Ferrari's revenue surged against the trend in the first quarter, shifting focus in the second half to its first pure electric model.

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On May 5, Ferrari released its financial report for the first quarter. The financial data shows that Ferrari’s global deliveries fell by 4.4% year-on-year to 3,436 vehicles in the first quarter, but net revenue reached €1.848 billion, EBITDA climbed to €722 million, and the profit margin hit a high of 39.1% for the industry.

Against a backdrop of slowing global car market demand and frequent price wars, Ferrari’s financial report demonstrates a typical counter-cyclicallogic—strict capacity control and extreme product structure optimization offset the decline in sales by raising per-unit net profit.

But this is just one side of the coin. The first pure electric model “Luce,” set to debut in Rome on May 25, will be the true test of whether this supercar manufacturer can continue its high-margin logic in the era of smart electrification.

Sell less, earn more

Ferrari’s declining delivery volume in Q1 is not a sign of shrinking market demand.

Ferrari CEO Benedetto Vigna confirms that current order backlogs are already scheduled through the end of 2027. The slight decrease in Q1 sales is more the result of product cycle transitions.The delivery volumes of the 296 series and Roma Spider are naturally declining as they reach the end of their product lifecycle, while high-margin models like the 12Cilindri and Purosangue are ramping up production.

The key driver behind the upward trend in net profit margin lies in product mix and personalized customization.

Details disclosed in the Q1 financial conference call show that customization business contributed about 20% of total revenue from cars and parts at constant exchange rates. This highly customization-dependent model enables Ferrari to achieve steady operating profit growth, even with 157 fewer deliveries than the same period last year.

This path, which breaks away from traditional manufacturing “economies of scale,” provesFerrari’s brand premium abilityin the terminal phase of the internal combustion engine erais actually rising, not declining.

Meanwhile, industrial free cash flow of €653 million in Q1 not only supports its healthy balance sheet, but also braces the company for subsequent high R&D expenses in new energy and electronic architecture.

Currently, whether it’s slowed EV penetration and tariff pressure in North America, or China’s intensifying “EV and ICE at the same price” and escalating smart technology competition, mainstream global carmakers and Tier-1 suppliers face severe profit squeeze.

Ferrari is temporarily immune to macro fluctuations because it operates outside the traditional automotive pricing system; it follows thelogic of “collectibles and social currency.”

While mainstream automakers are fighting over BOM costs, battery price reductions, and end-to-end autonomous driving compute power, Ferrari’s powertrain in Q1 remains 70% ICE and 30% hybrid.

At present, it doesn’t rely on the iteration of “three electrics” technology to grab market share, but uses scarcity-based supply-and-demand to hedge against macro inflation and geopolitical risks.

The Premium Defense Battle for Luce

But the sense of security on the books cannot answer the next question.

On May 25, Ferrari’s first pure electric model, named Luce, will be officially unveiled—a fiercely dangerous "premium defense battle."

The premium foundation of classic supercars lies in the roar of the internal combustion engine, the mechanical complexity of multi-cylinder engines, and the exquisite feel of chassis tuning. In pure electric architecture, the acceleration performance of motors has already been leveled to the €30,000 range by Chinese EV startups, causing power performance to be seriously democratized within the industry.

To reshape scarcity in the EV era, Ferrari’s answer isn’t to join the “three electrics” parameter race.

From preliminary test and supply chain information, Luce’s interior is deeply designed by former Apple design director Jony Ive’s team, LoveFrom. While keeping many retro physical buttons and helicopter-style launch levers,it tries to retain the mechanical ritual feel within the electronic architecture.

However, capital markets remain doubtful that it will achieve a smooth transition.

This is why, despite strong Q1 performance and unchanged full-year guidance, Ferrari’s stock price still fluctuated and pulled back around the financial report release.

The market is watching: in the pure electric era, can Ferrari still persuade high-net-worth customers to willingly pay excessive brand premiums for a “Prancing Horse” powered by batteries and motors?

Overall, Ferrari’s Q1 2026 financial report is a specimen of the classic supercar business model run to the extreme, showing strong counter-cyclical resilience and profitability.

But with the overall automotive industry irreversibly shifting to smart and electric, holding onto the glory of the ICE era is only a defensive move.

The pure electric model launch at the end of May is not just an expansion of Ferrari’s product lineage; it is a crucial leap in restructuring its brand core assets and rebuilding its foundational logic for the new energy era.

Whether Ferrari can smoothly weather this transformation pain will directly determine its capital market direction and industry standing for the next five years.

Risk Warning and DisclaimerThe market carries risks, investment should be cautious. This article does not constitute personal investment advice and does not take into account the individual investment objectives, financial situation, or needs of any specific user. Users should consider whether any opinions, views, or conclusions herein are suitable for their particular situation. Investing according to this, responsibility is at your own risk. ```