Ferrari makes 13,752 cars a year, yet it's the seventh largest carmaker by market cap: $110bn versus GM at $80bn. Ferrari's fundamental insight is that scarcity creates desire. In 2024, Ferrari's revenue was €6.7 billion with a 28 per cent operating profit margin. For context, Toyota's is about 10 per cent.

CEO Benedetto Vigna talks about Ferrari as a luxury goods company that happens to make cars. Non-car revenue (merchandise, licensing, theme parks) generates about €800 million a year.