Luca di Montezemolo

Now, you might say, well, that's really inefficient.

And it is.

I mean, they don't invest in making a automated production line that can easily make lots of cars.

Efficiency is not the point for Ferrari.

Right.

They would make for a terrible scaled car company.

Ferrari can operate on a much shorter timescale between design and actually getting a car out to customers since there's less overhead in getting started.

And it's a double-edged sword.

You would never want to do 100,000 cars a year with the Ferrari model.

In fact, you barely want to be doing 14,000.

But the pro is that they can be really iterative and really responsive to new ideas.

They can change their engine casting spec without involving a supplier and asking them to do a rebuild of something.

And they can also get learnings from their F1 team quickly into cars since it's right across the street.

I think this is like one of the interesting nerdy business model characteristics of the pros that come from a manufacturing process that...

sort of doesn't invest in overhead and doesn't allow for the cheapest incremental marginal car to roll off the line.

It's more about how do we maintain sort of the most flexibility at any given point?

Because we're selling expensive cars and we've got the margin to absorb it.

Right.

And part of what you are buying, if you are interested in buying a Ferrari, especially, let's say you came into this, you didn't want a Ferrari, you leave this episode, you're like, actually, I do kind of want a Ferrari.

Part of what you are buying is the lore that I just shared.