Luca di Montezemolo

A little over 20% is owned by the Agnelli family with their holding company Exor.

But that 20% was 90% before the IPO and what, 81% right after the IPO.

So they have really sold down that stake over time.

68% of it is now owned by public shareholders.

I mean, that is an independent company.

However, the voting shares are a different story.

So together, Exor and Piero have the right to vote about 49% of the voting shares.

So it doesn't take much for them to control the vote on any given decision as long as they vote together.

They just need to go sway 1% or 2% of the public float to vote with them as a bloc.

Yes.

I'm so glad you took it here.

So Ferrari effectively makes four types of cars that consumers can buy.

85% of units shipped fall into what they call the range.

These cars are a few hundred thousand dollars each, of course, before any personalization or customization.

This is your Amalfi, your Roma, your Tessarosa, your 12-cylindry, these sorts of models.

So that's 85%.

And actually, sometimes it flexes up even higher if they are not shipping a supercar at the moment.

Because the supercar that we had talked about, the F40, the F50, the Enzo, the LaFerrari, and now the F80, these are not being made all the time.

They just make them for, I don't know, 24 months, once a decade.

Special occasions.