clients. In smaller markets, the company generally sells the cars to a single importer/dealer. The company regularly assesses the composition of its dealer network in order to maintain the highest level of quality. As of December 31, 2024, the company’s network comprised 180 dealers operating 200 points of sale.
The company’s network and business development team works with all dealers to ensure its operating standards are met. Its rigorous design, layout and corporate identity guidelines guarantee uniformity of the Ferrari image and client interface. The company’s dealer network has consistently and proactively invested in its facilities in recent years and most of its dealer networks worldwide facilities have been upgraded with the latest Ferrari corporate identity guidelines in order to provide clients with a superior experience while delivering a unique luxury environment and digital touchpoints to complement the physical space. In 2024, the company presented further iterations of the Ferrari corporate identity to the dealer network and selected pilot projects around the world have started the implementation process.
Furthermore, at the end of 2023, Ferrari presented to its dealer network the company’s intention on the new Ferrari point of sale, continuing to invest in a strategy aimed at delivering a superior client experience and to foster the relationship between Ferrari and its client community to an even higher level. The implementation started in 2024, and the first opening is planned for 2025.
Ferrari also uses an omni-touchpoint strategy and continues to engage with dealers and clients at different levels. The client engagement typically takes place at the dealerships, whose ability to promote the client-community life has been reinforced via a new corporate identity implemented in recent years, but also through digital touchpoints such as the MyFerrari App. The company has also developed and implemented several engagement activities aimed at gathering the client community and promoting the discovery of its brand, including through experience touchpoints. The Casa Ferrari hospitality has been proposed for several years and 2024 saw the third application of the Universo Ferrari brand exhibition, which took place in Bangkok, Thailand, after the first edition outside of Maranello was held in Sydney, Australia, in 2022, and the second in Seoul, South Korea, in 2023.
Other important formats of client engagement introduced in 2023 were continued in 2024, like the second Tribute to Le Mans and the second Legacy Tour this year, dedicated to Ferrari’s GTO, also commonly known as 288 GTO. In May 2024, Ferrari organized for the first time a unique event during the F1 Grand Prix in Miami, expression of its three key dimensions, Racing, Lifestyle and Sports cars, and involving the company’s top clientele, with the simultaneous launch of a dedicated Lifestyle capsule collection and of two new car models, the new 12Cilindri and the 12Cilindri Spider.
Competence building and training are also key to the implementation of the company’s strategy. Through its in-house Ferrari Academy, the company provides training to dealers for sales, after-sales and technical activities. This ensures that its dealer network delivers a consistent level of market leading standards across diverse cultural environments. In recent years it has adapted its training strategy by introducing and enhancing virtual-training solutions, while continuing to foster expertise in the network at the highest level. The company also introduced new courses in areas such as digital commercial execution and luxury experience management, as well as design applied to the personalization experience for clients, with the aim of delivering the best possible client experience. Moreover, in 2024, the company conducted the first pilot editions of its new In Dealership Coaching program, aimed at further building its retail competence on how to achieve the desired level of excellence in client management.
The company collects and observes data relating to dealer profitability and financial health to prevent or mitigate any adverse experience for clients arising from a dealer ceasing to do business or experiencing financial difficulties. The company's regional executives visit dealerships regularly to monitor and measure performance and compliance with its operating standards. The company has the right to terminate dealer relationships in a variety of circumstances, including failure to meet performance or financial standards, or failure to comply with its guidelines.
Although many of the company clients in certain markets purchase its cars from dealers without financing, the company offers direct or indirect finance and leasing services to retail clients and to dealers.
The company's sales are diversified across its dealer network, with the largest dealer representing approximately 2.8% of its shipments, and its 15 largest dealers representing approximately 22% of its shipments in 2024.
The company's order reporting system allows it to collect and monitor information regarding end client orders and is able to assist it in production planning, allocation and dealer management.
Parts
The company supplies parts for current and older models of Ferrari to its authorized dealer network. In addition to substitution of spare parts during the life of the car, sales are driven by clients' demand for parts to customize their cars and maximize performance, particularly after a change in ownership, as well as parts required to compete in the Ferrari Challenge and other client races. The company also supplies parts to Ferrari models currently out of production, with stocks dating back to 1995. The stock of parts for even older models is owned and managed by a third party which in some cases also manufactures out-of-stock parts based on its designs. The sale of parts is a profitable component of the company's product mix and is expected to benefit from the increase in the number of Ferrari cars in circulation.
After-Sales
Dealers provide after-sales services to clients, either at facilities adjacent to showrooms or in stand-alone service points across 252 facilities worldwide as of December 31, 2024. After-sales activities are very important for the company's business to ensure the client's continued enjoyment of the car and the experience. Therefore, the company enforces a strict quality control on its dealers' services activities and it provides continued training and support to the dealers' service personnel. This includes the company's team of flying doctors, Ferrari engineers who regularly travel to service centers to address difficult technical issues for its clients.
The company sells cars together with a scheduled program of recommended maintenance services in order to ensure that these cars are maintained to the highest standards to meet its strict requirements for performance and safety.
The company’s 7 Year Maintenance Program (free of charge for customers since 2011 on any new cars) is offered to further strengthen customer retention in the official network and has been coupled with the possibility to extend the statutory warranty term of its standard warranty terms through the Warranty Extension starting from the 3rd year up to the 7th year and the Power Warranty Coverage, covering from the 8th year up to the 16th year of life of the car. For certain strictly limited series cars (for example, the Monza SP1 and SP2, and the Daytona SP3) it introduced a Full Warranty Coverage Extension that can be applied after the 36-month commercial contractual warranty. For hybrid models, such as the SF90 family and the 296 family, it introduced a new service called Warranty Extension Hybrid, which allows the owner to buy a complete coverage after the 3rd year up to the 8th, including replacement of the high voltage battery at the 8th year of life of the car.
After the 8th year of life, a car (if in perfect maintenance condition) can be included in the Main Power warranty coverage program (Maintenance and Power) through to the car’s 16th year of life. Between the 16th year of life and the Classiche eligibility (20-year-old car) Ferrari provides its customers, in addition to standard maintenance items, also certain specific maintenance kits (Ferrari Premium) to preserve car performance and safety systems. When a car follows the full maintenance program up to the 20th year of life, it automatically obtains the Ferrari Classiche certification.
The company's dealers provide an inspection service for clients seeking to sell their car which involves detailed checks on the car and a certification on which the client can rely, covering, among other things, the authenticity of the car, the conformity to original technical specifications, and the state of repair. Furthermore, the company offers owners of classic Ferrari cars maintenance and restoration services through the 73 Officina Ferrari Classiche workshops that form part of its service network.
In addition, owners of its classic cars can seek assistance in car and engine restorations at the company's Ferrari Classiche department in Maranello.
Financial Services
The company offers retail client financing for the purchase of its cars through the operations of Ferrari Financial Services (FFS):
directly in the United States through its fully owned subsidiary Ferrari Financial Services Inc. (FFS Inc);
through Ferrari Financial Services GmbH (in partnership with CA Auto Bank) in certain markets in EMEA (primarily the U.K., Germany and Switzerland); and
through various partnerships in other European countries and other major international markets, such as Japan and Mainland China (which may also provide financing to the company's dealers).
Through FFS, the company offers a range of flexible, bespoke financial and ancillary services to clients (both current and new) interested in purchasing a wide range of cars, from its current product range to older pre-owned and classic models. FFS also provides special financing arrangements to a selected group of the company's most valuable and loyal customers.
Client Relations
The company's clients are the backbone of its business together with its brand and its technology. The company's main brand marketing and promotional activities have two principal targets.
Firstly, the company targets the general public. Its most significant effort in this respect is centered on its racing activities and the resonance of Scuderia Ferrari. The company also reaches the general public through the activities of its lifestyle division, through the sale of luxury goods at its stores and online, the brand's experience parks and museums, and collectibles. The company also engages in other brand-promotional activities through digital platforms, such as eSports, and its official social media channels.
Secondly, the company targets existing and prospective clients on both new car and preowned car sales, seeking to promote clients' knowledge of its products, and their enjoyment of its cars both on road and on track, and to foster long-term relationships with its clients, which is key to its success. In 2024, almost 81% of the company's new cars were sold to existing Ferrari owners.
From December 2023 to December 2024 the company has continued to grow its active client base by 2.5%, rejuvenated its loyal client base with 40% of new clients below 40 years old, and nurtured its best collectors who have increased the average number of Ferrari cars they own by 10%.
By purchasing its cars, clients become part of a select community sharing a primary association with the Ferrari image and the company fosters this sense of fellowship with a number of initiatives. The company strives to maximize the experience of its clients throughout their period of interaction with Ferrari - from first contact, through purchasing decision process, to waiting-time management and car delivery and enjoyment.
Recognizing the importance of digital touchpoints to enhance the overall client experience, Ferrari continues to develop the MyFerrari App, available exclusively for Ferrari clients to enhance and foster their connection to the Ferrari world through the direct distribution of tailored content. This channel enables clients to directly access features and services, strengthening their relationship with the brand and their preferred official Ferrari dealer. Moreover, Ferrari dedicates specific attention to Ferrari clients who have ordered a new car by enriching their waiting time with dedicated digital content to reinforce their engagement and connection with the Ferrari world.
Client and Brand Events
Client events are a cornerstone in fostering a sense of community and loyalty within the Ferrari family.
In May 2024, the company organized a truly remarkable gathering in Miami, where Ferrari hosted a series of unforgettable events bringing together the three key dimensions of Ferrari — Racing, Sports Cars, and Lifestyle — marking a global celebration with the Cavalcade International. The event included the 12Cilindri World Premiere (Sports Cars), the F1 Grand Prix (Racing), and the Capsule collection presentation (Lifestyle).
In June 2024, Ferrari organized a Casa Ferrari event at the Le Mans circuit, hosting approximately 900 guests and including accommodations within the circuit for a limited number of clients in celebration of the 24 Hours of Le Mans. The members of the Hyperclub and Le Club programmes, as well as other international clients, came together to experience the adrenaline of one of the world’s most iconic race. Casa Ferrari served as the vibrant epicenter throughout the weekend, culminating in Ferrari’s historic 1st and 2nd place finish with the 499P Hypercar.
October 2024 was the busiest month on the event calendar. The launch of the F80 took place in the brand-new e-building, a futuristic venue that perfectly balances Ferrari’s rich tradition with forward-thinking innovation, symbolizing the company’s future journey.
Client Experience on Road
Ferrari’s driving events have two main goals: providing clients with the excitement of driving Ferrari’s high-performance cars and strengthening brand loyalty to encourage continued engagement. These events are designed for a passionate and varied Ferrari community, offering tailored experiences for modern car enthusiasts, classic car collectors, and track racing loyalists.
Encouraging clients’ passion for driving is a key aspect of Ferrari’s commercial strategy, especially in markets where racing traditions are less established. Among the company programs and events are:
Esperienza Ferrari: which offers exclusive driving sessions with Ferrari’s expert instructors, providing an opportunity for both prospective and existing clients to experience the latest models. Throughout 2024, the Esperienza Ferrari program at Fiorano allowed clients to engage with the Ferrari brand firsthand, testing models such as the Ferrari Roma Spider on the road and the 296 GTB on the track; and
Corso Pilota: a program that consists of driving courses designed to accommodate various skill levels, offering essential techniques for mastering high-performance vehicles. For instance, the Corso Pilota Classiche usually offers a unique opportunity to drive Ferrari’s iconic models on Fiorano, the company’s historic race circuit, and on the frozen lake of St Moritz.
In addition to the Miami Cavalcade International experience in May, the Cavalcade journey continued in late June and early July with the Ferrari Cavalcade event in Venice, where participants drove scenic roads through historic hilltop towns with breathtaking views of the Dolomites. The event culminated in an exclusive gala dinner on July 4th, which included a charity auction aimed at supporting Ferrari’s commitment to education.
Moreover, the Cavalcade Classiche Family Reunion, held in mid-September, provided a traveling museum experience, showcasing over 60 classic Ferrari models. This event allowed participants to explore the stunning landscapes of Friuli Venezia Giulia and Slovenia.
In addition to the above, Ferrari takes part in prestigious driving events such as the Ferrari Tribute to Mille Miglia and the Ferrari Tribute to Targa Florio, where modern Ferrari cars race before the commencement of the main events. In 2024, Ferrari also honored the 24 Hours of Le Mans with a five-day tour showcasing some of Maranello’s most iconic cars, traveling from Cognac to the La Sarthe circuit. The Ferrari Tribute to Le Mans ended with a parade around the track on the Saturday morning before the race.
Ferrari Tours: The company also offers owners a unique opportunity to embark on exclusive journeys across Italy, allowing them to experience the thrill of driving their cars through some of the world’s most stunning and meticulously chosen landscapes. These carefully crafted routes are designed to provide not only exhilarating driving experiences but also the chance to discover cultural landmarks, scenic vistas, and luxurious destinations, making for an unforgettable adventure. In 2024, three Ferrari Tours were specifically dedicated to its clients from the Far and Middle East.
Ferrari also organized the Legacy Tour, of which the company held the second edition in 2024, celebrating the 40th anniversary of the Ferrari 288 GTO. Over three days, more than 20 Ferrari GTOs from around the world travelled across Italy’s most scenic roads, ending in Fiorano, the birthplace of this iconic model.
Client Experience on Track
In 2024, the Corse Clienti season was intense, rich in innovation and participation, confirm the growth trend observed in recent years.
With the Ferrari Challenge Trofeo Pirelli the company introduced the Ferrari 296 Challenge in the international series (Europe and North America), the ninth Ferrari car in the history of the one-make series, which was presented during the Finali Mondiali. At events in Europe and the United States it was met with great enthusiasm by participants, resulting in an average of 70 drivers on the entry list for European events and 80 for the U.S. events. Participation at series events in the UK and Japan were in line with previous years. The introduction of the Australasia series was announced during the year and will start in 2025 with the Ferrari 296 Challenge competing on tracks in Australia.
Additionally, in 2024 the company launched the new Sport Prototipi Clienti program with the Ferrari 499P Modificata, allowing owners of the car derived from the Hypercar 499P that won the 24 Hours of Le Mans to participate in a dedicated event shared with F1 Clienti and XX Programme. The first event of the new programme was held in March, at the Mugello circuit, with a 499P Modificata running on the Tuscan track. Over the course of the year, the number of participants rose to 10 during the Finali Mondiali weekend held at Imola in October.
The non-competitive programs, F1 Clienti, XX Programme, and Club Competizioni GT, take part in exclusive non-competitive events on the world’s most iconic tracks, organizing prestigious experiences for clients, both on and off the track. At this year’s Finali Mondiali, a record-breaking 130 drivers and 101 cars registered, marking the highest number of participants in a single event.
The Corso Pilota continued to offer customers a variety of track driving courses catering to different skill levels and experiences (Sport, Evoluzione+, Race, On Ice) or service (Personal Coaching), teaching essential skills for high-performance cars using the most advanced and effective teaching methodologies and technologies.
Ferrari Classiche
The Ferrari Classiche department supports Ferrari customers in managing their historic Ferrari vehicles (over 20 years from their production) with the objective of keeping as many of these classic cars on the road as possible. Services include the certification of the authenticity of classic Ferrari cars and vehicles of particular historical relevance, the management of Ferrari restoration and repair activities, as well as the management of Ferrari spare parts, including when these are no longer available on the market. The department also provides advice on repair operations carried out on Ferrari Classiche cars within its network.
Ferrari Classiche intends to create a platform of information and technical expertise to preserve and enhance over time the awareness and value of Ferrari's heritage and brand. The company views the surviving Ferrari vehicles of historical value as the tangible legacy and incarnation of its brand. The Ferrari Classiche department also supports and encourages the direct participation of clients in strategic historical events.
The Ferrari Classiche department in Maranello consists of an office of specialists and a workshop in which historic cars are checked, restored and repaired. In addition, in order to provide an enhanced service to owners away from the main workshop in Maranello, starting from 2017 Ferrari Classiche authorized a new service network with 73 Officina Ferrari Classiche workshops active to date, primarily for vehicle repairs and the certifications' inspections or revalidation. The network is expected to expand in the future.
The authenticity of the car with respect to the initial specifications is checked via a technical inspection, performed either at the Ferrari Classiche facility in Maranello or at an authorized workshop, and benefits from a comprehensive archive containing drawings of each of the individual chassis and details of historical components. Based on the evidence gathered during this inspection, the car is then presented to an expert committee, chaired by the founder's son, Piero Ferrari, for the certification.
At the Maranello workshop, Ferrari Classiche carries out full restorations using either original components and spare parts or replicas manufactured in accordance with the original specifications. The company's service offers its clients the opportunity to restore any classic Ferrari to its original pristine conditions.
The Ferrari Classiche department also provides basic technical and instructional support to the Ferrari Classiche Academy, a new driving school project that launched in 2019 for vintage Ferrari cars, including the Ferrari 308, Ferrari 328, 550 Maranello, MondialT, 250 GT Lusso, 365 GTB4.
The Ferrari Classiche department also offers assistance services to clients willing to attend driving events (such as 1000 Miglia or other rally and tour) or static events (such as concours of elegance).
Racing
Participation in the FIA Formula 1 World Championship with Scuderia Ferrari and in the World Endurance Championship with the Ferrari Endurance Team is a core element of the company's marketing effort and promotional activities, as well as an important source of innovation for the support of the technological advancement of Ferrari's product portfolio. The company also competes in the F1 Esports Championship with the Scuderia Ferrari Esports Team and it owns the Mugello racing circuit in Scarperia, near Florence, which it rents to racing events organizers. Each of these items is further discussed below.
Formula 1
The FIA Formula 1 World Championship is the pinnacle of motorsports and one of the most watched annual sports series in the world, with approximately 1.3 billion cumulative TV audience, 65 million average weekend viewership, 20 million average digital and F1 TV viewership and 94 million social media followers.
Formula 1 cars rely on advanced technology, powerful hybrid engines and cutting edge aerodynamics. While Europe is the sport’s traditional base, longstanding non-European venues, such as Australia, Brazil, Canada, Japan, Mexico and the United States have been joined in the last two decades by racing venues in China, Bahrain, United Arab Emirates, Singapore, Qatar, Saudi Arabia and Azerbaijan. This provides participants in the Formula 1 World Championship exceptional visibility on the world stage.
Scuderia Ferrari has been racing in the Formula 1 World Championship since the series was launched in 1950 and won its first Grand Prix in 1951. The company is the only team that has competed in each season since launch and the oldest and most successful in the history of Formula 1, with 248 Grand Prix wins. Throughout its racing history, it has won 15 Drivers’ Championships and 16 Constructors’ Championships, more than any other team. Many of the best-known drivers in the sport’s history have raced in Scuderia Ferrari’s distinctive red cars including Alberto Ascari, Juan-Manuel Fangio, Mike Hawthorn, Phil Hill, John Surtees, Niki Lauda, Jody Scheckter, Gilles Villeneuve, Michael Schumacher, Sebastian Vettel and Kimi Raikkonen. The company’s drivers’ line-up in 2024 comprised Charles Leclerc, the first graduate of the Ferrari Driver Academy training scheme to race for its Formula 1 racing team, and Carlos Sainz, a talented and experienced Spanish driver.
In 2021, the new FIA financial regulations entered into force and are now applicable as updated in 2024, imposing a cap on certain expenses and investments related to operations and the chassis of the cars which may be incurred by any single Formula 1 team. Moreover, development activities were also limited by the new regulation. In December 2021, the World Motor Sport Council validated the framework for the 2026 Power Unit (PU) Regulations, which include technical, operational and financial guidelines. The framework identifies key objectives related to, among other things, the environmental impact, cost reduction measures and competitiveness of the FIA Formula 1 World Championship. A detailed document setting out the 2026 Power Unit Regulations was submitted to the World Motor Sport Council during the course of 2022. They will apply to power units starting from the 2026 season of the FIA Formula 1 World Championship and, consistent with the framework proposed to the Council, are mainly focused on the sustainability and innovation challenges of Formula 1. The 2026 Formula 1 Power Unit Regulations were approved in August 2022 and apply starting in 2023 for motors to be used in the 2026 season. In 2022, the World Motor Sport Council also approved changes to the 2022 and 2023 Formula 1 Technical Regulations to address safety matters.
The Formula 1 2024 World Championship included 24 races.
In terms of results, the season ended with second place for the Scuderia Ferrari in the Constructors’ Championship, with 652 points, five victories, twenty-two podiums, four pole positions, and with third and fifth place finishes in the Drivers’ Championship, for Charles Leclerc and Carlos Sainz, respectively.
Scuderia Ferrari's continuing participation in the FIA Formula 1 World Championship over the five year period from 2021 to 2025 is governed by two agreements - widely known as New Concorde Agreement - signed on August 18, 2020. The first of such agreements governs the regulatory and governance aspects of the sport, and the second governs the commercial aspects. The New Concorde Agreement recognizes the historical role of Ferrari, the only team that has participated in all Formula 1 World Championship editions since its inception. In exchange for their participation in Formula 1 races, the participating teams receive a share of a prize fund based on the profits earned from Formula 1-related commercial activities managed by Formula 1, including in particular, promoters' fees, television broadcasting royalties, partnership agreements and other sources. Shares in the prize fund are paid to the teams, largely based on the relative ranking of each team in the championship.
In addition to its long-term research and development efforts, the company begin designing its cars each year in the spring, in anticipation of the start of the racing season the following March. While the chassis and the power unit the company builds each year are designed to be used throughout the racing season, the majority of other components fitted on its cars are adjusted from race to race depending on the characteristics of the circuits.
To maximize the performance, efficiency and safety of its Formula 1 cars, while complying with the strict technical rules and restrictions set out by the FIA, the company's research and development team plays a key role in the development of its road cars and their engines. The company often transfers technologies initially developed for racing to its road cars. Examples include steering wheel paddles for gear-shifting, the use and development of composite materials, which make cars lighter and faster, and technology related to hybrid propulsion.
The company's road cars (especially sports car models) have benefited from the know-how acquired in the wind tunnel by its racing car development teams, enjoying greater stability as they reach high speeds on and off the track. The company's research and development team focus on combining minimal lap times with maximum efficiency, leading to advances in kinetic energy recovery systems, or ERS, technology. Advanced ERS features two electric motor/generator units in every car, which allow the car to recover, store and deploy energy generated both by the vehicle during braking and by the exhaust gases through a turbocharger.
The great visibility, both on traditional media and on digital platforms, that Scuderia Ferrari obtains thanks to its participation in the FIA Formula 1 World Championship continues to attract significant sponsorships. The visibility and placement of partner logos on the car and team uniforms reflect their respective level of sponsorship.
The company uses the platform provided by Formula 1 for a number of associated marketing initiatives, such as the hosting of clients and other key partners in Ferrari Formula 1 Club Hospitality to watch and experience the Grand Prix races with Scuderia Ferrari, and its Formula 1 drivers' participation in various promotional activities for its road cars. The company also often sells older Formula 1 cars to customers for use in amateur racing or collection.
More generally, Formula 1 racing allows the company to promote and market its brand and technology to a global audience without resorting to traditional advertising activities, therefore preserving the aura of exclusivity around its brand and limiting the marketing costs that it, as a company operating in the luxury industry, would otherwise incur.
World Endurance Championship
For the second consecutive year, Ferrari competed in the top class of the FIA World Endurance Championship, with two 499P cars fielded by the official Ferrari – AF Corse team in the Hypercar class, achieving very positive results. Ferrari made it to the podium with a third place in the constructors’ standings, while the crews of the 499P numbered 50 ranked second in the Drivers’ standings. The Ferrari team – AF Corse secured four race podiums, including the victory at the 24 Hours of Le Mans where 499P car number 50 driven by Fuoco-Molina-Nielsen secured victory in front of a record crowd at the Circuit de La Sarthe of approximately 329 thousand spectators. This was the second consecutive victory, following the 2023 win at the Centenary 24 Hours of Le Mans of the 499P car number 51 driven by Pier Guidi-Calado-Giovinazzi.
The private car numbered 83 achieved an overall victory at the Lone Star Le Mans in Austin (USA) and during the season accumulated two first-place finishes and six class podiums, earning third place in the FIA World Cup for Hypercar Teams.
The 296 LMGT3 made its debut in the LMGTE Am class, displaying steadily improving performance throughout the season. The two cars fielded by the official Vista AF Corse team achieved victories in the final two races, the 6 Hours of Fuji with the car driven by Rigon-Flohr-Castellacci and the 8 Hours of Bahrain with the car driven by Rovera-Heriau-Mann.
Other GT Races
During the 24 Hours of Daytona, the first round of the IMSA SportsCar Championship held in January 2024, Ferrari returned to victory in the iconic American endurance race after ten years, thanks to the result of the Ferrari 296 GT3 fielded by the Risi Competizione team and driven by Rigon-Serra-Pier Guidi-Calado. This success marked the beginning of a season where class victories and podiums confirmed the growth of the 296 GT3.
Indeed, the Ferrari 296 GT3 excelled in the most important championship for GT3 cars, the GT World Challenge Europe. With a third-place finish at the 6 Hours of Jeddah, Alessandro Pier Guidi and Alessio Rovera became champions in the overall standings of the Endurance Championship, while AF Corse – Francorchamps Motors triumphed in the most prestigious team category. The Driver and Team titles in the Gold Cup went to the crew of number 93 Sky Tempesta Racing car, driven by Jonathan Hui, Christopher Froggatt, and Eddie Cheever. Having also won the Sprint Cup, Cheever and Hui claimed the combined title in the Bronze class of the GT World Challenge (the latter is provisional until the appeal window for the result of Race 1 in Barcelona closes).
By the end of 2024, the Ferrari 296 GT3 had secured 8 Driver titles and 5 Team titles across the various series, adding to the many titles won in the debut season in 2023. Among the 100 victories achieved, which also include those in the LMGT3 configuration, 24 are overall wins and 76 are class wins.
Scuderia Ferrari Esports Team
To further enhance the Ferrari experience, it has been increasing its focus on E-sports and the Scuderia Ferrari Esports Team now competes in the F1 Esports Sim Racing GT Challenge, Formula Sim Racing, VEC and SRO Esports Championship. Starting from 2023, the Ferrari Esports Series expanded to cover Europe, North America, and Asia Pacific with the aim to find new drivers for the Ferrari Esports Team and a program to reach a younger audience worldwide.
Mugello Circuit
Located in Scarperia just outside Firenze, for more than 100 years the Mugello Circuit has been one of the leading motorsport venues globally. Internationally renowned as the host venue for the Italian MotoGP Grand Prix since 1976 (and consecutively since 1994), the Formula 1 Grand Prix of Tuscany Ferrari 1000 in 2020, and numerous international motorsports competitions, the 5,245 metres circuit mimicking the natural slopes of the Tuscan hills is also famed for its ultimate driving experience and modern facilities.
In 2024, the circuit hosted 250 days of track activities and 16 race weekends.
In 2024, all certifications (ISO 9001, ISO 14001, ISO 20121, Eco-Management & Audit Scheme) were renewed, including for the international standards for sustainable and event management as well as the system of safety and health management on workplaces.
Lifestyle
Ferrari’s presence in the wider luxury landscape is key to ensure brand relevance across generations. The role of Ferrari lifestyle is to foster growth by broadening the company’s customer’s base and expanding its value proposition beyond its core business, while preserving its brand’s DNA, its heritage and values.
Ferrari Lifestyle has three pillars: Personal Luxury Goods, Collectibles and Experience.
Personal Luxury Goods – dedicated to the company owns refined collection – accessories, apparel and selected merchandising – embodying the style, creativity and quality that it stands for, balancing exclusiveness and inclusiveness through a carefully combined mix of product categories. Importantly, the company will continue to strengthen partnerships with selected licensees, which will allow the company to play in complementary territories/categories while being loyal to its brand’s DNA and positioning. Through its network of directly operated stores, the company offers a wide range of Ferrari branded products, including its fashion collection and selected merchandising and licenses.
Collectibles – builds on the concept of collectability by enlarging and customizing the portfolio of available Ferrari tokens and the offer of Ferrari branded products such as high-end watches and high-end writing instruments, consumer electronics, sportswear, toys, leading video games, and other accessories. The company will continue to expand the offer of products such as limited editions and one-off artifacts embodying the inherent craftsmanship and innovative spirit that lie behind the creation, design and manufacture of its cars.
Experience – Through this pillar, the company intends to nurture its heritage and celebrate its craftsmanship through dedicated and tailor-made experiences. The company captures the essence of the Ferrari spirit by immersing customers in the racing history, passion and values of Ferrari, through its Ferrari museums in Modena and Maranello (which attracted more than 850,000 visitors in 2024), Il Cavallino restaurant in Maranello and the company’s theme parks in Abu Dhabi and Spain.
Intellectual Property
The company files patent applications in Europe, and around the world (including in the United States) to protect technology and improvements considered important to its business.
The company owns number of registered trademarks, designs and patents, including approximately 550 trademarks (word or figurative), registered in several countries and across a number of classes. In particular, the company ensures that the maximum level of protection is given to the following iconic trademarks, for which the company owns approximately 4,250 applications/registrations in approximately 150 countries, in most of the main classes for goods and services: ‘Ferrari’ (word), ‘Ferrari’ logotype, the ‘Prancing Horse’ (figurative), the trademark (figurative), the racing shield (figurative), and ‘Scuderia Ferrari’ (word and figurative).
The names of the company's Range, Special Series and Icona car models and Formula 1 single-seater models are also registered as trademarks (and logotypes). The company also registers their domain names and the cars' design.
Competition
The company’s main competitors are Lamborghini, McLaren, Aston Martin, Rolls-Royce and Bentley, as well as Porsche, Mercedes, Audi, BMW and Land Rover in certain segments of the market.
Research and Development
The company’s research and development costs for 2024 were €894 million.
History
Ferrari N.V. was founded in 1947. The company was incorporated under the laws of the Netherlands in 2015.
