Toby Bordelon

They're going to make what their customers order, like they've always done.

This is not an inventory risk like you might see with a Ford or a GM or something.

You order the car, they're going to build it, and they're going to deliver it to you.

They need an EV because some of their customers want it.

It needs to scream Ferrari.

That's critical.

But the model for them is just very, very different than a typical automaker.

Whether it's 20% or 40%, I don't think that's relevant.

What matters is they're keeping the brand strong, and they deliver the high-margin vehicles their customers are ordering.

That's what it's going to be.

It's not going to be orders open on our website.

It's going to be, here, customer, you're eligible to order one of the first EVs off the line.

It's actually not a line for them.

Again, these are custom-designed, custom-made, very, very different models.

Either way, the common thread across Ferrari... Pulling back from 48% to 20%, maybe that even raises the value.

Yes, exactly.

They're creating more exclusivity.

This is the Ferrari playbook.

I got to be honest here.

I'm not sure I would call 9% growth solid for a company like this.