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Ferrari is an Italian top-tier luxury sports car and racing manufacturer, headquartered in Maranello, near Modena, Italy. It was founded in 1929 by racer Enzo Ferrari. Originally named Scuderia Ferrari, the company focused on racing activities and launched its first self-designed model, the 125 S, in 1947, formally entering the automotive manufacturing field. Ferrari's prancing horse logo originates from the insignia of World War I Italian pilot Francesco Baracca. Enzo Ferrari transformed it into a black prancing horse motif set against the iconic yellow background of Modena, making it one of the most recognizable brand logos in the world.
Ferrari adheres to a strict production restraint strategy, with all products handcrafted at the Maranello factory in Italy. A total of 13,640 units were delivered globally in 2025, with annual revenue of €7.146 billion and net profit of €1.6 billion. The order book extends through the end of 2027. As the ultimate speed machine of the fuel era, Ferrari now stands at a new starting point for electrification. Its first fully electric model, Luce, will have its global premiere in Rome on May 25, 2026.
Racing Era (1929–1946)
In 1929, Enzo Ferrari established Scuderia Ferrari in Modena. Initially, the company was not a car manufacturer but a racing club, providing racing services for partners. In 1938, Enzo joined Alfa Romeo, taking charge of its racing department. In 1939, he left Alfa Romeo due to creative differences and founded Auto Avio Costruzioni in Maranello, beginning his journey into independent car manufacturing. The factory was bombed during World War II but was rapidly rebuilt after the war.
Independent Car Building and Track Glory (1947–1988)
In 1947, the Ferrari 125 S drove out of the Maranello factory, marking the brand's birth. This two-seater sports car, powered by a 1.5-liter V12 engine, won its first race and opened an era of Ferrari dominance on the track. Ferrari participated in the inaugural F1 World Championship in 1950. The brand has since accumulated 14 F1 Constructor Championships and 9 Le Mans 24 Hours victories. In 1969, the Fiat Group acquired half of Ferrari's shares, but Ferrari always operated independently. Enzo Ferrari led the company until his death in 1988.
Post-Enzo Era to Volkswagen Ownership (1991–2015)
Luca di Montezemolo took office as chairman at the end of 1991, taking Ferrari's performance to unprecedented heights with innovation as his guiding principle. In 1997, the brand acquired Maserati and promoted its revival. The Enzo flagship supercar was released in 2002, and the first hybrid supercar, LaFerrari, appeared in 2013, establishing Ferrari's technical leadership in the electrification era. In 2015, Ferrari was independently listed on the New York Stock Exchange.
Multi-Powertrain Strategy (2020 to Present)
Benedetto Vigna took office as Ferrari CEO in 2021, promoting the brand's evolution toward a multi-powertrain approach. In 2023, the brand's first SUV model, the Purosangue, began delivery, expanding Ferrari from traditional sports cars into the ultra-luxury SUV market. In 2024, the brand's new E-building electric car factory was commissioned in Maranello, laying the production infrastructure for its electrification transformation. In 2025, Ferrari released the 12Cilindri, preserving the last glory of the pure naturally aspirated V12 engine.
Ferrari's product line follows a dual-track strategy of "mass production plus limited edition later", and can be divided into five major categories based on vehicle positioning: front-engine GT sports cars, mid-engine supercars, hybrid supercars, SUVs, and limited edition supercars, now supplemented by the arrival of fully electric new models.
Front V12 GT Series (Flagship Aesthetics)
The 12Cilindri is a front-engine V12 supercar heavily promoted by Ferrari in 2025. It is equipped with a 6.5-liter naturally aspirated F140HD V12 engine, delivering 830 horsepower at 9,250 rpm, with a maximum engine speed of 9,500 rpm. It can be seen as the final peak of the pure naturally aspirated V12 in the internal combustion engine era. The 12Cilindri Cabriolet version delivered its first batch in the second quarter of 2025. The Roma Spider is positioned as a front-mid 2+ GT convertible sports car, powered by a V8 engine. As an entry-level iteration continuing the front-engine streamlined aesthetic, it is clearly trending toward younger generations.
Mid-Engine Series (The Pinnacle of Handling)
The 296 adopts a V6 plug-in hybrid system for the first time. Its successor, internally codenamed F172, will feature a comprehensively upgraded three-motor layout. It is expected to have its global premiere in the fourth quarter of 2026, with formal deliveries beginning in 2027, and is set to set a new benchmark for mid-rear axle weight balance. The SF90 is Ferrari's first mass-produced plug-in hybrid car, equipped with a 4.0-liter V8 engine and three electric motors, delivering a combined output of up to 1,000 horsepower, laying the foundation for Ferrari's next generation of electrification.
Flagship Series and Limited Supercars (The Collector's Crown)
The F80, as the spiritual successor to LaFerrari, is the standout model of 2025. It uses pure fuel power with a V6 hybrid as its power reserve. Limited to just 799 units, it will begin deliveries in 2026. The Daytona SP3 is a limited edition model in the mid-engine V12 series, with final batch deliveries completing the limited production run for the year. In 2025, the 296 Speciale, 296 Speciale A, and the successor to the 812, known as the Amalfi, were all fully booked.
Ultra-Luxury High-Performance SUV Series
The Purosangue is Ferrari's first four-door, four-seat model, equipped with a 6.5-liter V12 engine. It has attracted an entirely new generation of ultra-high-end customers through its rarity and practicality, making a significant contribution to brand profits. Ferrari limits its deliveries to approximately 20% of the brand's annual sales in order to protect brand heritage and scarcity.
BEV Series (New for 2026)
The Luce ("Luce" means "light" in Italian) is Ferrari's first mass-produced fully electric model. It features a four-motor, all-wheel-drive layout, with combined power exceeding 1,000 horsepower, 0–100 km/h acceleration in 2.5 seconds, and a battery capacity of approximately 122 kWh, offering a range of 530 km. It supports an 800V ultra-fast charging architecture, charging from 10% to 80% in just 15 minutes. The price is expected to be as high as 550,000 euros, opening a new era for Ferrari.
In 2025, Ferrari achieved the ultimate profit model of "selling less but earning more" in the global ultra-luxury market. It delivered 13,640 new cars worldwide for the full year, a slight decrease of 112 units from the previous year's 13,752 units. However, driven by high-end customization, revenue rose instead of falling, reaching €7.146 billion for the full year, an 8% increase at constant exchange rates. EBIT came in at €2.11 billion, up 12% year-on-year, with EBIT margin expanding to 29.5%. Net profit was €1.6 billion, a 5% year-on-year increase, while free cash flow surged 50% to €1.538 billion.
By region, the EMEA region (Europe, the Middle East, and Africa) delivered 6,346 units, an increase of 142 units year-on-year, firmly holding its position as Ferrari's top global region. The Americas delivered 3,937 units. Mainland China, together with Hong Kong, Macau, and Taiwan, delivered 941 units, a decrease of 221 units year-on-year. In the first quarter of 2026, Ferrari's delivery volume contracted to 3,436 units, a 4.4% year-on-year decrease, while revenue reached €1.848 billion, with EBITDA of €722 million and a profit margin of 39.1%. The personal customization business contributed approximately 20% of total automotive and parts revenue, with industrial free cash flow reaching as high as €653 million.
Ferrari currently has an active customer base of approximately 90,000 people, an increase of about 20% compared to 2022, of which more than 32,000 are first-time buyers. Ferrari announced at its strategic conference in March 2025 that by 2030, fully electric vehicles will account for only 20% of its product portfolio, with hybrids and pure internal combustion engine vehicles each accounting for 40%.
Ferrari's technology roadmap focuses on a three-pronged approach: the peak of internal combustion engines, deep integration of hybrid power, and high-performance commercial application of fully electric vehicles. Its core hard power includes the V12 naturally aspirated engine, a hybrid system powertrain derived from F1 technology, and a self-developed three-electric platform.
V12 Naturally Aspirated Engine
The 12Cilindri, launched in 2025, uses the F140HD engine. With a 6.5-liter displacement, it reaches 9,500 rpm and delivers 830 horsepower. Through lightweight alloy pistons, DLC low-friction coatings, and an optimized intake tract, it achieves exceptional vibration control and acoustic beauty despite its large displacement. Ferrari has recently filed patents for oval pistons and a shortened cylinder block, which will reduce the overall size of the V12 by 25%, reserving space for PHEV integration in the next generation of electric hybridization.
Hybrid and Electric Powertrain
Ferrari first applied a KERS kinetic energy recovery system in the 2013 LaFerrari, marking the first time F1 technology transfer gave a roadgoing supercar an additional 120 kW of instant power. The hybrid system has since been upgraded to a seamless integration of electric motor and engine. In 2025, Ferrari offers eight internal combustion engine models and five hybrid models, with hybrids accounting for 45% of the lineup. Next-generation hybrid models will directly benefit from F1 powertrain energy optimization technologies, with motor components independently designed and assembled in Maranello, resulting in extremely high energy transmission efficiency.
Self-Developed Powertrain and Craftsmanship Heritage
Ferrari has used its new E-building factory to complete self-development of motors, inverters, and battery modules. The entire powertrain of the Luce is independently designed, featuring four independent permanent magnet synchronous motors, with torque vectoring control on the rear axle via dual motors. The battery pack structure was also designed by Ferrari engineers; while the cells are supplied by SK On, assembly and thermal management are fully developed in-house. To avoid the lack of sound waves in "silent driving," Ferrari has applied for a patent on a sound device that amplifies electric drive vibration frequencies to create a simulated roar. A virtual shifting patent device is also being tested to create a sensation similar to the shifting impact of an internal combustion engine.
Chassis and Aerodynamics
Ferrari continues to evolve its active suspension system (SCM and version 8.0) and carbon fiber chassis weight reduction technologies. F1 wind tunnel and CFD methods continuously feed back into the downforce levels of roadgoing supercars, forming one of the brand's most formidable technological barriers.
All Ferrari complete vehicle production is carried out within Italy, and the brand refuses to establish OEM or joint venture factories anywhere else in the world.
Italian Production System
The Maranello factory is Ferrari's longest-standing and largest manufacturing and R&D center. In July 2025, the new E-building began production. Covering 42,500 square meters, it has been specially designed for the production of hybrid and fully electric models, with an expected annual output of approximately 20,000 high-end vehicles. A new painting workshop and automated assembly lines have also been integrated into the facility. Despite constantly changing U.S. tariff policies, Ferrari's CEO has repeatedly stated that the company will never move a single step away from Italian production.
Sales Network
Ferrari has approximately 200 dealer networks worldwide, distributed across the Americas, Europe, the Middle East, and the Asia-Pacific region. The brand has established brand-new flagship lifestyle stores in key cities, such as a lifestyle retail store opened in London in 2026. Ferrari has already opened more than 20 dealers in China.
Racing Projects
The Scuderia Ferrari F1 team is among the world's top-tier racing teams. The Ferrari XX Programmes and F1 Clienti offer loyal customers exclusive rights to drive top-tier F1 racing cars on the track. The 499P is competing in the 2026 Asian Le Mans Series, showcasing the brand's endurance racing prowess to the Asia-Pacific market.
2026 marks the historic first year of electrification for Ferrari. The Luce fully electric supercar will have its global premiere on May 25 and will begin formal deliveries in early 2027. The brand has stepped back from its aggressive push to be first in the fully electric space, clarifying that by 2030, fully electric models will account for 20% of its product lineup, with hybrids and pure internal combustion engine vehicles each making up 40%, always allowing for a multi-powertrain transition period.
In terms of new model launches, Ferrari plans to introduce a total of five new cars in 2026, including the Luce, the new 296 hybrid supercar codenamed F172, two high-margin limited-edition fuel models, and one higher-performance track-focused car. In March 2026, the brand announced a share buyback plan of up to 5%, further signaling its sustained profitability and stable outlook to shareholders.
Built on years of consistently strong financial performance and an extremely robust order book (all new cars are pre-sold through the end of 2027), Ferrari's diversified strategy does not rely on economies of scale. Before the first fully electric supercar, the Luce, is even deployed, Elon Musk has already exited the competition—Ferrari continues to dominate on the F1 track, expand its track customer programs, and let the beautiful, powerful roar of the V12 engine echo on. How exactly the Prancing Horse will balance the passion of the engine after entering the new electric era is now unfolding in the hands of a new generation of decision-makers.
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