David Rosenthal

So that's manufacturing.

We've talked about Luca's embracing of the luxury strategy for Ferrari.

Let's talk about markets and growth.

Yes.

And international.

Yes.

And there's another subtle point here that applies here.

very specifically to Ferrari.

They make so few cars and sell so few cars to a given geography that it really is a special experience every time you even see one on the road.

And it's really important not to dilute that.

Owning a Ferrari is a truly rare and special experience.

But even just seeing one, even just being next to one, should be a rare experience.

The minute that that stops being rare, part of the myth dies.

Yes.

Now-

There is one other related thing that Ferrari takes on during this time, which is a lot of Ferrari clients, particularly American clients, really...

want a family Ferrari.

They've got more use cases in their life for automobiles than Ferraris give them opportunity to use it for.

Right, right.

He might need to drive his kids to school or he might need to be driven by your chauffeur to an important business meeting.