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    Stephen Reitman • Bernstein

    Stephen Reitman's questions to Ferrari NV (RACE) leadership

    Stephen Reitman's questions to Ferrari NV (RACE) leadership • Q2 2025

    Question

    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'.

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    Stephen Reitman's questions to Ferrari NV (RACE) leadership • Q2 2025

    Question

    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.

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    Stephen Reitman's questions to Ferrari NV (RACE) leadership • Q1 2025

    Question

    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.

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    Stephen Reitman's questions to Ferrari NV (RACE) leadership • Q2 2024

    Question

    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.

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    Stephen Reitman's questions to Stellantis NV (STLA) leadership

    Stephen Reitman's questions to Stellantis NV (STLA) leadership • Q2 2025

    Question

    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.

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    Stephen Reitman's questions to Mercedes-Benz Group AG (MBGYY) leadership

    Stephen Reitman's questions to Mercedes-Benz Group AG (MBGYY) leadership • Q2 2024

    Question

    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.

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    Stephen Reitman's questions to Mercedes-Benz Group AG (MBGYY) leadership • Q1 2024

    Question

    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.

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