Stephen Reitman

Stephen Reitman requested more details on F80 shipments in Q4 of last year, and commentary on residual value trends, the used car market, and dealer confidence, specifically noting the impact of reduced UK shipments in 2025.

Answer

CEO Benedetto Vigna affirmed that dealer confidence remains very strong, even strengthening in the latter half of the year due to product innovation. He reiterated that residual values are stable and solid, with UK values stabilizing after reduced shipments. F80 production started as planned, with a few units shipped in Q4 to customers globally, but specific unit numbers were not disclosed.

Stephen Reitman from Bernstein requested more specific details on Ferrari's F80 shipments in Q4, insights into current residual value trends and the used car market, and an assessment of dealer attitudes and confidence in the brand, particularly in light of reduced UK new car shipments.

Answer

Benedetto Vigna, Ferrari's CEO, affirmed strong dealer confidence and stable, solid residual values, noting that reduced shipments in the UK have helped stabilize residual values there. He confirmed that F80 production commenced as planned, with a few units delivered to customers across Asia, the US, the UK, and the Middle East in Q4, though specific unit numbers were not disclosed.

Stephen Reitman asked about the demand for the 849 Testa Rossa (Coupe vs. Spider) and the level of interest in the Purosangue (referred to as 'Amalfi' in the question), particularly for entry-level buyers. He also requested an update on the penetration rate of the hybrid extended warranty program, previously around 15-20%.

Answer

CEO Benedetto Vigna stated that the Purosangue is performing better than previous models, with over 40% of buyers being new to the brand. He noted that the hybrid warranty program's penetration is picking up, now over 20%, but emphasized the need for better dealer training to explain its advantages properly.

Steven Reitman asked about the demand for the 849 Testa Rossa (Coupe vs. Spider), the level of interest in the Purosangue, and the current penetration rate and understanding of the hybrid warranty program.

Answer

Benedetto Vigna (CEO) stated that the Purosangue is performing better than previous models, with over 40% of buyers being new to the brand. He noted that the hybrid warranty program's penetration is over 20% and continues to pick up, but requires better explanation from some dealers.

Stephen Reitman asked about residual value trends in key markets, the reasons for lower expected industrial costs in the second half, and the recent change in R&D capitalization versus amortization.

Answer

CEO Benedetto Vigna acknowledged some residual value pressure in the UK and for specific models in the US, noting that corrective actions are showing positive results. CFO Antonio Picca Piccon explained that lower H2 industrial costs are anticipated due to a favorable comparison against last year's higher racing expenses and better-than-expected supply chain inflation. He added that the R&D capitalization rate fluctuates based on the specific timing and overlap of internal model development projects.

Stephen Reitman sought confirmation of a significant price increase for the Purosangue in 2025, asked about the customer profile for the new 12 Cilindri, and requested an update on the uptake of the new battery warranty program for hybrid models.

Answer

CEO Benedetto Vigna confirmed the planned price increase for the Purosangue took effect on January 1, 2025. He noted the 12 Cilindri is attracting significant interest, with about 20% of orders from new clients whose average age is around 45. He also reported good traction for the battery warranty program, with approximately 350 contracts signed in four months, stating it provides customers with 'peace of mind'.

Stephen Reitman asked about personalization trends for the Dodici Cilindri and Purosangue and questioned if the EBIT bridge provided a clear run-rate for the new HP sponsorship deal.

Answer

CEO Benedetto Vigna described personalization trends for new models as strong and consistent with past preferences for functional components, paint, and carbon finishes. CFO Antonio Picca Piccon clarified that the Q1 sponsorship figure is not a reliable run-rate due to the easy year-over-year comparison, as the HP deal was signed in April of the prior year.

Inquired about a specific price increase for the Purosangue, the customer profile for the new 12 Cilindri model, and the uptake of the new battery warranty program.

Answer

Confirmed the planned Purosangue price increase. The 12 Cilindri is attracting new, younger clients (around 20% new, average age 45). The battery warranty program is seeing good traction with about 350 contracts signed in its first four months.

Inquired about the Purosangue's personalization rate beyond the initial collector phase, feedback on the new hybrid battery warranty, and dealer feedback on customer traffic and interest.

Answer

New Purosangue clients are also personalizing their cars, but it's too early to call it a trend. The new hybrid warranty has received positive initial feedback. There are no signs of weakness in customer interest or showroom traffic.

Stephen Reitman inquired about the Purosangue's personalization rate among newer clients, asked for early feedback on the hybrid warranty program, and questioned dealer footfall and interest levels amid broader luxury market concerns.

Answer

CEO Benedetto Vigna noted that new Purosangue clients are also keen on personalization but more data is needed to confirm a trend. He reported 'very, very positive' early feedback on the hybrid warranty. He firmly stated there are no signs of weakness in demand, citing strong client attendance at recent 12Cilindri events as proof.

Stephen Reitman asked about Stellantis's market share expectations for the United States in 2026, noting the fluctuation from 8.1% in Q4 2024 to 7.5% in January 2025, and inquired about reports of a volume strategy with increased emphasis on fleet sales.

Answer

CEO Antonio Filosa stated that Stellantis's market share in the U.S. and North America is growing year-over-year in all segments and channels, including U.S. retail. He attributed the January dip in fleet to production seasonality and confirmed that new products (Jeep Cherokee, Dodge Charger) launching in March and late February, respectively, will drive market share growth in 2026.

Stephen Reitman questioned the fluctuation in U.S. market share, noting a drop from 8.1% in Q4 to 7.5% in January. He asked for Stellantis's market share expectations for the U.S. in 2026 and sought comments on reports suggesting a volume strategy with increased emphasis on fleet sales.

Answer

Antonio Filosa, Chief Executive Officer, clarified that U.S. and North American market share is growing overall (January 2025 vs. January 2024) across all segments and channels, including U.S. retail. He attributed the December-to-January fleet decline to production seasonality and stated that U.S. retail share is still growing. He expressed firm trust that new products (Jeep Cherokee, Dodge Charger), starting to significantly impact from March, will drive market share growth in the U.S. and North America in 2026.

Stephen Reitman of Bernstein inquired about the state of Stellantis's relationship with its U.S. dealers, asking for any metrics that demonstrate changes in dealer confidence and trust since the new management took over.

Answer

CEO Antonio Filosa confirmed a significant improvement in dialogue with the U.S. dealer network since January. As a key quantitative indicator of restored confidence, he highlighted that the company's order book, primarily driven by retail orders from dealers, has grown over 90% year-over-year. He also cited the new Ram 1500 Express as a product idea that originated from these improved dealer discussions.

Stephen Reitman of Bernstein asked for commentary on recent press reports suggesting that premium automakers in China are beginning to reduce discounting and ease sales pressure on dealers.

Answer

CEO Ola Kallenius confirmed that the Chinese market experienced increased price pressure across all segments in the first half of the year. He stated that while Mercedes-Benz was also affected, data shows the company maintained relative price stability better than its competitors. Kallenius noted that while Mercedes cannot completely insulate itself from market dynamics, a move by competitors toward less discounting would reduce pressure, and Mercedes will stick to its own game plan.

Stephen Reitman from Bernstein Societe Generale requested more detail on the market development in China. He specifically asked about the reception of the new E-Class, the general competitive environment for both ICE and BEV models, and the level of incentive activity and pricing in the region.

Answer

Executive Harald Wilhelm explained that in China, the new E-Class sees strong demand at healthy pricing levels once it becomes available. He characterized the EV space as highly competitive, stating Mercedes is not artificially pushing volume or 'buying' market share. Wilhelm also noted that slower market dynamics, stemming from weaker consumer sentiment, have impacted the entire market, including the Top-End segment, though the S-Class remains the undisputed leader.