Ferrari NV

ferrari-logoFerrari is among the world’s leading luxury brands focused on the design, engineering, production and sale of the world’s most recognizable luxury performance sports cars. The brand symbolizes exclusivity, innovation, state-of-the-art sporting performance and Italian design and engineering heritage. Ferrari's name and history and the image enjoyed by Ferrari cars are closely associated with Ferrari's Formula 1 racing team, Scuderia Ferrari, the most successful team in Formula 1 history. From the inaugural year of Formula 1 in 1950 through the present, Scuderia Ferrari has won 224 Grand Prix races, 16 Constructor World titles and 15 Drivers’ World titles.

Ferrari design, engineer and produce cars in Maranello, Italy, and sell them in over 60 markets worldwide through a network of 176 authorized dealers operating 198 points of sale.

Ferrari believes their cars are the epitome of performance, luxury and styling and currently sell seven models, including four sports cars (488 GTB, 488 Spider, F12berlinetta and special series F12 Tour de France, or F12tdf) and three GT cars (California T, FF and the new GTC4Lusso). The 488 GTB and the 488 Spider were launched in 2015 to replace the 458 Italia and 458 Spider, which Ferrari produced and sold in 2015 but are now discontinued. The F12tdf, unveiled in October 2015, is the latest special series and follows the 458 Speciale and 458 Speciale A, which Ferrari produced and sold in 2015 but are now discontinued. In February 2016, Ferrari unveiled the new GTC4Lusso, the latest GT car, which will replace the FF, with sales expected to begin in the second semester of 2016. ferrari also produce a limited edition supercar, LaFerrari, and very limited editions series (Fuoriserie) and one-off cars.

Ferrari Cars

Ferrari believes their cars are the epitome of performance, luxury and styling and currently sell seven models, including four sports cars (488 GTB, 488 Spider, F12berlinetta and special series F12 Tour de France, or F12tdf) and three GT cars (California T, FF and the new GTC4Lusso). The 488 GTB and the 488 Spider were launched in 2015 to replace the 458 Italia and 458 Spider, which Ferrari produced and sold in 2015 but are now discontinued. The F12tdf, unveiled in October 2015, is the latest special series and follows the 458 Speciale and 458 Speciale A, which Ferrari produced and sold in 2015 but are now discontinued. In February 2016, Ferrari unveiled the new GTC4Lusso, the latest GT car, which will replace the FF, with sales expected to begin in the second semester of 2016. ferrari also produce a limited edition supercar, LaFerrari, and very limited editions series (Fuoriserie) and one-off cars.

Vehicle Concept

Achieving the most efficient combination of lightweight materials and optimal weight distribution gives Ferrari cars
their superior longitudinal and lateral driving dynamics. Ferrari employ a range of technologies to reduce car weight. For Ferrari's range models, currently developing an aluminum lightweight chassis and body, which is lighter than a carbon fiber chassis. For LaFerrari, using state of the art carbon fiber technologies, which Ferrari developed in conjunction with Ferrari Formula 1 research and development team. Ferrari currently developing a new architecture, aimed at further reducing car weight and increasing performance, and thus improving stiffness and reducing noise, vibration and harshness (NVH), among other things.

Vehicle dynamics

Suspension, braking systems and tires are key elements of vehicle dynamics. Ferrari vehicle suspensions allow for a very rigid and direct force transmission which increases the response of the car, and combine those with magnetorheological ride dampers. Ferrari is continuously collaborate with strategic partners in effort to increase damper dynamics.

All Ferrari's are equipped with carbon ceramic brakes, renowned for superior breaking performance. With the 458 Speciale introduced a new generation of carbon ceramic brakes with even higher breaking performance and reduced weight. Ferrari plans on equipping future vehicles with these brakes.


Ferrari is constantly seeking to improve the aerodynamics of Ferrari models, working specifically on drag resistance and downforce. The new 488 GTB has an aerodynamic efficiency of 1.67 due to its specially designed front and its rear spoiler. Ferrari also use passive and active spoiler systems. Thanks to Ferrari collaboration with the racing team, who assist with calculations and testing, Ferrari believes they are able to develop innovative solutions in shorter timeframes.

Hybrid technology

With LaFerrari, Ferrari developed not only a supercar with cutting edge engine performance and driving dynamics, but also a highly sophisticated hybrid car. In conjunction with Ferrari partner Magneti Marelli, They developed a compact electric power unit (120KW) and DC/DC charger. The battery (120KW/2,3KWH) was developed in conjunction with Ferrari Formula 1 team, who has extensive know-how in high performance powertrains.

The LaFerrari project greatly expanded Ferrari knowledge of powertrain electrification (and its implications on
performance and efficiency). Ferrari actively works to improve performance and efficiency of electric powertrains and to extend the range of electric components in Ferrari cars (e.g. electric power steering).

Chassis and Body Assembly

In parallel with the assembly of engines, Ferrari prepare body-shells and chassis at the panel shop Carrozzeria
Scaglietti in Modena. The main components of body-shells and chassis are not manufactured internally but are sourced from manufacturers such as Officine Meccaniche Rezzatesi for chassis and Fontana Group for bodies. At Carrozzeria Scaglietti Ferrari has two different production lines dedicated to the assembly V8 and V12 cars. Ferrari carefully check the alignment of the various parts -most importantly the engine cover and the wings -with electronic templates and gauges. Trained specialists also perform surface controls to the aluminum panels and work any imperfections on it by either filing or panel beating.



At Ferrari's paint shop, all body-shells are cleaned with automatic pressure blowers (to avoid the electrostatic effect) and carefully brushed with emu feathers (because of their natural anti-electrostatic properties) to clean off any dirt particles or impurities. The bodies are then mounted on a loading bay, immersed in the cataphoresis tanks and subsequently transferred to a fixing gas fired oven at 140 degrees. Primers are then applied and fixed at 190 degrees until the completely grey body-shell is ready for painting. Painting is automated for the larger surfaces, while it is done by hand for some other localized areas. The whole car is painted at the same time to ensure color harmony. The bodies are finally polished with lacquer to fix the paint and give the bodies their final finish.

Personalization and Road Tests

The final stage of Ferrari car production is the fitting of all bespoke interiors, components and special equipment options that clients choose as part of the personalization program. After the personalization phase, every car completes a 40-kilometer road test-drive. After the road test all cars go to the finishing department. There, Ferrari thoroughly clean interior and exterior, check the whole car, polish and finish the bodies to give them their final appearance


The powertrain is a core area of the research and development. As with other research and development areas, powertrain research benefits from a constant exchange between the Formula 1 team and designers of Ferrari Sports and GT cars.


Ferrari 7-shift double clutch gearbox is a core element of Ferrari powertrains. The architecture of the gearbox,
combined with the shifting technologies developed by Ferrari, allow for one of the fastest and most performance orientated shifts on the market. The 488 GTB demonstrates the potential of this gearbox, reaching the 4th gear limiter in full acceleration in six seconds.


Ferrari V12 engines’ output ranges from 660 hp (in the FF), to 780 hp (in the F12tdf), and up to 800 hp (in the
LaFerrari). This range highlights the versatility in developing V12 aspirated engines, as there are no other car makers which currently boast such specific high power ratios. With the new California T and the 488 GTB transitioned from aspirated V8 engines to turbo charged engines. This allowed us to increase specific engine power more than 20 percent, while reducing emissions by up to eight percent. All Ferrari turbo engines are designed to have the same throttle response delivered by a naturally aspirated car. To achieve this goal, Ferrari is investing in cutting edge turbo charging technologies (such as aluminumtitanium-alloys and ball bearings), with Ferrari strategic partner IHI.

To further improve efficiency with respect to emissions and performance Ferrari continuously improve on Ferrari engines, researching new materials with higher specifications for friction, thermal and mechanical stress. Ferrari is also investing in technologies that improve the combustion process, with research focusing on high pressure injection and tumble flaps.

Engine Production

Unlike most low volume car producers, Ferrari operate their own foundry and machining department producing several of the main components of the engines, such as engine blocks, cylinders heads and crankshafts.

Ferrari engines are produced according to a vertical structure, from the casting of aluminum up to the final assembly and testing of the engine. Several of the main components of Ferrari engines, such as blocks and cylinders heads are produced at the foundry in Maranello. For this purpose, Ferrari uses a special aluminum alloy that includes seven percent silicon and a trace of iron, which improves mechanical integrity, and their own shell and sand casting molds. Once all components are ready, engines are assembled, on different lines for the V8 engines, V12 engines and for the V6 engines manufactured for Maserati.

The assembly process is a combination of automatic and manual operations. Since start of the assembly process, each engine is identified with a barcode and operations are recorded electronically. Every engine then goes to the test benches where its power and torque output are measured to ensure it delivers the expected performance. In 2015 Ferrari produced an average of approximately 147 engines per day, including approximately seven V12, 43 V8 and 13 V8 aspirated and 97 V6 engines for Maserati.

Manufacturing of Engines for Maserati

Ferrari has been producing engines for Maserati since 2003. The V8 engines that historically produced and continue to produce for Maserati are variants of Ferrari families of engines and are mounted on Maserati’s highest performing models, such as the Quattroporte (turbo engines), the Granturismo and the Grancabrio (aspirated engines). All of the V8 engines that Ferrari sell to Maserati are manufactured and assembled according to the same production processes Ferrari adopt for the V8s equipped on Ferrari cars. In 2015, Ferrari sold approximately 379 V8 turbo engines and approximately 2,921 V8 aspirated engines to Maserati. In 2011 Ferrari began producing a family of engines exclusively for Maserati, namely the F160 3.0-litre V6 Turbo engines, in much larger production volumes.

Ferrari's arrangement with Maserati is currently governed by a framework agreement entered into in December 2014. Pursuant to this agreement, the initial production run consists of up to 178,000 engines in aggregate through 2020. Based on Ferraris discussions with Maserati, Ferrari expect the production run to increase to up to 260,000 engines in aggregate through 2023 to cater to Maserati’s planned expanded model range and sales.The vast majority of the engine components are assembled in Maranello on Ferrari's highly automatized V6 assembly line.

Ferrari Classiche

Through the “Ferrari Classiche” service, ferrari offer specialized maintenance and restoration services to owners of Ferraris older than 20 years. They use either original components and spare parts or replicas based on the original specifications and their restoration service offers clients the opportunity to reinstate any classic Ferrari to its pristine, original conditions. Each year Ferrari Classiche carries out maintenance works on approximately 40 cars and performs approximately 10 full restorations.

Ferrari Classiche also issues certificates of authenticity to Ferrari models older than 20 years and to all Ferrari racing cars, including Formula 1 single-seaters of any age, to attest the authenticity of the cars and of their components. Each certified car undergoes a thorough technical inspection, at the Ferrari Classiche workshop in Maranello or at certain authorized dealers worldwide, to verify that the car’s chassis, engine, gearbox, transmission, suspension, brakes, wheels, bodywork and interior are original, or otherwise comply with, the car’s original specifications. If the inspection is successful, Ferraris committee of experts grants the certification. In recent years Ferrari Classiche has on average granted approximately 400 certificates of authenticity per year.

Ownership / History of the Company


The company is named after founder Enzo Ferrari. An Alfa Romeo driver since 1924, Enzo Ferrari founded his own racing team, Scuderia Ferrari, in Modena in 1929 initially to race Alfa Romeo cars. In 1939 he set up his own company, initially called Auto Avio Costruzioni. In late 1943, Enzo Ferrari moved his headquarters from Modena to Maranello, which remains the headquarters to this day. The Fiat group acquired a 50 percent stake in Ferrari S.p.A. in 1969, which increased to 90% in 1988, after the death of Enzo Ferrari, with the remaining 10% held by Enzo Ferrari’s son, Piero Ferrari.

On October 19, 2015 Ferrari completed a restructuring intended to facilitate the initial public offering of their shares (the “IPO”) which resulted in the establishment of New Business Netherlands N.V., then renamed Ferrari N.V. as the holding company of the Ferrari group holding a 100 percent interest in Ferrari S.p.A.

Predecessor Ferrari was originally established as a 100 percent owned subsidiary of FCA on May 24, 2013. As a result of the restructuring, immediately prior to the IPO, FCA held approximately 90% of Predecessor Ferrari common shares. As part of the restructuring, Predecessor Ferrari incurred debt in order to optimize the capital structure of Predecessor Ferrari as a public company through the issue by Predecessor Ferrari to FCA of a promissory note (the “FCA Note”).

On October 20, 2015, FCA priced an IPO of shares of Predecessor Ferrari shares representing approximately 10% of Predecessor Ferrari’s common share capital and, on October 21, 2015, such common shares started trading on the New York Stock Exchange under the ticker symbol “RACE”. Following completion of the IPO, FCA owned approximately 80% of Predecessor Ferrari common shares, Piero Ferrari held approximately 10% of Predecessor Ferrari common shares and investors in the IPO held approximately 10% of Predecessor Ferrari common shares.

On December 16, 2015, Ferrari repaid the FCA Note with the proceeds of a loan drawn under a syndicated credit facility with a group of lenders. See “Operating Results—Liquidity and Capital Resources—Indebtedness with FCA and Refinancing of the FCA Note.”

The remaining steps of the Separation were carried out through the following transactions, which occurred between January 1 and January 3, 2016. Through two consecutive demergers under Dutch law (the “Demergers”), the equity interests in Predecessor Ferrari previously held by FCA, corresponding to approximately 80% of Predecessor Ferrari common share capital, were transferred to holders of FCA common shares and FCA mandatory convertible securities (“MCS”). Immediately after the Demergers, Predecessor Ferrari merged with and into Ferrari, as surviving company (the “Merger”). Upon effectiveness of the Merger, Ferrari became the holding company of the Ferrari business.

Pursuant to the Separation, (i) holders of Predecessor Ferrari common shares received one Ferrari common share for each Predecessor Ferrari common share and one Ferrari special voting share for each Predecessor Ferrari special voting share held; (ii) FCA shareholders received one Ferrari common share for every 10 FCA common shares and one Ferrari special voting share for every 10 FCA special voting shares held; and (iii) holders of MCS received 0.77369 Ferrari common shares for each MCS unit (consisting of $100 in notional amount of MCS) held. Ferrari special voting shares held by FCA prior to the Demergers are no longer outstanding.

On January 4, 2016, the business day following effectiveness of the Merger, Ferrari common shares began trading on the Mercato Telematico Azionario, the stock exchange managed by Borsa Italiana.

Shareholder: (NYSE: RACE)

ferrari_nv_ _2015_annual_report_feb_25_final.pdf

Public Shareholders Percentage owned* 66.5%

Based on the information in Ferrari’s shareholder register and other sources available to us, as of January 31, 2016, approximately 68.8 million Ferrari common shares, or 36 percent of the outstanding Ferrari common shares, were held in the United States. As of the same date, 1,220 record holders had registered addresses in the United States.

Exor is the largest shareholder of Ferrari through its 23.5 percent shareholding interest in Ferrari common shares (as of February 19, 2016). In addition, Mr. Piero Ferrari holds 10 percent of the common shares.

Piero Lardi Ferrari is the second and only living son of Enzo Ferrari and vice chairman of Ferrari automotive

EXOR S.p.A. is one of Europe’s leading investment companies founder by Giovanni Agnelli, an Italian entrepreneur, who founded Fiat car manufacturing in 1899. EXOR S.p.A. controlled by the Agnelli Family.

With Net Asset Value of nearly Euros 12 billion with long-term investments focused on global companies in diversified sectors, mainly in Europe and the United States.

EXOR S.p.A. Automotive Investments are:
- Ferrari NV: 23.5% (Ferrari S.p.A.)
- Fiat Chrysler Automobiles: 29.16% 
- CNH Industrial: 26.94% (construction equipment, trucks, commercial vehicles, buses, specialty vehicles)

Sales / Facility

In 2015, Ferrari shipped 7,664 cars.

The table below sets forth Ferrari unit shipments for the years ended December 31, 2015, 2014 and 2013, by geographic market:

ferrari_nv_ _2015_annual_report_feb_35_final.pdf




The first Ferrari built, 125S, on the entrance of the factory in 1947
The first Ferrari built, 125S, on the entrance of the factory in 1947

Ferrari principal manufacturing facility is located in Maranello (Modena), Italy. It has an aggregate covered area of approximately 630 thousand square meters. Ferrari Maranello plant hosts corporate offices and most of the facilities for the design, development and production of Ferraris Sports and GT cars, as well as of Ferrari's Formula 1 single-seaters. In 2015 completed construction of the new building entirely dedicated to Formula 1 team and racing activities, as well as the new wind tunnel 4WD. Adjacent to the plant is Ferrari's 3,000 meter Fiorano track, built in 1972 and remodeled in 1996. The track also houses the Formula 1 logistics offices.

Additional facilities in Maranello include a product development center, a hospitality area and the Ferrari museum. Ferrari's second plant in Modena, named Carrozzeria Scaglietti, approximately 26 thousand square meter plant manufacture aluminum bodyworks and chassis for Ferrari regular range, special series and prototype cars.

Ferrari S.p.A.
Via Abetone Inferiore, 4
41053 Maranello, Modena,


Ferrari Racing History

Ferrari's First Race, May 1946
Ferrari's First Race, May 1946

Ferrari made its independent racing debut at a race in Piacenza, Italy. Enzo Ferrari had been designing race cars for Alpha Romeo since the late 1920s, and it was not until after the war that he broke from Alpha to form his own car manufacturing firm. Ferrari entered his Tipo 125 car at the race in Piacenza. Featuring a revolutionary V-12 engine, the Tipo 125 led the race with two laps to go before a fuel pump failed and forced it from the race.

The result pleased Ferrari. In 1947, his company built and sold three Tipo 125 cars. Also, a Ferrari first at the race in Piacenza was the prancing horse hood ornament characteristic of all Ferraris since. Enzo had adopted the logo a few years earlier in honor of Italian World War I ace Enrico Baracca. Having met Baracca's parents at a social event, Enzo decided to honor their son by taking on the prancing horse logo that he had worn on the side of his airplane. Ferrari added the canary yellow background to honor his home city of Modena. With the prancing horse hood ornament, Ferrari would go on to unparalleled racing success, including nine Formula One Grand Prix World Championships.