Ferrari ships more cars than ever. Its margins went up.
Ferrari's volume rule was never a fixed cap. In 2024 it shipped 13,752 cars at a 38.3% EBITDA margin, and cut China by 328 units to protect exclusivity. Scarcity is a dial, not a wall.
Transcript
Sell scarcity as a dial you turn, not a wall you defend. Ferrari shows why.
In 2014, Sergio Marchionne was asked about Ferrari's famous rule: build one less car than the market demands. He said it is not an absolute restriction. It needs to be evaluated every time.
In 2024, Ferrari shipped 13,752 cars, roughly a third more than it built five years earlier.
More cars did not mean thinner margins. Ferrari earned €6,677 million of revenue at a 38.3% EBITDA margin.
When China softened, Ferrari cut shipments there by 328 units, to preserve the brand's exclusivity.
The rule was never a number. It was keeping demand ahead of supply, so Ferrari decides who buys. In your market, who controls allocation: you, or the market?
The records behind this video
Every figure in the video comes from this Decision Record, each with its sources.
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