Luca di Montezemolo

Yes, domestically from BYD, Xiaomi, and others.

This is having a huge impact on brands that expanded into China in the last decade, like we talked a lot about on our Porsche episode.

But China is only 7% of Ferrari's sales, down from 10% at its peak.

Now, Porsche, on the other hand, China was 33% of their deliveries a few years ago, which has collapsed all the way to 15% and continues to fall.

So the question then is, is Ferrari any less desirable today in China than it was five years ago?

And does it fill a different enough job to be done than the domestic supercars for them to sort of weather that storm?

Yeah.

I think my answers on this are there are domestic supercars in China.

They're still not Ferrari level in terms of desirability, certainly not brand heritage.

Yeah.

They don't have the meth.

Unless there's a sentiment change where people in China only want to buy domestic supercars, I mean, that's sort of a risk to them.

But I think the thing that you're buying, the signal you're trying to send when you buy a Ferrari is not really at risk.

The job to be done by an EV, I kind of keep coming back to this, is completely different than the job to be done by owning a Ferrari.

I'm not.

It's the only one I want to buy.

Yeah, it's a swing.

All right.

All right.

Well, should we just start with brand?