Luca di Montezemolo

How much would you pay for a Ferrari that was badged as a Ford?

Yeah.

I mean, this is so hard because a Roma is not that much more expensive as the highest end Corvette that you could buy.

Yep.

But an F80 is $5 million, and there are not cars from normal car companies that anywhere near approach that.

So the question is kind of who is their direct competitor?

Their direct competitor...

is probably Lamborghini.

Yeah, that's the closest, yeah.

If you really want to go as apples to apples as possible.

So Lamborghini, as we mentioned, makes about 11,000 cars a year compared to Ferrari's 14,000.

Lamborghini has meaningfully increased volume.

If you look back at the Ferrari IPO year, back then, the average selling price was about even.

It was about $300,000, whether you're buying a Lamborghini or a Ferrari.

Today, Ferrari's average selling price, as we mentioned, is $500,000, whereas Lamborghini is about $340,000.

Mm-hmm.

So Ferrari has really flexed their sort of pricing power over Lamborghini, especially as Lamborghini has made more and more and more to kind of catch up to their volume.

And 60% of Lamborghinis are Uruses.

Yes, there's that too.

But the point that is useful for our powers exercise here is how much more would you pay for a Ferrari than a Lamborghini?