Ferrari
History
Inflection points
Ferrari was founded in 1947 (Maranello, Italy). Every turn Acquired identified: founding, leadership changes, strategic pivots, crises, cultural moments.
Events and financial outcomes
Unveiled Oct 17, 2024 in Maranello. 1,200 PS V6 plug-in hybrid (888 hp ICE + 296 hp electric) — Ferrari's first V6 halo car, in the Enzo/LaFerrari lineage. Base price €3.6M (≈$3.9M at Oct 2024 EUR/USD). 799-unit lifetime cap across 2025–2027 production window — the largest run in the halo series (Enzo ~400, LaFerrari 499, Daytona SP3 599). All units allocated to clients before the public reveal; Ferrari CMO Enrico Galliera publicly said demand was ~3× supply.
Event source: Ferrari press + multiple confirming sources
| Measure | FY2023 · 2023-12-31 | FY2025 · 2025-12-31 | Change |
|---|---|---|---|
| Revenue | €6.0B | €7.1B | €1.2B |
| Operating margin | 27.1% | 29.5% | 2.4 pp |
| Net income | €1.3B | €1.6B | €345M |
| Operating cash flow | €1.7B | €2.3B | €633M |
| Capital expenditures | €382M | €485M | €103M |
Reporting periods outside the event year; changes also reflect other decisions, market conditions, and accounting.
Case question. Which revenue, cost, or capital decision could explain the outcome, and what evidence would separate its effect from changes in the market?
The story
Enzo Ferrari ran Alfa Romeo's factory racing team in the 1930s before spinning out. The first Ferrari road car, the 125 S in 1947, existed to bankroll Scuderia Ferrari's Grand Prix campaign. Every commercial decision since has been measured against the racing programme — including the choices to leave revenue on the table by capping production.
Inflection points · grouped by decade
1920s
- 1929Founding
Scuderia Ferrari racing team founded
Enzo Ferrari forms the racing team while still at Alfa Romeo.
[Acquired episode Ferrari, ch. Scuderia Ferrari: Enzo's Racing Dream]
- David:The Scuderia Ferrari is very much intended to be a junior partner to Alfa Romeo, or at least Alfa intends it that way. But Enzo does, in the back of his mind, have broader ambitions.[Acquired Ferrari, ch. Scuderia Ferrari: Enzo's Racing Dream]
- Definitive Enzo biography by Luca Dal Monte, a Ferrari/Maserati veteran who spent a decade researching the founder's life.[Enzo Ferrari by Luca Dal Monte]
1940s
- 1947Founding
First Ferrari road car: the 125 S
Built to fund the racing programme. The 125 S debuts at the Piacenza circuit on May 11, 1947.
[Acquired episode Ferrari, ch. First Ferrari Road Cars & Le Mans Victory]
- David:1947 is the first year that they get going with the newly renamed Auto Costruzioni Ferrari. They build 3 cars just for team racing, enter 14 races and win 7 of them.[Acquired Ferrari, ch. First Ferrari Road Cars & Le Mans Victory]
1960s
- 1969Acquired by
50% stake sold to Fiat
Enzo sells half the company to Fiat to secure capital while keeping operational control of the racing team.
[Acquired episode Ferrari, ch. Enzo Sells 50% to Fiat]
- David:In 1969, Enzo strikes a deal with Gianni Agnelli to sell 50% of Ferrari to Fiat immediately... with a secret agreement that triggered upon Enzo's death, Fiat will acquire another 40%, taking their stake to 90%.[Acquired Ferrari, ch. Enzo Sells 50% to Fiat]
- David:Part of the deal with Fiat — just like he wanted with Ford — is that Fiat can take control of the road car business, but Enzo retains final authority over racing.[Acquired Ferrari, ch. Enzo Sells 50% to Fiat]
1980s
- 1988Leadership
Enzo Ferrari dies
Fiat takes full operational control; the brand continues under a Ferrari-family stewardship principle.
[Acquired episode Ferrari]
1990s
- 1996Strategic shift
Schumacher era begins
Michael Schumacher signs with Ferrari, kicking off six constructors' championships in a row (1999–2004) and re-anchoring the brand to racing dominance.
- Ben:By the end of the decade, there would be 5 straight years, 2000 to 2004, where Michael Schumacher won every single Drivers' Championship 5 years in a row, and Ferrari won every single Constructors' Championship 5 years in a row.[Acquired Ferrari, ch. Ferrari's 'Pepsi Challenge' and How Luca Rescued the Company]
- David:Luca went out and recruited the dream team. Jean Todt as team principal, Ross Brawn as race engineer, Michael Schumacher as Ferrari number one driver. The greatest set of F1 team members that had ever existed in history.[Acquired Ferrari, ch. Ferrari's 'Pepsi Challenge' and How Luca Rescued the Company]
2010s
- 2015IPO
Ferrari NV lists on NYSE
Spins out of Fiat Chrysler at a ~$10B valuation; explicitly markets itself as a luxury company, not a car company.
[Acquired episode Ferrari, ch. Post-IPO Ferrari: New Models & Growth]
2020s
- 2024Product
F80 — V6 PHEV halo car launches
Unveiled Oct 17, 2024 in Maranello. 1,200 PS V6 plug-in hybrid (888 hp ICE + 296 hp electric) — Ferrari's first V6 halo car, in the Enzo/LaFerrari lineage. Base price €3.6M (≈$3.9M at Oct 2024 EUR/USD). 799-unit lifetime cap across 2025–2027 production window — the largest run in the halo series (Enzo ~400, LaFerrari 499, Daytona SP3 599). All units allocated to clients before the public reveal; Ferrari CMO Enrico Galliera publicly said demand was ~3× supply.
[Ferrari press + multiple confirming sources]
- Backup research (parallel research subagent, 2026-05-26): F80 officially unveiled Oct 17, 2024. Base price €3.6M (≈$3.9M). 799-unit lifetime cap across 2025–2027 production window. All units pre-sold; Galliera quoted on ~3× oversubscription. Precedents in the halo series: Enzo ~400, LaFerrari 499, Daytona SP3 599 — F80 expands the run.[Wikipedia — Ferrari F80]
- 2026-04Acquired covered
Acquired covers Ferrari
Ben and David's full episode on the company; the scarcity-economics framing crystallises.
[https://www.acquired.fm/episodes/ferrari]
- The Acquired team's pre-episode WSJ feature with Luca di Montezemolo previewing the Ferrari story.[WSJ — Acquired podcast preview with Luca di Montezemolo]