Ferrari is a public company, and its largest shareholder is Exor N.V., the Agnelli family holding company, with about 21.33% of the common shares and 32.32% of the voting power as of 4 February 2026, according to Ferrari’s annual report on Form 20-F. Trust Piero Ferrari, set up by Vice Chairman Piero Ferrari, son of founder Enzo Ferrari, holds about 10.67% of the shares, and Piero Ferrari exercises about 16.17% of the votes. Ferrari N.V. has traded on the New York Stock Exchange as RACE since October 2015 and on Euronext Milan since January 2016.
Exor held 37,768,613 common shares, about 21.33% of Ferrari's outstanding shares, as of 4 February 2026. Exor is controlled by Giovanni Agnelli B.V., which is held by members of the Agnelli and Nasi families, descendants of Fiat's founder.
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The Ferrari family
Trust Piero Ferrari, a Jersey trust, owns 18,894,295 shares, about 10.67%. Piero Ferrari, Vice Chairman, holds the usufruct over them, including the right to vote them.
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Loyalty votes
Shareholders who hold their shares for at least three years can elect to receive special voting shares. Through this program Exor's voting power rises to about 32.32% and Piero Ferrari's to about 16.17%.
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Everyone else
BlackRock held about 3.80% of the shares as of 4 February 2026; other public shareholders held about 64.20%. Exor and Piero Ferrari have a shareholders' agreement to consult each other before general meetings, without any obligation to vote the same way.
What changed in 2025-26
Exor sold part of its stake
On 26 February 2025 Exor sold 6,666,667 Ferrari shares, about 3.7% of the shares then outstanding, to institutional investors. Ferrari bought 666,666 of them for about €300 million as part of its buyback, and Exor agreed to a 360-day lock-up on the rest.
A refreshed shareholders' pact
On 3 January 2026 Exor, Piero Ferrari and Trust Piero Ferrari signed an amended and restated shareholders’ agreement. It keeps the consultation duty and adds reciprocal rights of first offer if either side wants to sell.
The first electric Ferrari
In October 2025 Ferrari began the launch of its first full electric model, named the Ferrari Luce in February 2026. Its batteries, e-axles and inverters are built in the e-Building in Maranello, inaugurated in June 2024.
Higher revenues, steady volumes
Ferrari reported net revenues of €7,146 million and net profit of €1,600 million for 2025 on 13,640 car shipments, slightly fewer cars than in 2024, in line with its controlled-volume strategy.
Ferrari's main shareholders (as of 4 February 2026)
Exor N.V. (Agnelli family)
Share of common shares21.33%
Voting rights32.32%
Trust Piero Ferrari
Share of common shares10.67%
Voting rights16.17%
BlackRock, Inc.
Share of common shares3.80%
Voting rights3.38%
Other public shareholders
Share of common shares64.20%
Voting rights48.13%
What it means for you
For investors: count votes, not just shares; loyalty voting lifts Exor and Piero Ferrari to close to half the votes.
Check the date on any ownership figure: Exor's stake fell after its February 2025 sale, so older '24%' figures are out of date.
Read the 20-F's Major Shareholders section each year rather than third-party lists, which mix shares and votes.
For founders: note how a loyalty-share program rewards patient holders and makes a hostile bid hard.
For operators: Ferrari's ownership supports a controlled-volume strategy, with fewer cars sold in 2025 than in 2024 yet higher revenues.
The Business Engineer lens
Ferrari shows how a family holding company and a founder’s heir can keep near-control of a listed luxury brand with about a third of the shares, by pairing it with loyalty votes. That patient control lets the company ration supply and fund long projects such as its first electric car without chasing volume.
Exor N.V., the Agnelli family holding company, with about 21.33% of the shares and 32.32% of the voting power as of 4 February 2026.
Does the Ferrari family still own part of Ferrari?
Yes. Trust Piero Ferrari holds about 10.67% of the shares, and Piero Ferrari, Vice Chairman and son of Enzo Ferrari, votes them, about 16.17% of the votes.
Is Ferrari owned by Fiat or Stellantis?
No. Ferrari separated from Fiat Chrysler Automobiles (now Stellantis) in a process completed on 3 January 2016 and is an independent public company, although Exor is the largest shareholder in both.
Where is Ferrari stock traded?
On the New York Stock Exchange since its October 2015 IPO and on Euronext Milan since 4 January 2016, under the symbol RACE.
Ferrari is owned by Ferrari N. V., a public company traded on the New York Stock Exchange since 2015. Ferrari operates independently from Stellantis (formerly Fiat Chrysler Automobiles), which spun off Ferrari in 2015.
Company
DescriptionFerrari N.V.
Ownership Structure
DescriptionPublicly traded company with major shareholders
Major Shareholders
Description
Founding Date
Description1939 (as Auto Avio Costruzioni), officially became Ferrari S.p.A. in 1947
Founder
DescriptionEnzo Ferrari
Headquarters
DescriptionMaranello, Italy
Stock Symbols
DescriptionRACE (NYSE) and RACE (Borsa Italiana)
Primary Business
DescriptionDesigning and manufacturing luxury sports cars and participating in motorsports, particularly Formula One
Strategic Goals
DescriptionMaintaining exclusivity and luxury brand status, expanding product line with hybrid and electric models, and enhancing performance and innovation
Additional Ownership Details
Exor N.V.: Exor, the holding company controlled by the Agnelli family, holds the largest single stake in Ferrari, providing significant influence over the company’s strategic decisions.
Piero Ferrari: The son of founder Enzo Ferrari, Piero Ferrari, owns a significant stake in the company and serves as Vice Chairman, contributing to the preservation of the brand’s heritage and values.
Public Trading: Ferrari is publicly traded on both the New York Stock Exchange (NYSE) and the Borsa Italiana (Italian Stock Exchange) under the ticker symbol RACE. The ownership is distributed among a wide range of institutional and individual shareholders.
Corporate Strategy: Ferrari focuses on maintaining its status as a leading luxury sports car manufacturer by limiting production to preserve exclusivity, investing in cutting-edge technology and innovation, and expanding its lineup with hybrid and electric models while staying true to its performance heritage.
Motorsports: Ferrari has a rich history in motorsports, particularly in Formula One, where it has been a dominant force. This involvement reinforces the brand’s reputation for performance and engineering excellence.
Products and Services
DescriptionFerrari is an Italian luxury sports car manufacturer known for producing high-performance sports cars and grand tourers. The company offers a range of luxury vehicles, including the Ferrari 488, Ferrari Portofino, and Ferrari SF90 Stradale, characterized by their speed, design, and exclusivity. Ferrari also provides customization and limited-edition models.
AnalysisFerrari’s core offerings are high-performance sports cars and grand tourers, targeting a select clientele seeking prestige, speed, and exclusivity. Customization options and limited-edition models cater to individual tastes and collector markets.
ExamplesFerrari 488 Pista, Ferrari Portofino M, bespoke customization services, limited-edition models like LaFerrari Aperta.
Revenue Streams
DescriptionFerrari generates revenue primarily through the sale of its luxury vehicles. Additional income comes from customization options, brand licensing (e.g., merchandise), Formula 1 racing activities, and limited-edition models sold at premium prices.
AnalysisVehicle sales are the primary revenue source, representing the core of Ferrari’s business. Customization, licensing, Formula 1 activities, and limited-edition models contribute to diversified income streams.
ExamplesRevenue from luxury car sales, customization services, brand licensing, Formula 1 activities, limited-edition model sales.
Customer Segments
DescriptionFerrari caters to an exclusive and affluent customer base, including high-net-worth individuals, collectors, enthusiasts, and those seeking the epitome of luxury and high-performance automobiles. The brand embodies prestige and exclusivity.
AnalysisFerrari’s target demographic consists of individuals seeking the utmost in luxury, speed, and status in their automobiles. The brand is synonymous with prestige and exclusivity.
ExamplesHigh-net-worth individuals, luxury car collectors, racing enthusiasts, brand-conscious consumers.
Distribution Channels
DescriptionFerrari distributes its luxury vehicles through a network of authorized dealerships and showrooms worldwide. The company also offers online configurators and customization services to personalize vehicles according to customers’ preferences.
AnalysisAuthorized dealerships ensure a personalized buying experience, aligning with the exclusivity of the brand. Online configurators enhance customer customization options.
ExamplesFerrari dealerships and showrooms, online configurators, bespoke customization services for customers.
Key Partnerships
DescriptionFerrari collaborates with suppliers and partners to source high-quality materials and components. The company also forms partnerships in Formula 1 racing for technology and brand exposure. Additionally, collaborations with luxury brands create limited-edition products.
AnalysisSupplier partnerships ensure the use of premium materials and components in vehicle production. Formula 1 partnerships provide access to advanced technology. Collaborations with luxury brands create exclusive products.
ExamplesCollaborations with suppliers for premium leather and materials, Formula 1 partnerships with Scuderia Ferrari, limited-edition collaborations with luxury brands.
Key Resources
DescriptionFerrari’s key resources include its iconic brand reputation, automotive design and engineering expertise, skilled craftsmen, manufacturing facilities, Formula 1 racing technology, global dealer network, and a commitment to innovation and sustainability.
AnalysisFerrari’s brand reputation signifies luxury, speed, and exclusivity. Expertise in design and engineering ensures exceptional quality. Skilled craftsmen contribute to bespoke customization. Manufacturing facilities support production. Formula 1 technology enhances performance. Sustainability and innovation efforts drive progress.
ExamplesFerrari’s brand recognition, design and engineering teams, skilled artisans, manufacturing plants, Formula 1 racing technology, global dealer network, sustainability initiatives.
Cost Structure
DescriptionFerrari incurs costs in research and development for car design and engineering, production and manufacturing, marketing and advertising, employee wages, customization services, Formula 1 racing activities, and sustainability initiatives.
AnalysisInvestment in research and development and manufacturing is essential for producing high-performance vehicles. Marketing and advertising promote brand prestige. Employee wages are substantial due to skilled labor. Customization services and sustainability efforts enhance customer experience and brand image.
ExamplesR&D for new car models, manufacturing of luxury vehicles, marketing campaigns, employee salaries, customization services for customers, Formula 1 racing expenses, sustainability initiatives.
Competitive Advantage
DescriptionFerrari’s competitive advantage lies in its iconic brand, exceptional performance, craftsmanship, exclusivity, and Formula 1 racing heritage. It offers a unique blend of luxury, speed, and customization, appealing to discerning customers and collectors. Commitment to sustainability and innovation keeps Ferrari at the forefront.
AnalysisFerrari’s brand recognition and performance set it apart in the luxury sports car market. Extensive customization options cater to individual tastes. Formula 1 heritage enhances the brand’s racing credibility. Sustainability initiatives appeal to environmentally conscious consumers.
ExamplesIconic Prancing Horse logo, bespoke customization through Ferrari Tailor Made, Formula 1 racing pedigree, plug-in hybrid technology in Ferrari SF90 Stradale.
Value Proposition
DescriptionFerrari offers customers the pinnacle of luxury, speed, and exclusivity in their automobiles. It provides a bespoke and personalized experience, allowing customers to express their individuality through customization. Ferrari embodies prestige, racing heritage, and the thrill of driving.
AnalysisFerrari’s value proposition centers on delivering the ultimate in luxury, speed, and personalization. It offers a driving experience that combines performance, craftsmanship, and exclusivity, appealing to those seeking the best in high-performance automobiles.
ExamplesOwning a bespoke Ferrari car, configuring a Ferrari to exact specifications, experiencing the power of a Ferrari engine on the track.
Ferrari’s top shareholders
Ferrari’s top shareholders comprise Piero Ferrari, son of Enzo, the iconic founder of the company, based in Maranello, Italy. Another major shareholder is Exor the private holding company of the Agnelli family, which also controls the FIAT Chrysler Automotive group (data source: Ferrari Financials).
Ferrari’s value propositions
The different cars Ferrari offers based on the value proposition for Ferrari’s customer base (Image Source: Ferrari Financials).
Ferrari cars have four core value propositions: sportiness, performance, elegance, comfort & versatility, and anything between that. Perhaps cars like F8, Stradale and Superfast are a combination of performance and sportiness. Roma is instead all about elegance, while the GTC4 Lusso is about elegance and comfort.
Ferrari’s mindset is not just about performance, but what the company calls “driving emotions” or the sweet spot between Performance and Versatility (Image Source: Ferrari Financials).
Ferrari’s personalization offers
(Image Source: Ferrari Financials).
As a car luxury company, Ferrari offers highly customizable interiors and exteriors.
Ferrari’s personalization offers move from “Carrozzeria Scaglietti” to the top-line of customization level, the One-off.
Ferrari offers a wide catalog of personalizations in the Special Equipment program, from luggage sets to special paints and much more.
With Tailor-Made personalizations, Ferrari offers a designer that will assist the customer in applying specific customization levels to the car.
The maximum level of personalization is achieved through the One-Off, with limited edition cars that count a few models globally.
Ferrari’s cars
The wide range of Ferraris available, each with a set of characteristics designed to appeal to a specific customer type. From extremely performant cars, which are all about sportiness, to more elegant and comfortable cars (Image Source: Ferrari Financials).
Ferrari revenue model
With 10,131 cars sold in 2019, 48.3% of those cars sold in Europe and Middle East (the largest buyer of Ferrari is the UK with 1,120 cars), followed by Americas (the whole continent), Mainland China and rest of the Asia Pacific Region (Data Source: Ferrari Financials).In 2019, Ferrari made over 3.7 billion euros in revenues, which is more than $4.3 billion, with a net profit of 699 million euros (Data Source: Ferrari Financials)
Background
Ferrari is an Italian manufacturer of luxury sports vehicles that was founded by Enzo Ferrari in 1939.
Below, let’s discover the key moments that immortalized the Ferrari legend.
Enzo Ferrari
Ferrari became interested in cars at the age of 10 after witnessing his first race. After returning from World War I, he tried to find work at the Italian automaker Fiat but was rejected because of an abundance of unemployed ex-servicemen.
Ferrari worked at smaller companies for a while and eventually landed a job at Alfa Romeo as a race car driver in 1924. Ferrari was a skilled and successful driver but later transitioned to become a team manager.
Scuderia Ferrari
Ferrari founded the Scuderia Ferrari racing team in 1929 which, at the time, was part of a division within Alfa Romeo.
The team competed in a variety of events such as the Grand Prix, endurance races, and hill climbs. Scuderia Ferrari rapidly became one of the most successful and well-known racing teams in the world and won multiple championships in the 1930s.
In 1935, Ferrari’s workshop produced its first race car. Known as the Alfa Romeo Bimotore, it featured the emblematic prancing horse logo and was the first step toward Ferrari becoming a fully-fledged car manufacturer.
Three years later, Alfa moved its racing operations in-house. While Ferrari was hired as department manager, the Scuderia Ferrari team as he knew it was no longer. Ferrari left Alfa Romeo in 1939 but would continue to race, design, and build cars under his own name.
Auto Avio Costruzioni
One of the conditions of Ferrari’s departure from Alfa was that he could not use the Ferrari name in association with any of his cars or racing for at least four years. Thus, he founded Auto Avio Costruzioni in the old headquarters of Scuderia Ferrari in Modena.
The company initially made parts for the war effort, but it also produced race cars in the early 1940s. The first, known as the 815, was based on a Fiat platform and featured 8 cylinders and a 1500-cc engine. However, it achieved only modest success on the race track.
In 1943, operations were moved to Maranello where the company has remained ever since. The factory was rebuilt twice after Allied raids in 1944 and 1945, and after the war ended, Ferrari commissioned Gioacchino Colombo to design a new V12 engine.
Ferrari 125 S
Released in 1947 and featuring a 1.5-liter V12 engine, the Ferrari 125 S was the first car to carry the Ferrari name. The Ferrari Scuderia team was re-established, and the company was victorious at the 1948 Mille Miglia and the 1951 Formula 1 Grand Prix, among other races.
Around this time, Ferrari race car driver Luigi Chinetti approached Ferrari about the prospect of selling a sports car to the general public. Ferrari was hesitant at first, but eventually permitted Chinetti to establish a dealership in New York City.
The move was critical to the early success of Ferrari since the United States is its most lucrative market today.
But, perhaps more importantly, the opening of the first Ferrari showroom marked the point at which everyday enthusiasts (albeit wealthy ones) could drive one of the company’s cars without having to race it.
The great walkout
Ferrari was known for his authoritarian leadership style which, in most respects, permeated the entire company.
Those who did not agree with his direction were either fired or resigned from the company, and some, such as former employee and Lamborghini founder Ferruccio Lamborghini, did just that.
Enzo’s stubbornness almost cost him his company on several occasions, but it was the so-called “Great Ferrari Walkout” of 1961 where he came the closest.
Friction between Ferrari and his subordinates had been building for years, with the involvement of Ferrari’s wife Laura in company affairs believed to be at the heart of the issue.
Sales manager Girolamo Gardini took particular offense to Laura’s increased presence and threatened to leave if she wasn’t removed. True to form, Ferrari fired Gardini who, while not vital to the company, would be missed.
But it was a key cohort of Gardini supporters that would hurt Ferrari and his company the most. These included chief engineer Carlo Chiti, sports car development chief Giotto Bizzarrini, Scuderia Ferrari manager Romolo Tavoni, and five others.
Whether this cohort was sacked or left of their own accord is unclear, but what is clear is that each parted ways with the company in October 1961 and left several projects in limbo.
Driver deaths and the battle with Ford
The exodus left Ferrari without multiple critical personnel and, to exacerbate matters came at a difficult time for the company.
Its motorsport division had suffered reputational damage after several driver and spectator deaths in the late 1950s, with one magazine even writing that Ferrari “was built on dead men.” Ferrari’s pain was compounded when he lost his eldest son Dino to muscular dystrophy in 1956.
This tumultuous period in Ferrari’s history peaked when it was humiliated by Ford at the 1966 Le Mans race.
Henry Ford II had attempted to acquire Ferrari three years earlier and, after Enzo backed out of the deal and sold a majority stake to Fiat instead, a bitter feud ensued between the men that would last almost a decade.
Out of pride or vengeance, Ford spent $25 million engineering a vehicle that would beat Ferrari in the world’s most prestigious car race.
The company’s GT40 had some early teething problems but placed first, second, and third at the 1966 race while no Ferrari was able to finish.
Restructuring and ownership
Ferrari became a public corporation in 1960 and when Fiat took a 50% stake in 1969, the company was able to extend its factory and invest in new models. Enzo saw the deal as essential to Ferrari’s long-term viability.
When Ferrari passed away in 1988 at the age of 90, Luca di Montezemolo became President and transformed Ferrari into a global luxury brand. After Enzo’s death, Fiat increased its stake to 90% where it more or less remained for 25 years.
However, in 2015, Fiat restructured Ferrari as an independent company and it became known as Ferrari N.V. This was followed by an IPO on the New York Stock Exchange in October.
Ferrari today
Today, many Ferraris sell for hundreds of thousands (or even millions) of dollars and the company has remained true to its racing heritage. The brand has a loyal and passionate customer base with even some Ferrari merchandise extremely popular and sought after.
Emblematic of all Ferraris is the prancing horse logo and vibrant red color, a throwback to the early years when Ferrari itself was a racing company and regulation required all vehicles to be painted red.
This requirement ceased in the 1960s, and while Ferraris are now available in other colors, rosso corsa (racing red) remains central to the brand today.
Key takeaways
Ferrari is an Italian manufacturer of luxury sports vehicles that was founded by Enzo Ferrari in 1939.
Enzo Ferrari founded the Scuderia Ferrari racing team in 1929 which, at the time, was part of a division within Alfa Romeo. When Ferrari left Alfa in 1939, he founded Auto Avio Costruzioni because he was not able to associate his name with vehicles or motorsport for at least four years.
Released in 1947, the first vehicle to bear the Ferrari name was the 125 S. Later, race car driver Luigi Chinetti approached Ferrari about the prospect of selling a sports car for the general public. Ferrari became a public corporation in 1960 and was majority owned by Fiat for decades before it was made an independent company in 2015.
Key Highlights
Ferrari Overview: Ferrari is an Italian luxury sports car manufacturer founded by Enzo Ferrari in 1939. The brand is associated with wealth, status, speed, and luxury. It’s renowned for its iconic models and racing heritage.
Value Propositions: Ferrari cars offer value propositions such as sportiness, performance, elegance, comfort, and versatility. Different models cater to various customer preferences, with some emphasizing performance and sportiness, while others focus on elegance and comfort.
Personalization Offers: Ferrari offers extensive customization for interiors and exteriors. The customization ranges from the “Carrozzeria Scaglietti” level to the highest level of personalization called “One-Off.” Customers can choose from a wide catalog of personalization options.
Revenue and Market: In 2019, Ferrari sold 10,131 cars, with the largest portion (48.3%) sold in Europe and the Middle East. Ferrari generated over €3.7 billion ($4.3 billion) in revenue in 2019, with a net profit of €699 million.
Background and Enzo Ferrari: Enzo Ferrari developed an interest in cars after witnessing a race at a young age. He worked at Alfa Romeo as a race car driver and team manager, eventually founding the Scuderia Ferrari racing team in 1929, which became highly successful.
Ferrari’s Great Walkout: Ferrari’s authoritarian leadership style led to conflicts with subordinates. The “Great Ferrari Walkout” of 1961 involved key personnel leaving the company due to internal disputes and leadership issues.
Driver Deaths and Ford Feud: Ferrari faced challenges with reputational damage due to driver and spectator deaths. The rivalry between Enzo Ferrari and Henry Ford II led to Ford’s GT40 beating Ferrari at the 1966 Le Mans race.
Ownership and Restructuring: Ferrari became a public corporation in 1960, and Fiat took a 50% stake in 1969, leading to growth and investment in new models. After Enzo’s death, Fiat increased its stake to 90%. In 2015, Ferrari became an independent company (Ferrari N.V.) and had an IPO.
Ferrari Today: Ferrari remains true to its racing heritage and has a loyal customer base. The brand’s emblematic prancing horse logo and vibrant red color remain central. The company produces high-end vehicles and merchandise.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
