Is Ferrari profitable in 2026?

Yes. Ferrari posted FY2025 net profit of €1.6 billion on €7.146 billion revenue (up 7%), and Q1 2026 EBITDA margin held at 39.1% with FY2026 guidance confirmed at roughly €7.5B revenue and ≥39.0% EBITDA margin, as of May 5, 2026.

Did the Ferrari Luce EV hurt sales or the brand?

The Luce, unveiled May 25, 2026, triggered stock declines of 3 to 8.4% on backlash over its five-seat, four-door design departing from Ferrari's sports-car identity; the CMO departed July 1, 2026, and Ferrari cut its 2030 BEV target from 40% to about 20%.

Could AI replace Ferrari's core business?

Unlikely. Ferrari's moat is scarcity, hand-craftsmanship and 80-year racing heritage, not software. AI use (IBM fan app since May 2025, AWS SageMaker for F1 assembly since Feb 2025) touches racing and fan engagement, not the vehicle allocation or brand model driving 39% EBITDA margins.

Who owns Ferrari N.V.?

Ferrari is public (NYSE: RACE, Borsa Italiana) with no majority owner. Exor N.V., the Agnelli family holding company, is the largest shareholder with roughly 19.5-24.65% equity but 32.3-36.5% of voting rights; Piero Ferrari holds about 10% equity and 15.4% of votes.

Is Ferrari's biggest competitor threat Tesla or Chinese EV makers?

Not really; Ferrari's scarcity model (order book to end of 2027, capped at about 13,600 units yearly) has not lost share to BYD, Tesla, Lamborghini or Porsche as of mid-2026. The live risk cited is self-inflicted: the May 25, 2026 Luce EV brand backlash, not external disruption.

How exposed is Ferrari to US tariffs?

Ferrari manufactures exclusively in Maranello, Italy, and faces roughly 25% US import tariffs. It raised US prices up to 10% starting April 2025 to offset costs, with an estimated 50 basis point hit to margins, per its March 27, 2025 commercial policy update.

Manufacturing companies · Italy

Ferrari N.V.

corporate.ferrari.com ↗

Italian ultra-luxury automaker building scarce, high-margin sports cars and EVs.

Hard to displace

Assessed 20 July 2026 · Evidence as of 20 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 20 July 2026 · Checkable from July 30, 2026 · Every call on the record Checkpoint: Q2 2026 earnings, first full quarter reflecting Luce backlash and delivery trends

The call

Ferrari's scarcity and racing history keep margins near 40 percent, with the biggest open question being whether Luce dilutes the brand, not outside rivals.

Ferrari builds expensive handmade sports cars in tiny numbers (about 13,600 per year) and sells them years in advance. The company is hard to compete with because big carmakers need to sell millions to survive and cannot build 80 years of racing history overnight, while electric car startups cannot instantly create Ferrari's fame. The real danger is Ferrari itself: the company launched the Luce EV model to chase electric car trends, customers pushback hard, the marketing leader quit, and now Ferrari is scaling back its electric plans. If Ferrari keeps being exclusive and careful about which cars go electric, it stays strong; if it chases volume and floods the market to compete with Tesla or other EV makers, it ruins what makes Ferrari valuable in the first place.

Why

AI pressure: None apparent. AI speeds Ferrari's own design and simulation work; no AI product competes for bespoke hypercar buyers yet. Could AI do the core job? Unlikely.

Bigger players: None apparent. Mercedes-AMG, Porsche, and Chinese EV makers can't match Ferrari's price tier or waitlist; the real risk is self-made. Could a giant copy it? No, they are blocked.

What protects it. A capped 13,600-unit build rate, a waitlist into 2027, and eight decades of F1 pedigree keep demand ahead of supply.

What would change this call

Ferrari's order book length at end of 2027 across two consecutive quarterly reports. Shortening would show weakening demand and eroding scarcity.
Q2 2026 earnings on July 30, 2026 showing whether the 4.4% delivery dip persists. A sustained dip would indicate Luce backlash is hurting sales, not just optics.
Ferrari EBITDA margin in upcoming quarterly reports relative to the mid-30s threshold. A sustained drop below mid-30s would signal real margin damage from the EV transition.

Key numbers

FY2025 revenue €7.146B, 13,640 units shipped (2026-02-10)
Q1 2026 EBITDA margin 39.1% (2026-05-05)
Stock fell up to 8.4% after Luce EV reveal (2026-05-26)

Named risks

Luce EV brand backlash eroding Ferrari's exclusivity positioning and causing management turnover. Severity: high
US tariffs (~25%) on Maranello-made cars pressuring margins despite price increases. Severity: medium
Reported 4.4% quarterly delivery dip mid-2026 tied to Luce controversy (single-source claim). Severity: medium
Temporary suspension of Middle East shipments in 2026, reason undisclosed. Severity: low
Recurring FIA fines and reputational friction from F1 procedural breaches. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
BYD (Yangwang U9)	contesting	Cited as premium EV benchmark Ferrari races to preempt, per July 20, 2026 report
Porsche	gaining on	Porsche lowered its own EV sales targets amid weak China/US demand, reported mid-2026
Lamborghini	gaining on	Lamborghini abandoned near-term full-EV plans, reported alongside Ferrari's Luce coverage, 2026-07-20
Tesla	contesting	Named as adjacent mass-EV disruptor but not taking share from Ferrari's scarcity model as of mid-2026

Questions people ask

Is Ferrari profitable in 2026?: Yes. Ferrari posted FY2025 net profit of €1.6 billion on €7.146 billion revenue (up 7%), and Q1 2026 EBITDA margin held at 39.1% with FY2026 guidance confirmed at roughly €7.5B revenue and ≥39.0% EBITDA margin, as of May 5, 2026.
Did the Ferrari Luce EV hurt sales or the brand?: The Luce, unveiled May 25, 2026, triggered stock declines of 3 to 8.4% on backlash over its five-seat, four-door design departing from Ferrari's sports-car identity; the CMO departed July 1, 2026, and Ferrari cut its 2030 BEV target from 40% to about 20%.
Could AI replace Ferrari's core business?: Unlikely. Ferrari's moat is scarcity, hand-craftsmanship and 80-year racing heritage, not software. AI use (IBM fan app since May 2025, AWS SageMaker for F1 assembly since Feb 2025) touches racing and fan engagement, not the vehicle allocation or brand model driving 39% EBITDA margins.
Who owns Ferrari N.V.?: Ferrari is public (NYSE: RACE, Borsa Italiana) with no majority owner. Exor N.V., the Agnelli family holding company, is the largest shareholder with roughly 19.5-24.65% equity but 32.3-36.5% of voting rights; Piero Ferrari holds about 10% equity and 15.4% of votes.
Is Ferrari's biggest competitor threat Tesla or Chinese EV makers?: Not really; Ferrari's scarcity model (order book to end of 2027, capped at about 13,600 units yearly) has not lost share to BYD, Tesla, Lamborghini or Porsche as of mid-2026. The live risk cited is self-inflicted: the May 25, 2026 Luce EV brand backlash, not external disruption.
How exposed is Ferrari to US tariffs?: Ferrari manufactures exclusively in Maranello, Italy, and faces roughly 25% US import tariffs. It raised US prices up to 10% starting April 2025 to offset costs, with an estimated 50 basis point hit to margins, per its March 27, 2025 commercial policy update.

Timeline

2026-07-15Ferrari announces Q2 2026 earnings date of July 30, 2026
2026-07-01CMO Enrico Galliera departs after 16 years, replaced by Massimiliano Di Silvestre
2026-06-27Ferrari Luce sells out initial 88-unit China allocation
2026-05-26Ferrari shares fall 3-8.4% on Luce backlash
2026-05-25Ferrari unveils Luce, its first electric production car, in Rome, priced from €550,000
2026-05-05Q1 2026 results: €1.848B revenue, 39.1% EBITDA margin, FY guidance confirmed
2026-02-10FY2025 results: €7.146B revenue, €1.6B net profit, 13,640 units shipped
2026-01-05Ferrari launches first ~€250m tranche of new €3.5B buyback through 2030
2025-05-01IBM and Scuderia Ferrari HP launch generative AI fan mobile app
2025-03-27Ferrari announces up to 10% US price increases to offset tariffs

Revision history

20 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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