Ferrari's pricing power and scarcity remain core moats; Luce should not be compared with conventional electric vehicles

Overview

This report contains Deutsche Bank's expert call notes on Ferrari N.V. The interviewee, Antonio Trotta, served as Ferrari's head of powertrain and electric powertrain procurement from 2021 to 2025. The discussion focused on Ferrari's brand positioning in the luxury sports-car market, pricing and scarcity, its electrification pathway, and the recently launched Luce.

Core views

The core view is that Ferrari's competitive barriers primarily derive from its inimitable brand assets, F1 success, road-car heritage, and scarcity management. The report sees no significant competitive risks at present, while price is generally not a primary constraint for ultra-high-net-worth customers; personalization further supports high prices and exclusivity. Regarding electrification, Ferrari did not begin its transition with Luce, as hybrid models such as the SF90 already demonstrate its electrification pathway. Luce is more akin to a collector asset and should be evaluated based on Ferrari's customer experience and brand value rather than compared horizontally with mass-market EV manufacturers using range or acceleration metrics.

Analysis framework

The report uses an expert interview approach, drawing on the industry experience of a former Ferrari powertrain procurement head to make qualitative assessments of brand barriers, customer behavior, used-car price risks, personalized pricing, and electrified product positioning, while combining disclosed share-price, target-price, and rating information to derive investment implications.

Methodology notes

• Expert interviewExpert Call

  Validation through former executive industry experience

  An expert who was responsible for powertrain and electric powertrain procurement at Ferrari was used to validate the company's brand positioning, pricing power, customer preferences, and electrification pathway.

• Brand moat analysisLuxury Brand Moat

  Scarcity, heritage, and customer loyalty

  The analysis evaluates whether a luxury sports-car company can sustain high prices and exclusivity over the long term, focusing on brand history, F1 success, ultra-high-net-worth customer demand, and barriers to entry.

• Product positioning analysisCollector Asset Positioning

  Luce as a collector asset rather than a conventional BEV

  The report believes Luce targets a different customer group and should not primarily be compared with brands such as Tesla or Xiaomi using mass-market EV metrics such as range and acceleration.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Ferrari N.V. (RACE.MI)

  Primary research subject

  Strengths

  Distinctive brand, supported by F1 success, high barriers to entry, strong pricing power, and personalization that increases prices and scarcity.

  Weaknesses

  The report does not provide detailed financial forecasts; its conclusions rely primarily on qualitative expert interviews.

  Comparison

  Luce should not be directly compared with Tesla, Xiaomi, or other conventional EV manufacturers based on metrics such as acceleration and range.

  Risks

  Changes in luxury-consumption demand, used-car price fluctuations, investor misinterpretation of the EV transition, and market and price-volatility risks mentioned in the disclosures.

• Luce

  New model/product discussion point in Ferrari's electrification pathway

  Strengths

  More akin to a collector asset, emphasizing emotional driving experience and Ferrari customer identity.

  Weaknesses

  As a BEV, it may face external market bias from comparisons based on conventional EV metrics.

  Comparison

  The report believes its target customers differ from mass-market EV customers and that it should not be directly compared with brands such as Tesla or Xiaomi.

  Risks

  If the market evaluates it using a conventional BEV framework, its brand positioning may be undervalued or misinterpreted.

Key data

• CompanyFerrari N.V. / RACE.MIReuters code RACE.MI, Bloomberg code RACE IM, exchange MIL.
• Report date2026-07-13The date corresponds to the file name and report metadata.
• Recent priceEUR 327.45As of 2026-07-09, from the report price table.
• Target priceEUR 460.00Listed as Price Target in the report price table.
• 52-week rangeEUR 440.90 - EUR 273.80From the report price table.
• Expert backgroundAntonio Trotta, Ferrari's head of powertrain and electric powertrain procurement from 2021 to 2025Core source of information for the expert call.

Impact & implications

If the report's assessment is correct, Ferrari's valuation support comes from sustained pricing power, brand scarcity, and personalization revenue rather than simply from sales volume or EV technology specifications. Luce's investment implications are more about strengthening the product lineup and customer coverage than competing with mainstream electric-vehicle brands on price or performance.

Risks

• The expert call provides qualitative information and does not include a complete financial model or quantitative sensitivity analysis.
• Luxury-car demand may be affected by the macroeconomic environment, wealth effects, and changes in consumer preferences.
• Although the expert does not view used-car price fluctuations as a major risk, they could still affect the market's assessment of brand scarcity.
• The electrification transition may create technology, customer-acceptance, and product-positioning risks.
• Deutsche Bank disclosed that it and its affiliates may act as market makers or liquidity providers and have previously received compensation from the company for non-investment-banking services.

What to watch

• Whether Ferrari's subsequent price increases can still be readily absorbed by core customers.
• The penetration rate of personalization and its contribution to per-car revenue and brand scarcity.
• Customer feedback, order quality, and secondary-market performance following Luce's launch.
• Whether hybrid and BEV products continue to preserve Ferrari's emotional driving experience.
• Whether the rating, target price, or TSR assumptions change in future research updates.