2022-06-16 Ferrari.Investor Day
John Elkann Executive Chairman
[Foreign Language]
John Elkann 执行主席
[外语]
Good morning. We're very happy to have all of you here in Maranello for our 2022 Capital Markets Day. It's really wonderful to see many of you who have made it, and it's nice to be physically together. But also to who is joining us remotely -- we hope it won't be long before you are also able to be here with us in Maranello, our home for 75 years.
早上好。我们非常高兴各位能来到马拉内罗参加我们 2022 年的资本市场日活动。真的很高兴看到这么多位亲临现场，能和大家实体相聚真是太好了。对于远程加入我们的朋友们——我们希望不久之后你们也能来到马拉内罗和我们在一起，这里是我们 75 年来的家。
And if we are here today, it is precisely because of those 75 years. In these 75 years, we have become the makers and creators not only of the most beautiful, the most competitive and the most provocative cars in the world. But also the source of endless stories and memories that have moved and inspired -- following from one generation to the next of passionate collectors, clients and supporters, and all because of the vision, the passion and the extraordinary determination of one man, our founder, Enzo Ferrari.
我们今天能相聚于此，正是因为这 75 年的历程。在这 75 年里，我们不仅成为了世界上最漂亮、最具竞争力、最具挑战性汽车的制造者和创造者，更成为了无数动人故事和珍贵回忆的源泉，这些故事和回忆感动并激励着一代又一代充满热情的收藏家、客户和支持者——而这一切都源于我们创始人恩佐·法拉利的远见卓识、满腔热情和非凡决心。
From the day I became Chairman of our company, I was able to add to my lifelong passion for Ferrari, a much deeper appreciation of the uniqueness of our company. And this was taken to a new level when at the end of 2020, fate led me to also take on the role of Chief Executive. The months I spent as CEO were an immense privilege and also an intense learning experience. There were an opportunity for me to spend precious time close to the exceptional men and women who make up the entire Ferrari team across all aspects of our business. It reconfirmed everything that I knew and felt about our company, and it also gave me a far better understanding of the huge opportunities that lie ahead.
从我担任公司董事长的那一天起，在我对法拉利毕生的热情之上，又增添了对公司独特性的更深刻理解。2020 年底，命运的安排让我同时兼任首席执行官一职，这使我的理解提升到了一个新的高度。担任首席执行官的几个月是一段莫大的荣幸，也是一次紧张的学习经历。那段经历让我有机会与构成法拉利整个团队、遍布我们业务各个方面的杰出男女员工们近距离相处，度过了宝贵的时光。这再次印证了我对公司的一切了解和感受，也让我对未来巨大的机遇有了更清晰的认识。
First and foremost, those months reinforced my conviction that Ferrari is at its core, a luxury company. The creator of the world's highest value, highest performance, highest quality products with real opportunity of developing further in the lifestyle space.
首先，那几个月坚定了我对法拉利核心是一家奢侈品公司的信念。法拉利是全球最高价值、最高性能、最高品质产品的创造者，在生活方式领域拥有进一步发展的真正机会。
The strength of our spirit of racing, which is part of the [Foreign Language] Maranello. And I feel you can breathe it gives us competitiveness urgency, appetite for innovation and its demand for total teamwork. That's why Ferrari's story is and will always be inextricably linked to the world of motorsport.
我们赛车精神的力量，是马拉内罗 [外语] 的一部分。我感觉你可以呼吸到它带给我们的竞争紧迫感、创新欲望以及对团队合作的极致要求。这就是为什么法拉利的故事现在并且将来永远与赛车运动密不可分。
Finally, everything we do will always focus on being distinctively Ferrari. We believe the opportunity set by electrification and electronics will allow us to make even more unique cars. That is why we were convinced that we needed a CEO with a deep understanding of the technologies that are changing, not just the automotive industry, but also the wider world. Benedetto Vigna with whom we share the same values, has the profound technological knowledge required but even more importantly, he is an entrepreneur and innovator who created a multibillion euro business from scratch in a hypercompetitive industry. As an Italian he instinctively understands the emotion and the passion that sets Ferrari apart.
最后，我们所做的一切都将始终专注于彰显法拉利的独特性。我们相信，电气化和电子技术带来的机遇将使我们能够制造出更加独特的汽车。因此，我们坚信我们需要一位深刻理解正在改变汽车行业乃至整个世界的技术的首席执行官。Benedetto Vigna 与我们拥有相同的价值观，他拥有所需的深厚技术知识，但更重要的是，他是一位企业家和创新者，在一个竞争异常激烈的行业中从零开始创造了数十亿欧元的业务。作为一名意大利人，他本能地理解使法拉利与众不同的情感和激情。
Today, as I mentioned during my last analyst call last August, we set out the path we will take during this decade but it will be much more than this. It will provide the foundations on which we will build the continuing long-term success of Ferrari as the world's most distinctive and most innovative luxury brand, moving swiftly to create continuing growth opportunities from the changes of a fast transforming world, but never compromising on our commitment to be the unmatched expression of Italian excellence.
今天，正如我在去年八月最后一次分析师电话会议上提到的那样，我们规划了未来十年的发展道路，但这远不止于此。它将为法拉利作为世界上最独特、最具创新性的奢侈品牌的持续长期成功奠定基础，我们将迅速行动，从快速变化的世界中创造持续的增长机会，但绝不妥协我们成为意大利卓越品质无与伦比的代表的承诺。
I would like to end with the importance of passion, which is the thread that connects us with the world, cutting across cultural and language barriers, bringing together our colleagues, customers and tifosi as one family. It comes directly from a founder when his final speech, to his fellow workers, entrusted them, "With you, Ferrari will become an irrepressible reality. With Piero and our Ferrari colleagues, we strongly feel this responsibility and are committed to it as you will learn today."
我想以激情的重要性作为结束语，激情是连接我们与世界的纽带，它跨越文化和语言障碍，将我们的同事、客户和车迷们凝聚成一个大家庭。这直接源于我们的创始人，在他对同事们的最后一次演讲中，他嘱托道：“有了你们，法拉利将成为一个不可阻挡的现实。与皮耶罗和我们的法拉利同事们一起，我们强烈地感受到这份责任，并致力于此，正如你们今天将了解到的那样。”
So without any further delay, I'd like to invite Benedetto to begin today's presentation. [Foreign Language]
那么，事不宜迟，我想邀请 Benedetto 开始今天的演讲。[外语]
Benedetto Vigna CEO & Executive Director
Good morning, everyone. [Foreign Language] John, [Foreign Language] thank you for your kind words. And [Foreign Language]. It's a pleasure for me to have all of you here in person. It's always much better than the flat screen we are getting too much used to. [Foreign Language] in a place that I have the privilege to live every day to brief that atmosphere John was talking about is the place where 75 years ago, the first Ferrari was getting out of the door here in Maranello.
Benedetto Vigna 首席执行官兼执行董事
大家早上好。[外语] John，[外语] 感谢您的美言。并且 [外语]。我很高兴各位能亲临现场。这总是比我们越来越习惯的平面屏幕要好得多。[外语] 在这个我有幸每天生活的地方，感受 John 刚才提到的那种氛围，75 年前，第一辆法拉利就是从马拉内罗这里的这扇门驶出的。
It's a place where -- it's 9 months. I'm breathing this kind of passion, deep sense of belonging. This continuous strive for excellence that are the base for the teamwork -- and this is this teamwork, you will see today also in our presentation that is at the base of our willingness and commitment to push the boundaries further than ever.
在这个地方——已经 9 个月了。我呼吸着这种激情，这种深厚的归属感。这种对卓越的持续追求是团队合作的基础——正是这种团队合作，你们今天也将在我们的演示文稿中看到，它是我们意愿和承诺将界限推向新高度的基础。
I joined Ferrari 9 months ago. It was fifth of September, I have to say that I have been an Italian. Like many Italian, they say they are always in love with Ferrari. I remember when I was a child, playing with the model Ferrari in the [ built ] road track in the middle of the stone from the place where I am. I remember also my first Grand Prix when I get out at 14 years old to go to see this Grand Prix in Emilia and my parents didn't know -- We didn't know exactly where I was. They knew that I was with someone, some friends, but they did not know I was there. And I also -- I studied physics at University. And one of the reason was that because I had to fix the problem of antenna because during the Sundays, the rest days, I was not able to see correctly the race.
我 9 个月前加入法拉利。那是 9 月 5 日，我必须说我是一个意大利人。像许多意大利人一样，他们说他们一直热爱法拉利。我记得我小时候，在我家乡的石头路赛道上玩着法拉利模型。我还记得我第一次去看大奖赛，那是我 14 岁的时候，去艾米利亚看那场大奖赛，而我的父母并不知道——他们不知道我确切在哪里。他们知道我和一些人，一些朋友在一起，但他们不知道我在那里。而且我还——我在大学学习物理。其中一个原因是我必须解决天线的问题，因为在周日，休息日，我看不到清晰的比赛画面。
At that time, there were not so many Ferrari on the roads. And so it is today because the global appetite of luxury product in the world has grown but we want always Ferrari to provide unique cars. And this is our commitment, unique product. We have seen also in the video before, what our colleagues were saying, Ferrari will always deliver one car less than the market demand. This is well summarized what Enzo Ferrari, our founder said, and I can assure you that this will never change. This is a key point for our company.
那时候，路上的法拉利并不多。今天也是如此，因为全球对奢侈品的需求增长了，但我们始终希望法拉利提供独特的汽车。这是我们的承诺，独特的产品。我们之前在视频中也看到了，我们的同事们说，法拉利将始终比市场需求少交付一辆车。这很好地总结了我们的创始人恩佐·法拉利所说的话，我可以向你们保证，这一点永远不会改变。这是我们公司的一个关键点。
Since my first day here in Maranello, I invested a lot of time to talk with many stakeholders in particular, with all the women and the men here in the company. And our founders capture very well these important sentence that you see on the screen. Factories are made of machines, are made of walls and people, Ferrari is made most of all by people. Our people relentless dedication that you have seen in the video a few minutes ago, together with agility and flexibility, where these are the key to transform the challenge into opportunities. This is very important. The challenge for us has been and will always be opportunities.
从我在马拉内罗的第一天起，我就投入了大量时间与许多利益相关者交谈，特别是与公司里的所有男女员工。我们的创始人很好地抓住了屏幕上显示的这句重要的话。工厂是由机器、墙壁和人组成的，而法拉利最重要的是由人组成的。你们几分钟前在视频中看到的我们员工不懈的奉献精神，以及敏捷性和灵活性，这些是将挑战转化为机遇的关键。这非常重要。挑战对我们来说一直是，也将永远是机遇。
Our brand is powered by passion and the will to win. Our racing heritage is -- tell us every day that is the constant pursuit of excellence grows, paying attention to every small detail. We have always to pay attention to the details because that's the way you reach the excellence. We are using in this company, a lot of technologies, leading-edge technologies and we do this because we want to provide distinctive Ferrari car. We want to make a difference with the technologies. This is very important.
我们的品牌以激情和求胜的意志为动力。我们的赛车传统——每天都告诉我们，对卓越的不断追求在增长，要关注每一个微小的细节。我们必须始终关注细节，因为这是达到卓越的途径。我们公司正在使用许多技术，尖端技术，我们这样做是因为我们希望提供与众不同的法拉利汽车。我们希望通过技术创造不同。这非常重要。
I also spend in these 9 months, a lot of time, with all engineering community. We have many technical people in this company because we have a strong technical background. And then in particular, I was spending also lot of time with electronic engineers and software engineers. And I can tell you, I mean, I know pretty well this world that this has been passing well above my expectation. The competence that is in this company in that world is really unique.
在这 9 个月里，我还花了很多时间与整个工程技术团队交流。我们公司有很多技术人员，因为我们拥有强大的技术背景。特别地，我还花了很多时间与电子工程师和软件工程师交流。我可以告诉你们，我非常了解这个领域，这已经远远超出了我的预期。这家公司在这个领域的能力确实是独一无二的。
I cannot join you. I cannot invite you to join me in the laboratories. It's a privilege I have. For the time being, you will see later when we'll deliver our electric car. Well, but this is something that is really unique. There are many technologies. There is a lot of competence. And today, together with the colleague Enrico, Gianmaria, Ernesto, and Antonio, we'll outline the priorities for the future.
我不能和你们一起。我不能邀请你们和我一起参观实验室。这是我的荣幸。目前，你们稍后会在我们交付电动汽车时看到。嗯，但这确实是独一无二的。这里有很多技术，有很多能力。今天，我将与同事 Enrico、Gianmaria、Ernesto 和 Antonio 一起，勾勒出未来的优先事项。
This is a company that before to go to the agenda, I would like to highlight the 6 key ingredients of our DNA. We are a company that is looking a lot at uniqueness. We are committed to create unique car. The second is the people. They are who they make this unique product. There is the racing, the racing is embedded, deeply embedded in our DNA. And then there is the technological leadership that goes hand in hand with the craftmanship. And these are unlike any others. I have seen many technologies in my life, but I can tell you these here are unlike any other. And then there is the continuous learning approach. The continuous learning approach through a scientific -- in a scientific way. You need to understand to make a difference.
在进入议程之前，我想强调一下我们公司 DNA 的 6 个关键要素。我们是一家非常注重独特性的公司。我们致力于创造独特的汽车。第二是人才。他们是创造这些独特产品的人。然后是赛车，赛车深深植根于我们的 DNA 之中。再者是技术领先地位，它与精湛工艺相辅相成。这些都是与众不同的。我一生中见过很多技术，但我可以告诉你们，这里的技术与众不同。然后是持续学习的方法。通过科学的方式进行持续学习。你需要理解才能有所作为。
And then last but not least, this is very important, especially for most of the guests here, our financial strength and predictability. We've weaved the team, empowered by this DNA, we entered this new and challenging exciting chapter in the Ferrari story ready to push the boundaries further.
最后但同样重要的是，这一点非常重要，特别是对于在座的大多数客人而言，那就是我们的财务实力和可预测性。我们组建了团队，凭借这种 DNA 的力量，我们进入了法拉利故事中这个充满挑战和激动人心的新篇章，准备进一步突破界限。
How we want to do it? It's 5 ways, and that's what you will see together with the colleague; first, by elevating the customer experience; second, by enriching the driving emotion; third, by always staying through to the racing spirit; fourth, by enhancing value and by taking the necessary action to reduce our climate impact because the planet is very important. In our company, the people and the planet are very, very important.
我们想怎么做呢？有 5 种方式，这也是你们将和同事们一起看到的；首先，提升客户体验；其次，丰富驾驶情感；第三，始终忠于赛车精神；第四，提升价值，并采取必要行动减少我们的气候影响，因为地球非常重要。在我们公司，人和地球都非常非常重要。
Let's start from what has been done in the last 4 years since the previous Capital Market Day, September 18. Today, I mean, we have the team, the company has been delivering basically on all the promises. And there are 3 things that are highlighted in this chart. The first one -- the first one you see there -- what is the industrial -- accumulated industrial free cash flow that we are confident to reach by year-end. It's about EUR 2.5 billion after accumulated EBITDA of more than EUR 5 billion. And this has been done despite the global pandemic that we have been living all over the world.
让我们从过去 4 年，即自上一个资本市场日（9 月 18 日）以来所做的工作开始。今天，我的意思是，我们的团队，公司基本上兑现了所有的承诺。这张图表突出了 3 点。第一点——你们看到的第一点——是工业——我们有信心在年底前达到的累计工业自由现金流。在累计 EBITDA 超过 50 亿欧元之后，这大约是 25 亿欧元。尽管全球都经历了疫情大流行，我们还是做到了这一点。
The second, the team said that 15 new models were going to be launched. We did it. We launched 15 new models. Now in our portfolio, we have the most innovative, the broadest portfolio. And this is really a unique asset. I was talking with some of one of you before, and this is something that many of you have been noticing. Now 4 years ago, we said we will also have our Hybrid Ferrari. We have 4 Hybrid Ferrari in our portfolio. We have 2 coming from the V8 SF90 Stradale, SF90 Spider and we have 2 coming from V6. We're talking about 296 GTB and the one that we announced in April 296 GTS.
第二，团队曾表示将推出 15 款新车型。我们做到了。我们推出了 15 款新车型。现在，在我们的产品组合中，我们拥有最具创新性、最广泛的产品组合。这确实是一项独特的资产。我之前和你们中的一些人谈过，这是你们许多人已经注意到的事情。现在，4 年前，我们说过我们也将拥有混合动力的法拉利。我们的产品组合中有 4 款混合动力法拉利。其中 2 款来自 V8 引擎的 SF90 Stradale、SF90 Spider，另外 2 款来自 V6 引擎。我们指的是 296 GTB 以及我们在 4 月份发布的 296 GTS。
And then another important delivery is we expanded our customer base by 25%. So I think this is a good summary of what we have been able to deliver in the last -- in the last 4 years. But what is ahead of us. With our customer base today, we just touched very small part of high net worth individuals. We touch 0.3%. They engage with the enlargement of this base. The rejuvenation of this customer base is also one of our many opportunities while always staying through to the scarcity that is core to our philosophy.
然后另一个重要的交付成果是我们扩大了 25% 的客户群。所以我认为这很好地总结了我们在过去——在过去 4 年里所取得的成就。但是未来等待我们的是什么呢？以我们目前的客户群来看，我们只接触到了高净值人士中非常小的一部分。我们接触了 0.3%。他们参与到这个基础的扩大中。这个客户群的年轻化也是我们的众多机遇之一，同时始终坚持稀缺性这一我们理念的核心。
Now this is, I think, one of the most important charts on my introduction. Here, I put 2 important things, the trend of Ferrari of the luxury world and the trend of automotive. I mean we, as Ferrari, we are the guardian of an incredible brand that is really uniquely positioned to provide unique product -- luxury products, accelerating experiences and also memorable emotion.
现在，我认为这是我介绍中最重要的图表之一。在这里，我列出了两个重要的方面，法拉利在奢侈品界的趋势以及汽车行业的趋势。我的意思是，我们作为法拉利，是一个令人难以置信的品牌的守护者，它真正具有独特的定位，可以提供独特的产品——奢侈品、加速的体验以及难忘的情感。
All the luxury trend that you see on the left of this chart are really ingrained in our DNA. I'm talking about personnel. I'm talking about sustainable, experiential and culturally relevant. Personal because we always put the customers at the center of everything we do because we leverage the state-of-the-art technologies combined with a human touch. We humanize technologies so that they can deliver the best emotion. And we have reached constantly the touch point so that our customer can feel part of the family.
你们在这张图表左侧看到的所有奢侈品趋势都深深植根于我们的 DNA 之中。我说的是个性化。我说的是可持续、体验式和文化相关性。个性化是因为我们始终将客户置于我们一切工作的中心，因为我们利用最先进的技术并结合人性化的关怀。我们将技术人性化，以便它们能够传递最佳的情感。我们不断地触达客户，让他们感受到自己是这个大家庭的一员。
It's sustainable -- because it's the quality and the durability of all the material we select that make our car last for the life forever. Sustainability is a priority for us. And you will see in the last part of this presentation, what is our plan to become carbon neutral by end of this decade, by end of 2030. It's also experiential because at Ferrari on one side, we craft timeless icons that are nice to behold. But on the other side, these cars, you've seen some here, are able to deliver unique experiences.
它是可持续的——因为我们选择的所有材料的质量和耐用性使我们的汽车能够永久使用。可持续性是我们的优先事项。在本演示文稿的最后一部分，你们将看到我们计划在本十年末，即 2030 年底实现碳中和。它也是体验式的，因为在法拉利，一方面，我们打造永恒的标志性产品，令人赏心悦目。但另一方面，这些汽车，你们在这里看到了一些，能够提供独特的体验。
Let's remember the Finali Mondiali, the Cavalcade event -- these are, if you are unexperienced, just to mention a few of them.
让我们记住 Finali Mondiali、Cavalcade 活动——这些，如果你没有经验，只是提及其中的一些。
And then there is the last dimension that is very important is the culture relevance. Why? I'm referring also to the cultural roots of our brand that is committed to constantly enhance nurture and make the brand even stronger in a world that is changing so fast. Think about what we do in our -- with our exhibition in the museum. We are -- in this way, we highlight the value of our Italian excellence, Italian artfulness and the deep sense of limitless achievement.
然后是最后一个非常重要的维度，即文化相关性。为什么？我指的是我们品牌的文化根源，它致力于在一个瞬息万变的世界中不断提升、培育并使品牌更加强大。想想我们在博物馆的展览中所做的事情。我们——通过这种方式，我们突出了意大利卓越品质、意大利精湛工艺和无限成就感的深刻价值。
Now let's see a little bit on the right side of this chart, which are the trend of automotive. And I think you can see in many pages nowadays. So -- there is -- the company -- the cars in the future are going to be more shared, more autonomous, more connected and more electric. And there is a reason why some letter are full black or full red or partially red and black.
现在让我们看看这张图表的右侧，这些是汽车行业的趋势。我想你们现在可以在很多地方看到这些。所以——未来——公司——汽车将会更加共享、更加自主、更加互联、更加电动。有些字母是全黑、全红或部分红黑是有原因的。
So First of all, let's start with the Shared. We are not a mobility company. We want to provide -- continue to provide unique experience. This is key. And in future, more -- when more and more cars will be shared, owning a Ferrari will be even more unique. This is very important.
那么，首先，让我们从共享开始。我们不是一家出行公司。我们希望提供——继续提供独特的体验。这是关键。未来，当越来越多的汽车被共享时，拥有一辆法拉利将变得更加独特。这非常重要。
Let's see the second trend, autonomous. It's clear for us, we will stop L2/L2+ level. We will not go L4, L5. We will have Ferrari with a lot of new technologies. I'm talking about sensors, I'm talking about the processors. But this will be always used to enhance the driving experience. We don't want a car to be alone. We want to put always the humans at the center of experience.
让我们看看第二个趋势，自动驾驶。对我们来说很清楚，我们将停留在 L2/L2+ 级别。我们不会发展到 L4、L5 级别。法拉利将拥有许多新技术。我说的是传感器，我说的是处理器。但这些将始终用于增强驾驶体验。我们不希望汽车独自驾驶。我们希望始终将人置于体验的中心。
Then there is connectivity. Connectivity is more interesting. Clearly, we will -- I mean we will use some of the connectivity enabled function also because we want to get closer and enhance the relation with the customer. You see always the customer at the center.
然后是互联互通。互联互通更有趣。显然，我们将会——我的意思是，我们也会使用一些互联互通启用的功能，因为我们希望与客户更近距离，并增强与客户的关系。你们总是看到客户处于中心位置。
Now what is really important is electrification. You have been asking me in the quarterly call many questions about this. and we will start to unveil what we plan to do on electrification. This is very important for us. It's important because on one side, we have to cope with the emission regulation. But most importantly, it's because we see electrification as a way, as a technology that can enhance the performance of what we do.
现在真正重要的是电气化。你们在季度电话会议上问了我很多关于这方面的问题。我们将开始揭示我们计划在电气化方面做些什么。这对我们来说非常重要。这很重要，因为一方面，我们必须应对排放法规。但最重要的是，因为我们将电气化视为一种可以提升我们工作性能的方式和技术。
And think about the hybrid cars, hybrid car has been done also with the goal to enhance performances. Gianmaria later will go -- will show you more in detail what we intend to do. I would say that we, Ferrari as a specialist and crafted maker company, we have -- we have all the skills. We have all the capital, human and financial, to make, to harness this technology, this electric technology like we are doing with other technologies like we did. And all this will be done with a disciplined use of our CapEx. And Antonio will show you later how this will happen.
想想混合动力汽车，混合动力汽车的开发目标之一也是为了提升性能。稍后 Gianmaria 会更详细地向你们展示我们打算做什么。我想说，我们法拉利作为一家专业的、精工制造的公司，我们拥有——我们拥有所有的技能。我们拥有所有的人力资本和财务资本，来制造、驾驭这项技术，这项电动技术，就像我们对待其他技术以及过去所做的那样。所有这些都将在严格控制资本支出的情况下完成。稍后 Antonio 会向你们展示这将如何实现。
What did -- why am I saying that the electric technologies being used, it's a way to enhance the performances. Well, this is something that I let you guess if you wanted during the quarterly call. And I also really want to thank for all the patience you had to wait till today. But if you see this chart, it's clear that our electrification journey started in 2009.
为什么——我为什么说使用电动技术是提升性能的一种方式？嗯，这是我在季度电话会议上让你们猜想的事情，如果你们想的话。我也非常感谢你们一直耐心等到今天。但是如果你们看这张图表，很明显我们的电气化征程始于 2009 年。
So we are not entering this transition. We entered it, we decided to enter and like all the transition, like all the transition I managed in my previous professional life, it's important that transition are sound and well paced. It's important in the period like this, it is important to build on what the company has, to look at what is happening outside and to use and to read with different eyes.
所以我们并非正在进入这个转型。我们已经进入了，我们决定进入，而且就像所有的转型一样，就像我在以前的职业生涯中管理过的所有转型一样，重要的是转型要稳健且节奏得当。在这样的时期，重要的是要立足于公司拥有的东西，关注外部正在发生的事情，并用不同的眼光去使用和解读。
The journey, as I said, started with Formula 1 experience in 2009, and then it found a way in the -- in our Supercar in 2013, LaFerrari. And then let's say, it takes a big step forward with the 4 Hybrid cars because we moved these technologies from, let's say, Supercar to the range car, 4 cars that are using this technology that is racing derived. The performance of this technology is really unique, and you will see in the presentation later. It's important that this combination in this -- let's say, link and the possibility to access a set of technologies that are coming from racing team.
正如我所说，这段旅程始于 2009 年的一级方程式赛车经验，然后在 2013 年，它在我们的超级跑车 LaFerrari 中找到了出路。然后，可以说，凭借 4 款混合动力汽车，它向前迈出了一大步，因为我们将这些技术从，比方说，超级跑车转移到了量产车型上，有 4 款汽车正在使用这种源自赛车的技术。这项技术的性能确实是独一无二的，稍后你们会在演示文稿中看到。重要的是，在这种组合中——可以说，这种联系以及从赛车团队获得一系列技术的可能性。
We -- based on this, based on this journey and our experience, the 2025, like it has been said already 1 year ago, we will unveil our first electric Ferrari. We will access the technology reservoir in our company. We will access the technology reservoir that I am bringing from outside together with partners, I'm so glad to see here in the audience. And today, to get together, we will have really a car that is unique, that is leveraging at the best, all this experience from the racing world. I would like to give you more detail -- specific detail about this electric Ferrari, but I will -- I have to resist this temptation. And what I can tell you is that it will be unique. And when developing this car -- we are developing, obviously, since a while this cars, we are looking at all the dimension without any bias in a scientific way, but with the Ferrari lens. This is important.
我们——基于此，基于这段旅程和我们的经验，2025 年，就像一年前已经说过的那样，我们将推出我们的第一款电动法拉利。我们将利用我们公司的技术储备。我们将利用我与合作伙伴从外部带来的技术储备，我很高兴在座的各位能来到这里。今天，齐聚一堂，我们将拥有一辆真正独特的汽车，它最大限度地利用了赛车领域的所有这些经验。我想向你们提供更多关于这款电动法拉利的细节——具体细节，但我会——我必须抵制这种诱惑。我能告诉你们的是，它将是独一无二的。在开发这款车时——我们显然已经开发了一段时间了，我们正在以科学的方式，不带任何偏见地审视所有维度，但会通过法拉利的视角。这很重要。
So just some highlight. First, we are looking at energy efficiency, looking at both the traction and also the losses because of aerodynamic. Here, we will use -- we will use the highest power density electric engine that is derived from our racing world. And we will also look how to reduce the losses coming from the aerodynamic world. And aerodynamic and traction are just 2 examples of the transfer of technologies that is [indiscernible] fluent between the racing world and the range, the road car.
所以，只是一些亮点。首先，我们关注能源效率，既关注牵引力，也关注空气动力学造成的损失。在这里，我们将使用——我们将使用源自我们赛车领域的最高功率密度的电动机。我们还将研究如何减少来自空气动力学领域的损失。空气动力学和牵引力只是赛车世界与量产公路车之间技术转移的两个例子，这种转移是[听不清]流畅的。
Second, the emotional side, we will always use leading-edge technologies. -- because we want to embed exciting driving emotion in every model. Electric engines are not silent. -- Electric engine are not silent, each one of them has its own signature and Ernesto will tell you a little bit more later.
其次，情感方面，我们将始终使用尖端技术。——因为我们希望在每一款车型中都融入令人兴奋的驾驶情感。电动机并非无声。——电动机并非无声，它们每一个都有自己独特的声浪，Ernesto 稍后会告诉你们更多。
Third, our environmental focus. The planet is very important. We have to pay close attention to the impact of what we do. And we are looking at all the sustainable material because we are committed for carbon neutrality by 2030.
第三，我们的环境关注点。地球非常重要。我们必须密切关注我们行为所产生的影响。我们正在研究所有可持续材料，因为我们致力于在 2030 年实现碳中和。
Another kind of question I get during all the speech is what will you do on the manufacturing side. I think here, we would follow exactly what we are doing on the ICE world. Our approach is the same. The engine remains make -- the engine will speak the language of Maranello. Together, with other core components that we believe are critical in differentiating our product and guarantee the competitive advantage. The existing solution instead that are available on the market will be tailored, read -- we read with different eyes with our own eyes in a way that our car continue to be unique and authentic.
在我所有的演讲中，我收到的另一种问题是你们在制造方面会做些什么。我认为在这里，我们将完全遵循我们在内燃机领域所做的事情。我们的方法是相同的。发动机仍然是制造的——发动机将说着马拉内罗的语言。连同我们认为对于区分我们的产品和保证竞争优势至关重要的其他核心部件。市场上现有的解决方案将被量身定制，解读——我们用不同的眼光，用我们自己的眼光来解读，以使我们的汽车继续保持独特性和真实性。
So the full Ferrari -- the full electric Ferrari will be [ e-Ferrari ]. This is something that we are working on.
所以，纯电动的法拉利——纯电动的法拉利将会是 [e-法拉利]。这是我们正在努力的方向。
We also heard about what we are doing on the investment side. Clearly, we to deliver what I -- I described to you, the engine, [indiscernible] We have to be a little bit more patient for the presentation later. We will -- we are building the e-building, okay? This is important. What we will do in this e-building? We will lend the craft. We will continue to make unique electric engines and batteries that are key for our car. In this plant development will assure us a technical capacity in excess of our needs for the years to come. And on top of the capacity, all the capability that we need for some years in front of us. So this is very important.
我们也听说了我们在投资方面所做的事情。显然，我们要交付我——我向你们描述的，发动机，[听不清] 我们需要对稍后的演示文稿再耐心一点。我们将——我们正在建造电子大楼，好吗？这很重要。我们将在这个电子大楼里做什么？我们将传承工艺。我们将继续制造对我们汽车至关重要的独特电动机和电池。这个工厂的开发将确保我们在未来几年拥有超出我们需求的技术能力。在产能之上，还有我们未来几年所需的所有能力。所以这非常重要。
We will also add to easy e-building to this factory, also new pain shop because we want to provide always more and more unique cars and the personalization, we have seen how much is important in the luxury space. So e-building and paint shop.
我们还将在这个工厂轻松建造电子大楼，还有新的涂装车间，因为我们希望始终提供越来越独特的汽车和个性化服务，我们已经看到个性化在奢侈品领域有多么重要。所以是电子大楼和涂装车间。
We are clearly makers. Do we want to do everything in-house? No. No, we started the 1947, our founder started 1947 working with partners. SKF was one of them. We have to -- we are in a world where open innovation is important. I have also in my professional life, I have been always looking at working together with partners on noncore features and then working with the partners that have state-of-the-art technologies, how to tailor, how to adapt, how to read these technologies in a way that we, Ferrari remain focused on our value-added solution. So we will have the right blend between what we make and what instead we do partnering with other friends outside, let's say, Ferrari world.
我们显然是制造商。我们想所有事情都内部完成吗？不。不，我们始于 1947 年，我们的创始人于 1947 年开始与合作伙伴合作。SKF 就是其中之一。我们必须——我们处在一个开放式创新非常重要的世界。在我的职业生涯中，我也一直寻求与合作伙伴在非核心功能上合作，然后与拥有最先进技术的合作伙伴合作，如何定制、如何调整、如何解读这些技术，以使我们法拉利能够专注于我们的增值解决方案。因此，我们将在我们自己制造的部分和我们与法拉利世界之外的其他朋友合作的部分之间找到恰当的平衡。
Finally, we unveil what is the split of our offering in the years to come. In 2021, you see in this chart, -- we have a split between ICE and hybrid 80/20. Our product portfolio will evolve like this chart is showing, and we will keep the 3 distinct powertrains alive because we want to fulfill our clients' dream in line with the strategy that was already laid a few years ago, different Ferrari for different Ferraristi and different Ferrari for different moments. And Enrico will tell you more about the product strategy.
最后，我们揭示了未来几年我们产品供应的分配情况。在 2021 年，你们在这张图表中可以看到——我们的内燃机和混合动力车型的比例是 80/20。我们的产品组合将如下图所示进行演变，我们将保留三种不同的动力总成，因为我们希望根据几年前制定的战略，即为不同的法拉利爱好者和不同的时刻提供不同的法拉利，来实现客户的梦想。Enrico 将会向你们详细介绍产品策略。
In addition, you see here to ICE and Hybrid engine, well, we will have also the full electric in 2025. Today, 80/20 in 2026, the 80 will become 40% in terms of offering and the remaining 60% will be split between Hybrid and full electric. I believe that ICE has a lot to give. And I believe that we can take a technology that is very efficient, and we can work with some partners on e-fuels so that we can continue to develop unique solutions, distinctive solution so that we can contribute to the reduction of CO2 emission.
此外，你们在这里看到内燃机和混合动力发动机，嗯，我们还将在 2025 年推出纯电动车型。如今，2026 年的比例是 80/20，届时 80% 的内燃机车型将降至 40%，其余 60% 将由混合动力和纯电动车型瓜分。我相信内燃机仍有很大的潜力。我相信我们可以采用一种非常高效的技术，并且可以与一些合作伙伴在电子燃料方面进行合作，以便我们能够继续开发独特的解决方案、与众不同的解决方案，从而为减少二氧化碳排放做出贡献。
Innovation flows in our blood. I mean it's part of our DNA. You have seen it. So the challenge to build Ferrari for a low emission future is one we are embracing with all enthusiasm that you can see that I can breathe every day. And by 2030, -- by 2030, the ICE contribution in terms of offering will go down to 20%, and you will have 40% full electric and 40% Hybrid. This is the plan that we have for this decade.
创新流淌在我们的血液中。我的意思是，这是我们 DNA 的一部分。你们已经看到了。因此，为低排放的未来打造法拉利这一挑战，我们正以你们每天都能看到、我每天都能感受到的全部热情来迎接。到 2030 年，——到 2030 年，内燃机在产品供应中的贡献将降至 20%，届时纯电动车型将占 40%，混合动力车型将占 40%。这就是我们未来十年的计划。
Now after clarifying the electrification strategy, I would like to explain this chart about the racing spirit because this is a part of our DNA and having working in a company like Ferrari that has this racing heritage has 3 major advantage. The first one, it allows us to develop leading-edge technologies that can be applied also exclusively to road cars. The second, it provides a unique platform where we can enlarge our partnership portfolio, not only on the technical side but also on the commercial side. And finally, and this is very important. This is something that you need -- you breathe it. It reminds us of the importance of speed, agility and perfection. The need to pay attention to all the single detail. And this is what keeps alive the continuous striving spirit for victory.
现在，在阐明了电气化战略之后，我想解释一下这张关于赛车精神的图表，因为这是我们 DNA 的一部分，在像法拉利这样拥有赛车传统的公司工作有三大优势。第一，它使我们能够开发尖端技术，这些技术也可以专门应用于公路跑车。第二，它提供了一个独特的平台，我们可以在这个平台上扩大我们的合作伙伴组合，不仅在技术方面，而且在商业方面。最后，这一点非常重要。这是你需要——你每天都能感受到的东西。它提醒我们速度、敏捷和完美的重要性。需要关注每一个细节。正是这一点使我们不断追求胜利的精神得以延续。
电动车的普及会不会影响赛车的影响力？
Our Formula 1 racing team has returned to the front of the grid and also to the top of the podium. Thanks to the team, thanks to the F1-75, and thanks to the talented drivers we have. It is also a great satisfaction of all of us, and we are very delighted when we see the hard work starting to pay off. But we also we know that we have to continue to fight race by race, always with passion, always with the ambition and the humility that comes from continuous learning. This is very, very important.
我们的一级方程式赛车队已经重返发车区前列，并登上了领奖台的最高处。感谢团队，感谢 F1-75 赛车，感谢我们拥有的才华横溢的车手。这对我们所有人来说也是一个巨大的满足，当我们看到辛勤工作开始得到回报时，我们感到非常高兴。但我们也知道，我们必须继续一场接一场地战斗，始终保持激情，始终保持雄心和源于不断学习的谦逊。这一点非常非常重要。
And also after the -- some success here in Formula 1, there is also a very important work that the team is doing in FIA WEC. And here, I think we are well on track for our return to the Le Mans next year, in 2023, with our Hybrid car. It's really thrilling to think that in the less -- a little bit under 1 year, we will compete for the outright victory at Le Mans. It's a place where many chapters, many important chapters of our company have been written. And this is also a way to continue to push ahead our technology boundaries so that we can be really continue to have some unique distinctive emotions.
在 F1 取得一些成功之后，车队在国际汽联世界耐力锦标赛 (FIA WEC) 中也做了非常重要的工作。在这里，我认为我们正按计划在明年，即 2023 年，携我们的混合动力赛车重返勒芒。想到在不到一年的时间里，我们将在勒芒争夺总冠军，真是令人激动。勒芒是我们公司许多重要篇章的诞生地。这也是我们继续推动技术边界的一种方式，以便我们能够真正继续拥有一些独特而与众不同的情感。
I think that there is also another important pillar that is -- well, I will spend some time. I will touch it. The colleague will not talk about that later. I think it's very important. This -- it's been a little bit touched also by our Chairman before. Ferrari is racing, Ferrari is car, but is also lifestyle. Since 1947, 75 years ago, we also stand -- we stand for Italian artfulness for iconicity, limitless achievement and imagination. These are all elements that resonate very well with the business of Luxury in which Ferrari is playing where we have a strong legitimacy. That's why soon after I arrived here, I took interim responsibility for these activities. I want really to understand properly where we are and where it makes sense to go.
我认为还有一个重要的支柱——嗯，我会花一些时间。我会谈到它。同事稍后不会谈论这个。我认为这非常重要。这一点——我们的主席之前也稍微提到过。法拉利是赛车，法拉利是汽车，但它也是一种生活方式。自 1947 年，75 年前以来，我们也代表——我们代表着意大利的精湛工艺、标志性、无限的成就和想象力。所有这些元素都与法拉利所处的奢侈品行业产生了很好的共鸣，我们在其中拥有强大的合法性。这就是为什么我一到这里，就临时负责这些活动。我真的想正确地了解我们所处的位置以及未来的发展方向。
And my conclusion is simple. We touch only the surface. There is -- this lifestyle pillar is a way that we can use to delight customers also in different moments in different ways. And we can enhance the way people live Ferrari in terms of product, in terms of experience, but always remaining in a consistent way. We will entice more women, more men, we will entice, also we will engage a new generation, new kind of clients because we want -- it's a unique opportunity to make this brand relevant for a wider audience.
我的结论很简单。我们只触及了表面。这个生活方式支柱是我们可以在不同时刻以不同方式取悦客户的一种方式。我们可以从产品和体验方面提升人们体验法拉利的方式，但始终保持一致性。我们将吸引更多的女性、更多的男性，我们还将吸引并接触新一代、新类型的客户，因为我们希望——这是一个独特的机会，让这个品牌与更广泛的受众产生共鸣。
So the Ferrari brand halo consists of what I showed you before, but is expressed itself in imagination, limitless achievement, Italian artfulness, iconicity. And these are the things that are important in a world like the luxury one that is in search of authentic emotion and shared values.
因此，法拉利品牌光环由我之前向你们展示的内容组成，但它本身也体现在想象力、无限成就、意大利精湛工艺和标志性等方面。在一个像奢侈品这样寻求真实情感和共同价值观的世界里，这些都是非常重要的。
Through our cars, we are currently serving only a fraction of our target audience. You have seen before, you have seen before how small it is, but we have also an opportunity in front of us around $300 billion with a compound annual growth rate between 6% and 8%. These are the estimation that we are seeing and in which luxury goods play an important -- personal luxury goods play an important role.
通过我们的汽车，我们目前只服务于目标受众的一小部分。你们之前已经看到了，你们之前已经看到了它有多小，但我们面前也有一个价值约 3000 亿美元的机会，复合年增长率在 6% 到 8% 之间。这些是我们看到的估计数字，其中奢侈品——个人奢侈品扮演着重要的角色。
And through this market, we have a unique chance to enhance, to enrich the conversation we have with a wider -- with the millennials. And also, as we can tap, we can pull all the emotion that our brand exercise around the world, not the least in Asia.
通过这个市场，我们有一个独特的机会来加强、丰富我们与更广泛的——与千禧一代的对话。而且，由于我们可以挖掘，我们可以调动我们品牌在世界各地（尤其是在亚洲）所激发的所有情感。
At our last Capital Market Day, you heard the word brand diversification. From now on 16 June 2022, we were talking about lifestyle pillars. Our soul is inclusive, but there is a common core, a distinctive why, how and what that we will leverage to drive the growth of this pillar. What did we do since last Capital Market Day? Here, you see, we did 5 things. We reduced them by 40% license agreement because we want to protect our brand equity. We also rationalized the retail network in Europe, and we opened 2 new stores in U.S.A. We launched our first 2 fashion collection, reaching a new target audience for the company. We continue to fuel our enthusiast passion through our Ferrari theme park and our museum here in Maranello and Modena -- We opened the new Cavallino restaurant, not far away from where we are.
在我们上次的资本市场日，你们听到了“品牌多元化”这个词。从 2022 年 6 月 16 日起，我们开始谈论生活方式支柱。我们的灵魂是包容的，但有一个共同的核心，一个独特的“为什么”、“如何”和“什么”，我们将利用这些来推动这一支柱的增长。自上次资本市场日以来，我们做了什么？在这里，你们可以看到，我们做了五件事。我们将许可协议减少了 40%，因为我们希望保护我们的品牌资产。我们还合理化了欧洲的零售网络，并在美国开设了两家新店。我们推出了我们的前两个时装系列，接触到了公司新的目标受众。我们继续通过我们的法拉利主题公园以及位于马拉内罗和摩德纳的博物馆来激发爱好者的热情——我们在离这里不远的地方开设了新的 Cavallino 餐厅。
And finally, we hired also talented people, both on the business side and on the technical side, on the creative side, and on design side. And I'm really happy and delighted to have both Rocco and Carla. Carla newly joined us. We did an announcement a few days ago. Carla will be the Head of Lifestyle pillars and also the Chief Brand Officer of all Ferrari.
最后，我们还聘请了有才华的人才，包括商业方面、技术方面、创意方面和设计方面的人才。我真的很高兴能有 Rocco 和 Carla 加入。Carla 最近加入了我们。几天前我们发布了公告。Carla 将担任生活方式支柱的负责人，同时也是法拉利所有品牌的首席品牌官。
Now are we satisfied with what we did? We are never satisfied. We are always pushing for the limitless achievement. We have always to challenge ourselves. We have to be paranoid someone in the tech industry's sake. We would -- we have an ambitious and realistic plan. By 2026, we aim to double our revenue in this pillar by a [ factor of 2 ] by focusing on 3 areas. We will focus on luxury goods. And this we already started to do. We focus on the experiential side with theme park and museum. And also we work on the collectibles. Collectible is a way where the enthusiasm and passion of the people that conceive, design a craft or the career will express itself in something that is different from a car. So this is very, very important.
现在，我们对所做的一切感到满意吗？我们从不满足。我们总是追求无限的成就。我们必须始终挑战自我。为了科技行业的某些人，我们必须保持偏执。我们——我们有一个雄心勃勃且现实的计划。到 2026 年，我们的目标是通过专注于三个领域，将这一支柱的收入翻一番[增长两倍]。我们将专注于奢侈品。这一点我们已经开始做了。我们专注于主题公园和博物馆的体验方面。我们还致力于收藏品。收藏品是一种方式，那些构思、设计工艺品或职业的人们的热情和激情将通过不同于汽车的东西表达出来。所以这非常非常重要。
2021年收盘价251.88，现在486.76。
I think that now to talk about the car and to transition to Enrico, it deserves some attention on this next chart. It is about the Purosangue. It is an important achievement for all the team. And this is also, I would say, something that I had the pleasure like several other colleagues I see in the room to drive in the hills around the year. It's a really sport cars.
我认为现在要谈论汽车并过渡到 Enrico，下一张图表值得一些关注。这是关于 Purosangue 的。这对整个团队来说是一项重要的成就。而且，我还会说，我和在座的几位同事一样，有幸在这一年里在周围的山丘上驾驶过它。它真的是一辆跑车。
Yesterday, also have seen some feedback of customers. It's really sport car. It's unlike any other. Now if you want to see all the details, you have to wait for September, but this is 100% Ferrari that is bringing all unique features and also here, we decided to go with our iconic V12 natural aspirated engine because this is for the most passionate customers and for the members of the family. I am confident it will meet and exceed the expectation of the customer in terms of performance, innovation and design. And finally, really, we will make sure that we will maintain the highest possible level of exclusivity.
昨天，也看到了一些客户的反馈。它真的是一辆跑车。它与众不同。现在，如果你们想了解所有细节，就必须等到九月份，但这是 100% 的法拉利，它带来了所有独特的功能，而且在这里，我们决定采用我们标志性的 V12 自然吸气发动机，因为这是为最热情的客户和家庭成员准备的。我相信它在性能、创新和设计方面将达到并超越客户的期望。最后，真的，我们将确保保持尽可能高的独特性。
Antonio and Enrico, will be very clear about this. Purosangue will not be our most relevant product. It is a very interesting add-on to our product lineup. And on this note, I really would like to have Enrico joining here and go and bring you more on the detail of our product strategy.
Antonio 和 Enrico 会非常清楚地说明这一点。Purosangue 不会是我们最相关的产品。它是我们产品线中一个非常有趣的补充。就此，我真心希望 Enrico 能加入我们，并向大家更详细地介绍我们的产品策略。
情绪表达的成分很多，有点像朝鲜小朋友表达对领导的感情。
Enrico Galliera Chief Marketing & Commercial Officer
Thank you, Benedetto. And good morning, and welcome to this very important day for the company. My presentation will be focused on describing the way we interact with the members of the Ferrari family as clients like to consider themselves. This represents one of the key characteristics of our company, which is not only delivering unique and performing car, but also the opportunity of being part of something special, something that we like to call the Ferrari family.
恩里科·加里埃拉 首席营销与商务官
谢谢你，贝内代托。早上好，欢迎来到公司这个非常重要的日子。我的演讲将重点描述我们与法拉利家族成员互动的方式，客户们也喜欢这样称呼自己。这代表了我们公司的一个关键特征，即我们不仅提供独特且高性能的汽车，更提供了成为某种特殊事物一部分的机会，我们称之为法拉利家族。
Now my presentation will be divided into 3 chapters. First, we aim to give you a full perspective of what our efforts and achievements have been with regard to our last plan. A second chapter will focus on our future product strategy and how we plan to achieve our targets following a specific product development strategy. Last but not least, we will dive into the activities that will surround our cars and that will enable us to strengthen our community. This will give me a chance to talk about our omni-touchpoint strategy and the way we plan to engage with our clients or our member of the family.
现在我的演讲将分为三个章节。首先，我们将全面展示我们在上一个计划中所做的努力和取得的成就。第二章将重点介绍我们未来的产品战略以及我们计划如何遵循特定的产品开发战略来实现我们的目标。最后但同样重要的是，我们将深入探讨围绕我们汽车的活动，这些活动将使我们能够加强我们的社群。这将使我有机会谈论我们的全方位触点战略以及我们计划如何与我们的客户或家族成员互动。
Now let's start with the outcomes of our strategy with a focus on the execution of our plan. I think it is quite interesting to mention a few points. The first one is the number of launches. In the previous Capital Market Day, we have been quite aggressive in communicating 15 new products that we plan to introduce in the market by 2022. Now I'm happy to say that we were able to actually confirm this number. Despite all the effects, among other the pandemic that have affected our all the previous years. We have been able to maintain our commitment and to deliver what we have promised in terms of new products.
现在让我们从我们战略的成果开始，重点关注我们计划的执行情况。我认为有几点非常值得一提。首先是发布的车型数量。在之前的资本市场日，我们曾非常积极地宣布计划在2022年前向市场推出15款新产品。现在我很高兴地说，我们实际上已经确认了这个数字。尽管受到了各种影响，其中包括过去几年一直影响我们的大流行病。我们仍然能够信守承诺，在新品方面兑现了我们的诺言。
The second important message I'd like to deliver to you is that we have been able to design the most iconic, most beautiful and widest product line up so far. It's interesting to mention this specific point since when we presented our plan, we were asked whether this range wasn't too wide -- whether we were creating too many products. Since then, we have been repeating that every single product is designed to create a unique positioning and to target a specific customer base. And so far, this strategy proved to be quite effective.
我想向大家传达的第二个重要信息是，我们已经成功设计出迄今为止最具标志性、最美观且产品线最广泛的车型阵容。提及这一点很有意思，因为当我们提出计划时，有人问我们这个产品系列是否过于宽泛——我们是否创造了太多的产品。从那时起，我们一直重申，每一款产品都旨在创造独特的定位并针对特定的客户群。到目前为止，这一战略已被证明相当有效。
I'm happy to show you some of the main achievement of our previous plan that we are very proud of. The first number show that we have been able to achieve one of the main objectives of our previous plan, increase the number of the Ferrari family. We have engaged with more than 15,000 new clients that were added to our customer base with a plus 25%. The second number is again quite impressive. We were aiming at decreasing the average age, essentially rejuvenating our customer base. Once again, as you can see, we have been able to decrease the average age by 8 years during the plan.
我很高兴向大家展示我们上一个计划中一些令我们倍感自豪的主要成就。第一个数字表明，我们成功实现了上一个计划的主要目标之一，即增加了法拉利家族的成员数量。我们吸引了超过15,000名新客户加入我们的客户群，增幅达到25%。第二个数字同样令人印象深刻。我们的目标是降低客户的平均年龄，从根本上使我们的客户群年轻化。正如您所见，在计划实施期间，我们再次成功地将平均年龄降低了8岁。
And last but not least, we have been able to focus on our top collectors, which are now 60% new, younger than before. And most of all, with a much higher number of models in their garage, up almost 25%. Everything was done and achieved while delivering the widest ever portfolio in our history.
最后但同样重要的是，我们成功地将重点放在了我们的顶级收藏家身上，他们现在有60%是新晋的，比以前更年轻。最重要的是，他们车库中的车型数量大幅增加，增长了近25%。所有这一切都是在我们推出历史上最广泛产品组合的同时完成和实现的。
很清晰的策略。
This is to say that our strategy was quite new, innovative and has been delivering even more than what we had expected. And now we are sitting on a portfolio of orders and the number of family members that allow us to plan for the future.
这也就是说，我们的战略是相当新颖和创新的，并且其成果甚至超出了我们的预期。现在，我们拥有大量的订单和家族成员数量，这使我们能够为未来进行规划。
Now let's talk about the future. And let's focus on the product strategy. From this slide, you can immediately see that we are confirming our product strategy, which is based on 2 very simple pillars. On one hand, we have what we call different Ferrari for different Ferraristi, which was the base of our strategy. Every single product we introduced in the market is designed to satisfy the different customer profile from a more aggressive sport car to a more versatile sport car. But I will come back to this later in the presentation.
现在让我们谈谈未来。让我们聚焦于产品战略。从这张幻灯片中，您可以立即看到我们正在确认我们的产品战略，该战略基于两个非常简单的支柱。一方面，我们有所谓的“不同的法拉利，为不同的法拉利爱好者（Ferraristi）”，这是我们战略的基础。我们向市场推出的每一款产品都旨在满足不同客户的需求，从更具攻击性的跑车到更具多功能性的跑车。但我会在稍后的演讲中再回到这一点。
And then having such a wide product portfolio and product range, we can act on the second part of our product strategy that is named different Ferrari for different moments. It simply means that even if I enter the Ferrari family by a Portofino M or SF90 Stradale, there is no reason why I shouldn't have more than one Ferrari in my garage or become a collector to enjoy in different situation our Ferrari and above all, to have a great lineup in my garage.
然后，拥有如此广泛的产品组合和产品系列，我们就可以实施我们产品战略的第二部分，即“不同的法拉利，为不同的时刻”。这仅仅意味着，即使我通过Portofino M或SF90 Stradale加入了法拉利家族，也没有理由不在我的车库里拥有一辆以上的法拉利，或者成为一名收藏家，在不同的情境下享受我们的法拉利，最重要的是，在我的车库里拥有一套出色的车型阵容。
Now building on this strategy, we have been able to increasingly focus on how to segment clients and how to satisfy them with different products, always keeping in mind something that is even stronger than in the past. The main reason to be for every single Ferrari are performance and driving thrills. We are selling sports car, whatever the [ declination ]of the product, the starting point is that they are true sports car.
现在，基于这一战略，我们得以日益关注如何细分客户以及如何用不同的产品满足他们，同时始终牢记一个比以往任何时候都更为重要的理念：每一辆法拉利存在的首要理由都是卓越的性能和驾驶激情。我们销售的是跑车，无论产品的具体呈现方式[ declination ]如何，其出发点都是它们是真正的跑车。
In that perspective, we have been trying to polarize our clients. trying to find 2 extremes. We can say that on one extreme, we can find the sports car driver, trying looking for an elegance, sporty and the state design, trying to love to drive the car everywhere in every condition, both by themselves and with friends. These clients use their Ferrari for long journeys or frequently.
从这个角度来看，我们一直在尝试对客户进行两极分化，试图找到两个极端。我们可以说，在一个极端，是跑车驾驶者，他们追求优雅、运动和顶尖的设计，喜欢在任何条件下、任何地方驾驶汽车，无论是独自一人还是与朋友一起。这些客户会驾驶他们的法拉利进行长途旅行或频繁使用。
On the other extreme, you can find the pilot. Again, clients looking for a high-performing sports car. But here, they are more extreme and very sporty. They love to drive their car on track or on challenging roads. Adrenaline is what they are chasing after. And essentially, they want to maximize their performance.
在另一个极端，你可以找到“飞行员”型客户。他们同样在寻找高性能跑车。但在这里，他们更为极致和非常运动。他们喜欢在赛道或富有挑战性的道路上驾驶他们的汽车。肾上腺素是他们所追求的。从本质上讲，他们希望最大限度地发挥汽车的性能。
Now this simple client segmentation allow us to easily position every single Ferrari model on a map, where at the 2 extremes, we have the 2 types of Ferraristi, the pilot and the sports car driver. All our models are designed to satisfy a different need. So on one extreme, you find the SF90 Stradale and Spider, our supercar in the range to satisfy the most demanding Ferraristi, and on the other side, the Portofino M designed for clients looking for the Ferrari performance but with additional features. And in between, then we can position the Roma, the [Foreign Language] Superfast and GTS. I like to mention them in Italian and the [Foreign Language] GTB and GTS. Each of them with a completely different positioning.
现在，这种简单的客户细分使我们能够轻松地将每一款法拉利车型定位在一张图上，图的两个极端是我们两种类型的法拉利爱好者（Ferraristi）：“飞行员”和跑车驾驶者。我们所有的车型都旨在满足不同的需求。因此，在一个极端，您会发现SF90 Stradale和Spider，这是我们系列中的超级跑车，旨在满足要求最高的法拉利爱好者；而在另一端，是Portofino M，专为追求法拉利性能但同时需要额外功能的客户而设计。在这两者之间，我们可以定位罗马 (Roma)、812 Superfast 和 GTS——我喜欢用意大利语提及它们——以及 296 GTB 和 GTS。它们各自都有完全不同的定位。
And now we have a big news, the Purosangue. What about the Purosangue? The Purosangue will be another model further enlarging the sport car offer in the Ferrari range, and I repeat it, the sport car offer in the Ferrari range.
现在我们有一个重大消息，那就是Purosangue。Purosangue怎么样呢？Purosangue将是法拉利系列中进一步扩大跑车供应的另一款车型，我再说一遍，是法拉利系列中的跑车供应。
As Benedetto already mentioned, it will be another sport car because it will only open a new segment designed to attract different Ferraristi in the sports car arena. But it will also let our existing Ferraristi enjoy another model to be used in different moments and further enriching their collection.
正如贝内代托已经提到的，它将是另一款跑车，因为它只会开辟一个新的细分市场，旨在吸引跑车领域中不同的法拉利爱好者（Ferraristi）。但它也将让我们现有的法拉利爱好者享受到另一款可以在不同时刻使用的车型，进一步丰富他们的收藏。
The Purosangue is, of course, the big news in our product lineup. At this moment, we are not disclosing any technical details about performance and the rest. So you will have again to wait until September when everything will be unveiled.
Purosangue无疑是我们产品阵容中的重磅新闻。目前，我们不会透露任何关于性能及其他方面的技术细节。所以大家还需要等到九月份，届时一切都将揭晓。
However, there are some key elements that we want to underline, which lie behind the choice of this iconic name Purosangue Thoroughbred. It's because it's a 100% Ferrari -- and this is one of the reasons why we decided to have it with the most iconic engine in the Ferrari history, our V12 engine, normally aspirated which is designed and targeted to our most passionate clients and members of the family.
然而，我们想要强调一些关键要素，这些要素是选择“Purosangue”（纯血马）这个标志性名称背后的原因。这是因为它百分之百是法拉利——这也是我们决定为其配备法拉利历史上最具标志性的发动机——我们的V12自然吸气发动机的原因之一，这款发动机专为我们最热情的客户和家族成员设计和打造。
The key drivers are always the same when we develop a sports car: design, performance and driving thrills. We also made sure, as Benedetto said, but I want to re-underline it, to maintain the highest possible level of exclusivity. By this, we mean that the Purosangue won't be our most relevant model from a volume standpoint. The Purosangue will be an additional product that will provide an additional benefit to our client base [Foreign Language].
当我们开发跑车时，关键驱动因素始终如一：设计、性能和驾驶激情。正如贝内代托所说，但我想再次强调，我们还确保了维持尽可能高的独特性。这意味着，从销量角度来看，Purosangue不会是我们最重要的车型。Purosangue将是一款额外的产品，它将为我们的客户群提供额外的益处 [外语]。
Now the next chart is designed to describe the concept of different Ferrari for different moments and the implication for the collectors. As I was mentioning before, there's no reason why if someone decides to join the family by buying Ferrari, they shouldn't grow the number of Ferrari in their garage and ultimately become collectors.
现在下一张图表旨在描述“不同的法拉利，为不同的时刻”这一概念及其对收藏家的意义。正如我之前提到的，如果有人决定通过购买法拉利加入这个大家庭，没有理由不增加他们车库中法拉利的数量，并最终成为收藏家。
The parameters we are showing here illustrate our current situation. We have been nurturing our prospects, the number of people that are considering buying Ferrari. We have been expanding a lot. You have seen the number before, the number of people that currently owns a Ferrari, they have a Ferrari in their garage, and we have been inviting our clients to become collectors.
我们在此展示的参数说明了我们目前的状况。我们一直在培养我们的潜在客户，即那些正在考虑购买法拉利的人数。我们已经大幅扩张。您之前已经看到了数字，即目前拥有一辆法拉利、车库里有法拉利的人数，并且我们一直在邀请我们的客户成为收藏家。
The whole range of products of our products is designed for this reason, different Ferrari for different moment. You buy an SF90 to have fun on track and you buy a Purosangue in the future to have fun with your family, hence allowing clients to grow in the pyramid.
我们产品的整个系列都是为此目的而设计的，即不同的法拉利，为不同的时刻。你购买SF90是为了在赛道上享受乐趣，未来你购买Purosangue是为了与家人共享欢乐时光，从而让客户在金字塔中不断提升。
Then in order to further reward the commitments of our clients, we have been designing other product lineups. Together with the range, we have what we call the collectors' reward. On one side, the special series whose objective is to award the top level of the pyramid, and more exclusively with the other 2 pillars, Icona or which we introduced recently the second chapter, the Daytona SP3 and the next Supercar.
然后，为了进一步回报客户的承诺，我们设计了其他产品系列。除了常规系列，我们还有所谓的“收藏家奖励”。一方面是特别系列，其目标是奖励金字塔顶端的客户，并且通过另外两个支柱——Icona系列（我们最近推出了其第二篇章Daytona SP3）和下一代超级跑车——提供更独特的体验。
These are going to be our 4 strategic product pillars in the future. First, we have the full lineup of our range product with all of them being sports car focused on performance and driving thrill but with the level of versatility and design that vary between one model and the other. Then we have the special series but again, focused on extreme performance, driving thrills and design, which are [indiscernible] Collectors. The third refers to the Icona projects. one of the most exclusive project designed to identify iconic concept, not iconic car, iconic concept of our history, of our past but are interpreted with a modern twist and modern materials. Last but not least, the highly awaited new Supercar which will further enrich an already stunning line up of models, which started many years ago with the 288 GTO and up to the most recent LaFerrari. Well, 4 years ago, in the same meeting, we announced that we were starting to develop this segment. And now we are happy to confirm that it will arrive soon.
这些将是我们未来4个战略产品支柱。首先，我们拥有完整的常规产品系列，所有这些产品都是注重性能和驾驶激情的跑车，但不同车型之间的多功能性和设计水平各不相同。然后是特别系列，同样专注于极致性能、驾驶激情和设计，这些是[听不清]收藏家的目标。第三个是指Icona项目，这是最具独家性的项目之一，旨在识别我们历史和过去的标志性概念，而非标志性汽车，这些概念以现代风格和现代材料进行诠释。最后但同样重要的是备受期待的新款超级跑车，它将进一步丰富本已令人惊叹的车型阵容，该阵容始于多年前的288 GTO，一直延续到最近的LaFerrari。嗯，4年前，在同一次会议上，我们宣布开始开发这一细分市场。现在我们很高兴地确认它即将到来。
Now another important point. As anticipated by Benedetto, we also made another important announcement together with the Purosangue, another exciting project, and together with the Supercar, we are already working on another important milestone for the company, the first full electric Ferrari. Of course, it's early to talk about it, but my colleagues will share a few insights about our electrification strategy.
现在是另一个重点。正如贝内代托所预期的，除了Purosangue，我们还宣布了另一个激动人心的项目，并且与超级跑车项目一起，我们已经在为公司的另一个重要里程碑而努力——首款纯电动法拉利。当然，现在谈论它还为时过早，但我的同事们将分享一些关于我们电气化战略的见解。
But I just want to underline that, number one, it will further enrich our product range. Number two, it will have several unique features, and number three, it will leverage on the experience developed by our racing team. So in other words, as every Ferrari, it will be a sports car. And it will be another model which will leverage on different powertrain to offer a true Ferrari driving experience.
但我只想强调，第一，它将进一步丰富我们的产品系列。第二，它将具有几个独特的功能。第三，它将利用我们赛车队积累的经验。换句话说，和每一辆法拉利一样，它将是一辆跑车。它将是另一款利用不同动力总成来提供真正法拉利驾驶体验的车型。
All of this will drive us to our next commitment. And I'm happy to say that over the next plan, we are committed to unveiling 15 new products in order to keep our product range up to the level where Ferrari has always been.
所有这些将推动我们实现下一个承诺。我很高兴地说，在下一个计划中，我们承诺推出15款新产品，以保持我们的产品系列达到法拉利一贯的水平。
Let's now move to the third chapter. This chapter is about how we communicate and engage with our clients. We are talking about our omni-touchpoint strategy as we try to identify a clear way to maximize the effectiveness of all the main contact points during the customer journey.
现在让我们进入第三章。本章是关于我们如何与客户沟通和互动。我们正在讨论我们的全方位触点战略，因为我们试图找到一种明确的方法来最大限度地提高客户旅程中所有主要接触点的有效性。
Let's review our main activities divided in 3 core touchpoints: number one, the physical touch point, number two, the digital one; and number three, the experiential touch point. As far as the physical touch points are concerned, we have been investing with our partner to create a luxe environment where to meet our clients with a consistent execution throughout the world, which brought us to the current footprint, present in 60 markets with 191 point of sales and 240 workshops.
让我们回顾一下我们的主要活动，分为三个核心接触点：第一，物理接触点；第二，数字接触点；第三，体验式接触点。就物理接触点而言，我们一直与合作伙伴共同投资，打造一个豪华的环境来会见我们的客户，并在全球范围内保持一致的执行标准，这使我们达到了目前的规模，业务遍及60个市场，拥有191个销售点和240个维修车间。
We completed the implementation of the new corporate identity, adding a further component to the hospitality of our showroom in order to offer the possibility to use them as a community center -- not just to sell car but to engage and invite clients, all the one they share the same passion for the Prancing horse. And last but not least, our people. Since the very beginning, as Benedetto said our founder has always said that Ferrari is run by people, mainly by people. And this is going to be one of the core assets for us and for the market. Because they have to properly represent our company, its history, its present, and also its future. That's why we are further enriching our proprietary courses developed by our Ferrari Academy which are delivered not only to our people but more to more than 3,500 dealer staff that represent Ferrari all over the world.
我们完成了新企业形象的实施，为我们展厅的待客之道增添了新的元素，以便将其用作社区中心——不仅仅是销售汽车，更是为了吸引和邀请客户，所有那些对跃马怀有同样热情的客户。最后但同样重要的是，我们的员工。从一开始，正如贝内代托所说，我们的创始人就一直强调法拉利是由人运营的，主要是由人运营的。这将是我们和市场的核心资产之一。因为他们必须恰当地代表我们公司、它的历史、它的现在，以及它的未来。这就是为什么我们正在进一步丰富由我们的法拉利学院开发的专有课程，这些课程不仅提供给我们自己的员工，更提供给全球超过3500名代表法拉利的经销商员工。
Now let's move to another important chapter of our commercial strategy. We want our clients to be happy, to smile, but through the whole lifecycle of the car -- when they buy the car and throughout the other experience. It means that the aftersales support, whether for spare part availability or workshop capability is extremely important.
现在让我们进入我们商业战略的另一个重要篇章。我们希望我们的客户开心，面带微笑，但这要贯穿汽车的整个生命周期——从他们购买汽车到整个后续体验。这意味着售后支持，无论是备件供应还是维修车间的能力，都至关重要。
There are 3 pillars that are key. First of all, when a Ferrari is delivered, it enters the market forever. We are talking about the car that will last into history and we are committed to keeping it alive for the next 20, 50, 100 and more years. Second, we want our clients to enjoy the journey. They have to know that they are driving a very reliable car that can bring you wherever you want. And for this reason, we are able to offer a warranty coverage up to 15 years, something unique in this market that prove how we test our product.
有三个关键支柱。首先，当一辆法拉利交付时，它就永远进入了市场。我们谈论的是将载入史册的汽车，我们致力于在未来20年、50年、100年甚至更长时间内保持其活力。其次，我们希望我们的客户享受旅程。他们必须知道他们驾驶的是一辆非常可靠的汽车，可以带他们去任何想去的地方。因此，我们能够提供长达15年的保修期，这在这个市场上是独一无二的，证明了我们是如何测试我们的产品的。
Last but not least, we are working to make our relationship with clients even stronger, faster, thanks to digitalization which is aimed at improving customer service as well as ultimately increasing the level of satisfaction of our clients by delivering the best-in-class service. This is a core objective for our entire team because we want our car to be driven. We strongly believe also now talking about the digital touch point. Still, we strongly believe that our clients want to keep a direct and physical connection with Ferrari. But at the same time, in order to make our relation even more connected and modern, we have been investing on our digital strategy, which is going to be another major focus for the future.
最后但同样重要的是，我们正致力于通过数字化使我们与客户的关系更加紧密、更加快捷，数字化旨在改善客户服务，并通过提供一流的服务最终提高客户的满意度。这是我们整个团队的核心目标，因为我们希望我们的汽车能够被驾驶。我们坚信，即使现在谈论数字接触点，我们的客户仍然希望与法拉利保持直接和物理的联系。但与此同时，为了使我们的关系更加紧密和现代化，我们一直在投资于我们的数字战略，这将是未来的另一个主要焦点。
Together with creating a direct communication channel with our clients, we also aim at reinforcing the bond with them. Our system will allow us to reach them in order to offer tailored proposal, an opportunity designed to maximize their engagement with Ferrari, also offering them the opportunity to stay connected with us wherever they are and whenever they want. And last but not least, our experience touch point. I often mention the desire of our clients to become part of the community, the famous Ferrari family. Offering them the opportunity to participate to moments where they can share with other [ Ferrari's ], the passion for Ferrari and drive the Ferrari. Now there is many ways to explain what I mean. But I think that the best way is to show you some example, watching together this short video.
在与客户建立直接沟通渠道的同时，我们也致力于加强与他们的联系。我们的系统将使我们能够接触到他们，以便提供量身定制的方案，这是一个旨在最大限度地提高他们与法拉利互动参与度的机会，同时也为他们提供了无论身在何处、何时何地都能与我们保持联系的机会。最后但同样重要的是，我们的体验接触点。我经常提到我们的客户渴望成为社区的一部分，即著名的法拉利家族。为他们提供参与活动的机会，让他们可以与其他[法拉利车主]分享对法拉利的热情并驾驶法拉利。现在有很多方法可以解释我的意思。但我认为最好的方式是向大家展示一些例子，一起观看这段短片。
[Presentation]
Unknown Executive
Well, adding more to this video would only dilute the concept, but we just ended the first caveat [indiscernible] Dedicated to the owner of the Monza SP1, SP2, and the smile that you've seen in the face of some of the people in the video were exactly the best and most important word for our job, because we want to make sure that whoever buy a Ferrari and keep a Ferrari in his garage is having the possibility to become part of something special, what we call the famous Ferrari family. Now I'm approaching the end of my presentation, and I would like to come back to the very beginning because I started my speech again, talking about the Ferrari family. And I just concluded talking again about the Ferrari family. So I think it is a key for me to mention, again, the founder of the Ferrari family, in Ferrari, and one of his famous statement that still represent the foundation of our current and future strategy.
嗯，再多加内容到这个视频只会冲淡概念，但我们刚刚结束了第一个[听不清]活动，这个活动是献给Monza SP1、SP2的车主的，而你们在视频中看到的一些人脸上的笑容，正是对我们工作最好、最重要的诠释，因为我们希望确保每一个购买法拉利并在车库中拥有一辆法拉利的人，都有机会成为某个特殊团体的一员，也就是我们所说的著名的法拉利大家庭。现在我的演讲接近尾声，我想回到最初，因为我再次以谈论法拉利大家庭开始我的演讲，而我刚刚也以再次谈论法拉利大家庭结束。所以我认为，对我来说，关键是要再次提及法拉利大家庭的创始人，在法拉利，以及他的一句名言，这句话至今仍然是我们当前和未来战略的基础。
这一段关于营销的演讲好于CEO的演讲，法拉利的销售策略非常清晰。
Ferrari [Foreign Language]. Thank you for your attention. And now I hand over to [ Jean Maria Gas ].
法拉利 [外语]。感谢各位的聆听。现在我把时间交给[Jean Maria Gas]。
Unknown Executive
Okay. [Foreign Language] Good morning to everyone also from my side. I am happy to be here for the first time and to contribute to the product development, leveraging on my long experience in Ferrari, both in racing and in road car development. Enrico left some important inputs for me for my presentation, but above all, for my work. This -- the first was the request to have different Ferrari for different [ Ferrarist ] and different Ferrari for different moments.
好的。[外语] 我也祝大家早上好。我很高兴第一次来到这里，并凭借我在法拉利赛车和公路跑车开发方面的长期经验，为产品开发做出贡献。恩里科为我的演讲，但更重要的是为我的工作，留下了一些重要的启示。这——第一个要求是为不同的[法拉利爱好者]提供不同的法拉利，以及为不同的时刻提供不同的法拉利。
The second was to constantly increase the car's performance and the driving [ trials ]. All these inputs have direct impacts on the product and technological developments. And today, I would like to explain how we are approaching these developments and what we are doing. I'll share with you the unique Ferrari way to develop a car. Obviously, I cannot go too much in detail, but I will do my best to explain to you the concept, the framework in which we are developing cars and what we mean when we say the unique Ferrari way.
第二个是不断提升汽车的性能和驾驶[激情]。所有这些输入都对产品和技术发展产生直接影响。今天，我想解释一下我们是如何进行这些开发的以及我们正在做什么。我将与大家分享法拉利独特的汽车开发方式。显然，我不能讲得太详细，但我会尽力向大家解释其概念、我们开发汽车的框架，以及当我们说法拉利独特方式时，我们的意思是什么。
You can see on the slide the key elements representing the product D&A. First, we continuously share expertise, technologies, material and processes with the racing departments. Then we always push forward innovation on core vehicle areas, including both hardware and software, as well as tailoring existing technologies in Ferrari way, and conceiving distinctive and iconic components, some of which will be explained by Ernesto in a few minutes. But the most important one is our people that with passion and competencies, develop and then craft all of our cars. All these key elements link it constantly together at the core of the Ferrari way. Having said that, as you can see on the slide, the Ferrari lays -- the Ferrari way lays up on 3 main pillars: the design, the performance and the driving trials. We carefully balance these 3 pillars in our cars to a different degree to achieve the ultimate goal of offering a different Ferrari for different [ Ferrarist ] on different moments. I would like to drive you to this pillar in a little bit more detail.
大家可以在幻灯片上看到代表产品基因的关键要素。首先，我们不断与赛车部门共享专业知识、技术、材料和工艺。然后，我们始终推动核心车辆领域的创新，包括硬件和软件，并以法拉利的方式定制现有技术，构思独特和标志性的组件，其中一些将由埃内斯托在几分钟后解释。但最重要的是我们的员工，他们凭借热情和能力，开发并制造我们所有的汽车。所有这些关键要素在法拉利方式的核心部分紧密相连。话虽如此，正如大家在幻灯片上看到的，法拉利——法拉利的方式建立在三大支柱之上：设计、性能和驾驶激情。我们在汽车中仔细平衡这三个支柱，程度各不相同，以实现最终目标，即在不同时刻为不同的[法拉利爱好者]提供不同的法拉利。我想更详细地向大家介绍这个支柱。
Firstly, I will focus on design because since sight is the first sense to enjoy the Ferrari. All the Ferraris have to be beautiful. For us, the design of a car is a structural part of our innovation process. And everything we do to develop the lines of our car is functional to increase the performance and the driving trials. As this video will explain it to you. Please enjoy the video.
首先，我将专注于设计，因为视觉是享受法拉利的第一个感官。所有的法拉利都必须是美丽的。对我们来说，汽车的设计是我们创新过程中的一个结构性部分。我们为开发汽车线条所做的一切，都是为了提高性能和驾驶激情。正如这段视频将向您解释的那样。请欣赏视频。
[Presentation]
Unknown Executive
Well, it's amazing. It's incredible what we are able to do. Let me switch now on the second pillar of the car development, the performance. Performance is the easier to explain, and it can summarize in the [lap] time of the Ferrari track, but also to have a car that is so comfortable to drive. Let's take, for example, the plug-in hybrid, SF90, a production supercar with more than 1,000 horsepower via turbocharged with 3 electric motors. It is possible to use the car as most of our power by pushing and accelerating dramatically, but it's also possible to drive the car comfortably, silently and in total safety in an 8-gear at 50 kilometers per hour when talking to the passenger.
嗯，太棒了。我们能做到这些真是不可思议。现在让我切换到汽车开发的第二个支柱——性能。性能是最容易解释的，它可以概括为法拉利赛道的[单圈]时间，但也意味着拥有一辆驾驶起来非常舒适的汽车。以插电式混合动力车型SF90为例，这是一款量产超级跑车，通过涡轮增压和3个电动机，拥有超过1000马力。既可以通过猛烈推背和加速来充分利用其大部分动力，也可以在与乘客交谈时，以8档50公里/小时的速度舒适、安静且安全地驾驶。
Furthermore, being a plug-in, it's possible to use a car in electric mode to enter city centers in total silence. Our car product range is capable of satisfying all the different Ferrarist but also satisfying the same Ferrarist in a different moment. So I would like to share with you our approach and our path to defining the perfect balance of the key elements that shape our product range.
此外，作为一款插电式混合动力车，它可以在纯电模式下使用，完全静默地进入市中心。我们的汽车产品系列能够满足所有不同法拉利爱好者的需求，也能满足同一位法拉利爱好者在不同时刻的需求。因此，我想与大家分享我们定义构成产品系列关键要素完美平衡的方法和路径。
Of course, power, power specific power is one of our excellences. It's always been, and so Ferrari said that the engine is the soul of the car. We are pushing forward this concept, always maintaining a strong connection with our roots. We are becoming closer to the engine by developing a profound knowledge in aerodynamics, control, weight, as well as the gearbox. All these elements are needed to achieve the Ferrari DNA. Aerodynamics is essential to achieve the load to have the correct grip in turns and reduce the drag on the [straights].
当然，动力、比功率是我们的卓越之处之一。一直如此，恩佐·法拉利曾说过发动机是汽车的灵魂。我们正在推进这一理念，始终与我们的根基保持紧密联系。通过在空气动力学、控制、重量以及变速箱方面积累深厚的知识，我们正在与发动机更加紧密地结合。所有这些元素都是实现法拉利DNA所必需的。空气动力学对于获得下压力、在弯道中拥有正确的抓地力以及减少在[直道]上的阻力至关重要。
Mechatronics, the control integration of mechanics, electronics and software is key to pushing the car when on the edge, not only to achieve the performance but also to push forward the driving motion. Weight is fundamental to design different Ferrari because lower weight means performance. And last but not least, the driveline is fundamental to gain acceleration needed for the latter targets, but also for the [versatility] that I just described.
机电一体化，即机械、电子和软件的控制集成，是将汽车推向极限的关键，不仅是为了实现性能，也是为了提升驾驶激情。重量对于设计不同的法拉利至关重要，因为更轻的重量意味着更好的性能。最后但同样重要的是，传动系统对于获得实现后续目标所需的加速度以及我刚才描述的[多功能性]都至关重要。
Now I would like to drive you through our journey into performance. Only 10 years ago, we had V8 and V12 oil engine, where the V12 was the highest performing one. Already back then, we knew that the hybrid engine was the right technology to increase even more performance, and we developed LaFerrari V12 hybrid with that purpose. To build the hybrid range, we first started to develop the new V8 family using the turbo charge technology, the foundation on which to build hybridization. And we created one of the most acclaimed engine in the world, the one that on the two -- on the [488 GTB]. Based on this achievement, we pushed the V8 towards hybridization. And we developed the SF90. As I said, the first range supercar via turbocharge with 3 electric engine becoming our most performing car.
现在我想带大家回顾一下我们在性能方面的历程。仅在10年前，我们拥有V8和V12自然吸气发动机，其中V12是性能最高的。即便在那时，我们就知道混合动力发动机是进一步提升性能的正确技术，为此我们开发了LaFerrari V12混合动力车型。为了构建混合动力系列，我们首先开始使用涡轮增压技术开发新的V8家族，这是构建混合动力化的基础。我们创造了世界上最受赞誉的发动机之一，即搭载于[488 GTB]上的那款。基于这一成就，我们将V8推向混合动力化，并开发了SF90。正如我所说，这是第一款通过涡轮增压和3个电动机实现的系列超级跑车，成为我们性能最强的车型。
We weren't satisfied, and we continue to push for electrification, developing the new V6 engine on the 296 GTB, the apex of the driving trial. In our product range, the V8 and V6 are the internal combustion engine that perfectly match with electric ones to create unique power units to increase performance and the driving [trials]. But the V12 is an essential part of our heritage, and we'll keep on pushing its evolution for work to create unique cars with a very special soul. The 812 competition, the Daytona, the Purosangue are simply our electric [expression] and many more will come in Ferrari's future. Do you think we are happy to rest with what we have achieved so far? The answer is no, not at all. We strongly believe the hybrid to be the current technology that can further increase performance.
我们并未满足，并继续推动电气化，在296 GTB上开发了新的V6发动机，这是驾驶乐趣的巅峰之作。在我们的产品系列中，V8和V6是与电动机完美匹配的内燃机，可创造独特的动力单元，以提升性能和驾驶[体验]。但V12是我们传承的重要组成部分，我们将继续推动其进化工作，以创造具有非常特殊灵魂的独特汽车。812 Competizione、Daytona、Purosangue 正是我们电气化[表达]的体现，未来法拉利还会有更多车型问世。你们认为我们会满足于迄今为止取得的成就吗？答案是否定的，完全不是。我们坚信混合动力是当前能够进一步提升性能的技术。
Also, Formula 1 is adopting V6 hybrid engine and looking at the future. We plan to extend this technology to other racing activities. This technological progress will continue to be transferred to our road cars with the many cars we have in our pipeline for the years and years to come. Now after design and performance, I will focus on the driving trials.
此外，一级方程式赛车也正在采用V6混合动力发动机并着眼于未来。我们计划将这项技术扩展到其他赛车活动中。这种技术进步将通过我们未来多年产品线中的许多车型，继续转移到我们的公路跑车上。现在，在讨论了设计和性能之后，我将重点关注驾驶体验。
What does it mean? We also call it the visceral driving emotion that drivers feel at the wheel. It's the adrenaline and then [indiscernible] that starts from the brain, next to the stomach and exploding the heart. It's a physical and mental experience that created a big smile on the driver's face and pushes the driver to experience it more and more. How can it happen? Why is Ferrari unique in deriving the motion? The answer is simple in one way and challenging in another. Simple because you can easily experience it when you drive in a Ferrari. Challenging because we must bring together all our expertise and competencies to reach this goal.
这是什么意思呢？我们也称之为驾驶者在方向盘后感受到的发自内心的驾驶情感。那是从大脑开始，传到胃部，并在心脏爆发的肾上腺素和[此处听不清]。这是一种身心体验，能在驾驶者脸上绽放出灿烂的笑容，并促使驾驶者一次又一次地去体验。这如何实现？为什么法拉利在激发这种情感方面是独一无二的？答案一方面很简单，另一方面又充满挑战。简单是因为当你驾驶法拉利时，你可以轻易体验到它。充满挑战是因为我们必须汇集我们所有的专业知识和能力才能达到这个目标。
This occurs every time and with all the Ferrari that leave on our [Maranello] gates. Let me introduce now a short but very impressive video to show you what Ferrari means in terms of driving trials. Enjoy the video.
每一次，每一辆驶出我们[马拉内罗]工厂大门的法拉利都会如此。现在让我播放一段简短但非常震撼的视频，向大家展示法拉利在驾驶体验方面的意义。请欣赏视频。
[Presentation]
Unknown Executive
That's the correct one. Okay. Now we are able to integrate the 5 main attributes of the car into 1 total immersive dynamic experience. What the main elements that conveyed this experience. As you can see on the slide, the longitudinal and lateral acceleration, the braking, the gear change and, of course, the sound. Let's start with the longitudinal acceleration.
就是这个。好的。现在我们能够将汽车的5个主要特性整合到一个完全沉浸式的动态体验中。传达这种体验的主要元素是什么？正如大家在幻灯片上看到的，纵向和横向加速度、制动、换挡，当然还有声音。让我们从纵向加速度开始。
The feeling of [ big bash ] pushing back into the seat. For this experience, of course, power density is needed, and we always has been the best-in-class, but also the [ throttle ] response is key. And our engineers have shaped it. The perfect cure to achieve this, ensuring that the pressure you put on the pedal is precisely translating the corresponds that you receive. I wouldn't suggest you to pull all your strength on the pedal unless we have the stomach able to manage the exciting acceleration you get from a Ferrari.
那种[强烈推背]感，将你推回座椅。对于这种体验，当然需要功率密度，我们一直都是同类最佳，但[油门]响应也是关键。我们的工程师已经塑造了它。实现这一点的完美曲线，确保您施加在踏板上的压力精确地转化为您所感受到的响应。我不建议您用尽全力踩下踏板，除非您的胃能够承受法拉利带来的令人兴奋的加速度。
Second, the latter acceleration, which means going to the terms and increasing constantly the speed from in to out, thanks to the perfect balance, grip, control integration, stiffness, power delivery and weight reduction. Having the perfect safety feeling depending on the driver's competencies with the [indiscernible] position, which means that from a maximum control set up on to having the total control of, every driver can have the same enjoyment and happiness when driving into the turns. The response of the steering wheel is the key. Turn the steering wheel to put the car in a precise position. And magically, the car will do exactly what the drivers want.
第二，横向加速度，这意味着通过弯道并从入弯到出弯不断提高速度，这得益于完美的平衡、抓地力、控制集成、刚度、动力输出和减重。根据驾驶员的能力和[Manettino旋钮]位置，获得完美的安全感，这意味着从最大控制设置到完全掌控，每位驾驶员在驶入弯道时都能获得同样的乐趣和快乐。方向盘的响应是关键。转动方向盘将汽车置于精确的位置。神奇的是，汽车会完全按照驾驶员的意愿行驶。
Third, the brake response. Like the throttle and the steering wheel, the braking response is the key for driving trials. The car has to break with a huge deceleration thanks to the [ carbon ceramic ] brake components and their perfect integration with the car. It's a unique feeling to brake very, very close to the turn and experience the tight deceleration load.
第三，制动响应。与油门和方向盘一样，制动响应是驾驶激情的关键。凭借[碳陶瓷]制动组件及其与汽车的完美集成，汽车必须能够实现巨大的减速度。在非常非常接近弯道时制动并体验强烈的减速负荷，这是一种独特的感觉。
Fourth, the gear and the response of the gear shift. For every upshift and down shift the gear will give you extra acceleration or deceleration to increase the shift feeling.
第四，档位和换挡响应。每一次升档和降档，档位都会给您带来额外的加速或减速，以增强换挡感。
And fifth, the sound, the engine sound. It is the part of the experience that link together everything that I just described. During the longitudinal and lateral acceleration, the engine sound increases with the [indiscernible] as well in the upshift and the downshift to increase visual driving emotion. The unique Ferrari way is the ability to seamlessly conceive and achieve all these elements while perfectly shaping and balancing them to reach unique visual driving emotion and brings out a big smile on the drivers and passenger faces.
第五，声音，发动机的声音。这是将我刚才描述的一切联系在一起的体验的一部分。在纵向和横向加速过程中，发动机声音会随着[轰鸣声]而增强，在升档和降档时也是如此，以增强发自内心的驾驶情感。法拉利独特的方式在于能够无缝地构思和实现所有这些元素，同时完美地塑造和平衡它们，以达到独特的发自内心的驾驶情感，并在驾驶员和乘客脸上绽放出灿烂的笑容。
As mentioned at multiple times, we never rest, and we are moving forward exploring new technology. The next for sure, will be the electric powertrain. What does it mean to make an electric Ferrari? It means that the electric Ferrari will be a Ferrari taking up the product development pillar seen previously, driving thrill performance and design. It must be capable to generating visual driving emotion, and it must have unique performance and, of course, a unique design.
正如多次提到的，我们从不止步，我们正在向前迈进，探索新技术。下一个确定的方向将是电动动力总成。制造一辆电动法拉利意味着什么？这意味着电动法拉利将是一辆秉承我们之前看到的产品开发支柱——驾驶激情、性能和设计的法拉利。它必须能够产生发自内心的驾驶情感，并且必须具有独特的性能，当然还有独特的设计。
How we will do with the following elements? We derive the electric technology for the racing department. I mean design, material and production capabilities. We use all our manufacturing and assembling expertise to create unique electric components, optimizing the specific power to enhance the performance and to guarantee the driving trials. We deploy all our skill scenario dynamics and mechatronics to increase the range of the car without sacrificing the design of a car.
我们将如何通过以下元素来实现这一点？我们从赛车部门获取电动技术，我指的是设计、材料和生产能力。我们利用我们所有的制造和组装专业知识来创造独特的电气部件，优化比功率以提高性能并保证驾驶激情。我们运用我们在空气动力学和机电一体化方面的所有技能，在不牺牲汽车设计的前提下增加汽车的续航里程。
Finally, we integrate the latter technologies with our vehicle dynamics capabilities to achieve the Ferrari driving emotion and as Benedetto as anticipated, creating a unique sound. Everything is being designed to respond to our different Ferrari for different Ferrarist and different moment strategy, and to guarantee this tailored car differentiation, we have developed different architecture. We have so far our widest architecture differentiation ever, as you can see on the slide. Internal combustion engine V6, V8 and V12, hybrid engines, V6 and v8, and full electric engines. The driveline can be 2-wheel drive or 4-wheel drive, and we can offer, of course, from 2 to 4 seats and even more in the future.
最后，我们将这些技术与我们的车辆动态性能相结合，以实现法拉利的驾驶情感，并且正如 Benedetto 所预期的那样，创造出独特的声音。一切设计都旨在响应我们‘为不同法拉利爱好者和不同时刻打造不同法拉利’的策略，并为保证这种量身定制的汽车差异化，我们开发了不同的架构。正如您在幻灯片上看到的，到目前为止，我们拥有有史以来最广泛的架构差异化。内燃机有V6、V8和V12，混合动力发动机有V6和V8，以及纯电动发动机。传动系统可以是两轮驱动或四轮驱动，当然，我们可以提供2到4个座位，未来甚至更多。
To conclude, I would like to underline that we are managing all the technologies to continue to exceed customer expectations. But as I [indiscernible] many times, we will never rest, and we will stay true to our founder's belief that [Foreign Language].
最后，我想强调的是，我们正在管理所有技术，以继续超越客户的期望。但正如我多次[强调]的那样，我们永不止步，我们将忠于我们创始人的信念：[外语]。
I'm now happy to leave the stage to Ernesto, who will explain the component, the development path to achieve the technologies that I just mentioned. Thank you.
现在我很高兴将舞台交给Ernesto，他将解释为实现我刚才提到的技术所需的组件和开发路径。谢谢。
技术上有着比较细致的能力。
Unknown Executive
Thank you, [ Gianmaria ]. Together with an amazing engineering team, I'm happy to contribute to the technology transition, leveraging my past experience in analog, power and sensor chips. [ Gianmaria ] has explained where our vehicles will be positioned in respect to design, performance and driving thrills. Now I would like to share some insights on how we will do all of this.
谢谢你，[吉安马里亚]。与一支优秀的工程团队一起，我很高兴能为技术转型做出贡献，利用我过去在模拟、电源和传感器芯片方面的经验。[吉安马里亚]已经解释了我们的汽车在设计、性能和驾驶激情方面的定位。现在我想分享一些关于我们将如何实现这一切的见解。
The engines for performance, focusing on power density, then the Ferrari dynamics. Here they are the mechanics component, sensor and our performance software development of a decade of experience are key. I will then provide a glimpse of our relentless innovation, where innovative materials, alternative fuel, lubricants and coolants are fundamental.
发动机的性能，专注于功率密度，然后是法拉利的动态性能。在这里，机械部件、传感器以及我们十年经验积累的性能软件开发是关键。然后，我将简要介绍我们不懈的创新，其中创新材料、替代燃料、润滑油和冷却剂至关重要。
Let's start from the engines. Ferrari engines were, are and will always be the best-in-class for what is its key parameter, specific power. In the engine manufacturing team, we have been working on Ferrari engines for 3 generation. This is what we mean when we say that the engine is in our DNA. For Ferrari, the internal combustion engine continues to be a priority in our development road map. All engines are not [only conceived in Maranello]. They are also designed and crafted and assembled in [ Maranello ].
让我们从发动机开始。法拉利发动机过去是、现在是、将来也永远是其关键参数——比功率方面的同级最佳。在发动机制造团队中，我们已经为法拉利发动机工作了三代。这就是我们说发动机融入我们DNA的含义。对于法拉利来说，内燃机仍然是我们发展路线图中的优先事项。所有发动机不仅[在马拉内罗构思]，它们还在[马拉内罗]设计、制造和组装。
The powertrain offering will become wider in the future, including photovoltaic, hydrogen and other technologies. The world of electric and combustion engine has many similarities. They both require a multiple set of expertise that intersect with significant commonalities. We have identified 4 of them. The first commonality is the racing world. This has been the case in the past. However, it is even stronger with the electrification transition. The architecture of our electric engine is [race-derived] but the challenge has been to industrialize this engine to move from unitary production to [thousands] of units.
未来的动力总成产品将更加广泛，包括光伏、氢能和其他技术。电动和内燃机领域有许多相似之处。它们都需要多种专业知识，并且这些专业知识之间存在显著的共性。我们确定了其中的4个。第一个共性是赛车世界。过去一直是这样。然而，随着电气化转型，这一点变得更加突出。我们电动发动机的架构是[源自赛车]的，但挑战在于将这种发动机工业化，从单件生产转向[数千]台的生产。
A challenge that we have met also thanks to the precision [mechanisms already] existing in Maranello. A third similarity between these [two worlds] is the cooling system. And on this, we can [leverage] on our [aerodynamics know-how]. Another factor that makes our engines unique from a performance point of view is the software. And once again, we are applying everything we have learned over the years in the combustion world to the new challenge of electrification era. We can now do a [parallel] between these [worlds]. The combustion chamber corresponds to the inverter. And Ferrari['s ambition] is to have the best-in-class inverter based on silicon carbide technology.
我们之所以能够应对这一挑战，也要归功于马拉内罗现有的精密[机械加工能力]。这两个[世界]之间的第三个相似之处是冷却系统。在这方面，我们可以[利用]我们的[空气动力学专业知识]。从性能角度来看，使我们发动机与众不同的另一个因素是软件。我们再次将多年来在内燃机领域学到的一切应用于电气化时代的新挑战。我们现在可以在这两个[世界]之间做一个[类比]。燃烧室对应于逆变器。而法拉利的[目标]是拥有基于碳化硅技术的同类最佳逆变器。
This technology will allow us to manage, at the same time, high voltage, high power and to work at high frequencies, leading to higher power density for our electric engine. The piston corresponds to the magnet, which will be racing derived with some modification to enable the industrialization, and the fuel is the battery. For Ferrari, the battery is a strategic component. And for this reason, as in the case of the electric engine, it will be made here in Maranello. Today, all electric car [offer great] longitudinal acceleration. However, the same cannot be said for the driving thrills. The full electric Ferrari will combine performance with driving thrills. This is our goal, and this is what will differentiate the full electric Ferrari from all others. The main approach will also apply to our electric engine, which will be designed and crafted and assembled in Maranello. They will be unique. They will be Ferrari engines.
这项技术将使我们能够同时管理高电压、高功率并在高频率下工作，从而为我们的电动发动机带来更高的功率密度。活塞对应于磁铁，它将源自赛车并进行一些修改以实现工业化，而燃料就是电池。对于法拉利来说，电池是一个战略性组件。因此，与电动发动机一样，它也将在马拉内罗制造。如今，所有电动汽车都[提供出色]的纵向加速度。然而，对于驾驶激情而言，情况并非如此。纯电动法拉利将把性能与驾驶激情相结合。这是我们的目标，也是纯电动法拉利与其他所有车型的区别所在。这种主要方法也将应用于我们的电动发动机，它将在马拉内罗设计、制造和组装。它们将是独一无二的。它们将是法拉利发动机。
We have been working on batteries for years, witnessed by our patent portfolio that has been growing in this regard. [Cells are obviously a] commodity. And by purchasing them, we can constantly have [access] to the highest quality possible and the latest technology. Our differentiating factor is how the cell will be assembled [into] and crafted [in] these batteries. This gives us a differentiating factor because we can effectively integrate our battery into the chassis of our cars, reducing the weight of the vehicles, increasing the performance and creating a unique driving experience that is possible only with the Ferrari.
我们多年来一直致力于电池的研发，我们在这方面不断增长的专利组合就是证明。[电芯显然是]一种商品。通过采购它们，我们可以持续[获得]最高质量和最新技术。我们的差异化因素在于如何将电芯组装[到]这些电池中并进行[精密]制造。这为我们带来了差异化因素，因为我们可以有效地将电池集成到汽车底盘中，从而减轻车辆重量，提高性能，并创造出只有法拉利才能提供的独特驾驶体验。
What is our electric engine road map. At Ferrari, we believe that it is possible to define a law for the electric engine development. This will guide our future development to further improve the power density and as a consequence, to transform it into performance and drive thrills. We will work on the [current] strategy on materials and in the future on superconductors. All the elements we are working on now and in the years to come, will allow us to increase our power density by 10% every 2 years.
我们的电动发动机路线图是什么？在法拉利，我们相信可以为电动发动机的发展定义一个规律。这将指导我们未来的发展，以进一步提高功率密度，并因此将其转化为性能和驾驶激情。我们将致力于[当前的]材料战略，并在未来致力于超导体。我们现在和未来几年正在研究的所有元素，将使我们能够每两年将功率密度提高10%。
Sound is one of the [essentials] that characterized the Ferrari, 1 of the distinctive signature that conveys emotion as described by [ Gianmaria ]. This is because the sound is not artificial, but originate from the engine. Each one is unique and therefore, is changing as its own sound, its own signature. And for this reason, it convey great emotion to those driving a Ferrari. Our electric car will have also their signature. Internal combustion and electric engine will have a different signature. However, [they] will both [stir] the feelings and emotion of those driving the car.
声音是法拉利的[基本特征]之一，是[吉安马里亚]所描述的传递情感的独特标志之一。这是因为声音并非人工制造，而是源自发动机。每一个都是独一无二的，因此，它会随着自身的声音和标志而变化。因此，它给驾驶法拉利的人带来了巨大的情感。我们的电动汽车也将拥有自己的标志。内燃机和电动发动机将具有不同的标志。然而，[它们]都将[激起]驾驶者内心的感受和情感。
Let's now move on the Ferrari dynamics. As of today, on Ferrari, you have multiple sensor: accelerometer, gyroscope, microphone and much more. All of this improves [vehicle] dynamics, as well as performance and drive thrills.
现在让我们谈谈法拉利的动态性能。目前，法拉利汽车上配备了多种传感器：加速度计、陀螺仪、麦克风等等。所有这些都改善了[车辆]动态性能，以及性能和驾驶激情。
Sensors will play a fundamental role on the battery management, increasing the life of the battery as well as the safety. The first sensor was adopted in 1980 on the Ferrari 308 GTB. It was a position sensor. Now on our Ferraris, we can count tens and tens, almost 100 of different sensors. In the near future, our car will be [ equipped ] with a new sensor that will allow us to further improve the existing feature and enable new functions. Longer term new sensor technology will come up in the market, allowing for new application and step up in performance. An example, just think about Quantum sensors. The performance software found in a car is becoming a fundamental element to improve performance and introduce new function. The future will bring more of this and in a new ways. This is really a great news for Ferrari. Ferrari has been a pioneer. Just to recall a couple of examples, the [paddle shift] on F335 Formula 1 in 1995 and the manettino introduced on the F430, 2 iconic elements that are still present in every model of our range.
传感器将在电池管理中发挥基础性作用，延长电池寿命并提高安全性。第一个传感器于1980年应用于法拉利308 GTB，它是一个位置传感器。现在，在我们的法拉利上，我们可以数出数十个，几乎100个不同的传感器。在不久的将来，我们的汽车将[配备]新的传感器，这将使我们能够进一步改进现有特性并启用新功能。从长远来看，新的传感器技术将会出现在市场上，从而实现新的应用和性能的提升。举个例子，想想量子传感器。汽车中的性能软件正成为提高性能和引入新功能的基本要素。未来将带来更多这样的东西，并以新的方式呈现。这对法拉利来说确实是个好消息。法拉利一直是先驱。仅举几个例子，1995年F335一级方程式赛车上的[换挡拨片]和F430上引入的manettino旋钮，这两个标志性元素至今仍存在于我们系列中的每一款车型上。
Once again, racing has allowed us and will allow us again to be at the edge of innovation. In the following slide, you will see some examples of how combining sensor and software, it will be possible to further improve the performance and the driving thrills of our cars. Driving thrills is not just acceleration. It is also the braking experience, stopping distance and much more. Before the ABS introduction, it was the driver's ability to reach the [limit in] braking. The ABS has made the experience easier, but we managed to improve on it. Thanks to the information we have from the main accelerometer, gyroscope and the deep control vehicle software now existing in Ferrari, we have reduced our braking distance by approximately 10%.
再一次，赛车运动使我们能够并且将再次使我们处于创新的前沿。在接下来的幻灯片中，您将看到一些示例，说明如何通过结合传感器和软件来进一步提高我们汽车的性能和驾驶激情。驾驶激情不仅仅是加速。它还包括制动体验、制动距离等等。在ABS引入之前，达到制动[极限]是驾驶员的能力。ABS使体验变得更容易，但我们设法对其进行了改进。得益于我们从主要的加速度计、陀螺仪和法拉利现有的深度控制车辆软件中获得的信息，我们将制动距离缩短了约10%。
When you compare the Ferrari with [6D] sensor or without it. In addition to the reduction of the stopping distance, braking will become much more repeatable and precise, further increasing the driving experience, the safety feeling and above all, the driving thrills. Now we can see a video to explain what Ferrari active suspension technology is about.
当您比较配备[6D]传感器或不配备该传感器的法拉利时。除了缩短制动距离外，制动将变得更加可重复和精确，从而进一步提升驾驶体验、安全感，最重要的是驾驶激情。现在我们可以观看一段视频来解释法拉利主动悬架技术。
[Presentation]
Unknown Executive
As we have just seen in the video, this will enable our car to apply the best suspension for every driving condition by keeping the vehicle body at the best ride [height]. An example is what our car will do [when cornering]. They will not only be a rotational movement, but the real lowering of the car's center of gravity. This will allow to generate higher [lateral] acceleration. That means to [increase] driving speed. And once again, will result in increasing in performance and driving thrills.
正如我们在视频中刚刚看到的，这将使我们的汽车能够通过将车身保持在最佳行驶[高度]，从而在每种驾驶条件下应用最佳悬架。一个例子是我们的汽车在[转弯时]会做什么。它们不仅会有旋转运动，还会真正降低汽车的重心。这将允许产生更高的[横向]加速度。这意味着[提高]行驶速度。并且，再次强调，这将导致性能和驾驶激情的提升。
Now I would like to share with you a first glimpse of the Ferrari dynamics control. And as usually done in Ferrari, this innovative feature will further enhance the driving thrills. On [straights], you will have maximum speed stability, while [cornering] you will experience the optimum balance between stability and agility, reaching maximum acceleration while cornering. And you will have a maximum traction and stability exiting from the bend. This is yet another reason why Ferrari's electric car will be a Ferrari, not only because it will have the best-in-class engine with all that for -- from a performance point of view.
现在我想与大家分享法拉利动态控制的初步印象。正如法拉利一贯的做法，这项创新功能将进一步提升驾驶激情。在[直道]上，您将拥有最大的速度稳定性，而在[弯道中]，您将体验到稳定性与敏捷性之间的最佳平衡，在转弯时达到最大加速度。并且在出弯时您将拥有最大的牵引力和稳定性。这是法拉利电动汽车之所以成为法拉利的又一个原因，不仅仅是因为它将拥有同类最佳的发动机，以及从性能角度来看的所有优势。
Our car will convey unique emotion to the driver. When it comes to innovation, our goal is to enhance the performance and the driving thrills. As you can see on the chart, this is the result of a special combination of [different] segment, I have briefly touched on today. And this is just a glimpse of what we are working on, performance and driving thrills will improve. However, what will improve more than anything is the emotion that our customer will experience when driving a Ferrari. Being a part of change is part of our DNA, and for this reason, climate change is a further stimulus to do what we have been doing for years, innovate. We have been concentrating on new materials, and an example of this is the recycled aluminum for which CO2 emissions could be reduced by up to 90%. We are also working with partners on alternative fuel such as [e-fuels], coolants and lubricants which will allow us to reduce emission also with our IC engines, building on our heritage.
我们的汽车将向驾驶员传递独特的情感。在创新方面，我们的目标是提升性能和驾驶激情。正如您在图表上看到的，这是我今天简要提及的[不同]细分领域特殊组合的结果。这只是我们正在努力的一瞥，性能和驾驶激情将会得到改善。然而，比任何事情都更能改善的是我们的客户在驾驶法拉利时所体验到的情感。成为变革的一部分是我们DNA的一部分，因此，气候变化进一步激励我们去做我们多年来一直在做的事情——创新。我们一直专注于新材料，其中一个例子是再生铝，其二氧化碳排放量可减少高达90%。我们还与合作伙伴共同研发替代燃料，例如[电子燃料]、冷却液和润滑油，这将使我们能够在传承传统的基础上，通过我们的内燃机减少排放。
The further stream to innovation are the regulation that more than ever in this year are rapid evolving and that are not always aligned between different countries. The goal is to find solutions that will allow us to be compliant with every regulation without penalizing the performance and the driving thrills.
创新的进一步动力来自于法规，今年法规的演变比以往任何时候都更加迅速，而且不同国家之间的法规并不总是一致的。我们的目标是找到解决方案，使我们能够在不影响性能和驾驶激情的前提下遵守所有法规。
To conclude, I want to underline that for us, the technology transition is a unique opportunity to enhance our car performance even further. We start to develop our performance electric engine well before the world that was regulating this transition. And thus, I would like to end with this quote from our founder, which in Ferrari will always be true. [Foreign Language].
最后，我想强调，对我们而言，技术转型是进一步提升我们汽车性能的独特机遇。我们早在世界规范这一转型之前就开始研发我们的高性能电动发动机。因此，我想用我们创始人的这句话来结束，这句话在法拉利将永远适用：[外语]。
I will now hand over to Antonio.
我现在把时间交给安东尼奥。
Antonio Piccon CFO
[Foreign Language] I'm really glad to welcome you here in person. As you may expect, I will explain how all what we have said so far translates into financial performance and outline our targets for the next 4 years. Before looking at our future, let's take a step back and review our track record since listing.
[Foreign Language] 我真的很高兴能在这里亲自欢迎大家。正如您可能预料的那样，我将解释我们迄今为止所说的一切如何转化为财务业绩，并概述我们未来4年的目标。在展望未来之前，让我们先退一步，回顾一下我们上市以来的业绩记录。
Ferrari key financial strength, have historically been growth, margin expansion and solid industrial free cash flow generation. In the last 6 full years, we were able to grow our top line by almost 7% annually compared to 2015, while preserving exclusivity through a strict control on shipments by model and by geography. We doubled our EBITDA and expanded our EBITDA margin by almost 10 percentage points to close to 36% in 2021. We generated approximately EUR 2.45 billion of industrial free cash flow with a sound cash generation ratio of 34% on average.
法拉利的主要财务优势，历来是增长、利润率扩张和稳健的工业自由现金流产生。在过去的6个完整年度中，与2015年相比，我们能够以每年近7%的速度增长我们的营收，同时通过严格控制各车型和各地区的出货量来保持独特性。我们的EBITDA翻了一番，EBITDA利润率扩大了近10个百分点，在2021年接近36%。我们产生了约24.5亿欧元的工业自由现金流，平均现金产生率为34%，表现稳健。
Over the same period, we prioritized the capital allocation towards capital expenditure to fuel the future development of the company while rewarding our shareholders through EUR 930 million in dividends, and share repurchases worth approximately EUR 800 million, EUR 850 million. The COVID-19 pandemic implied for us an 8% decrease in revenues, however, our EBITDA margin softened by only 70 basis points, which compares very favorably even in the luxury brands arena and was more than offset by a positive jump of almost 3 percentage points in 2021. As already recalled by Benedetto, despite COVID, we confirm our confidence to meet in 2022, our accumulated industrial free cash flow target as disclosed in the context of our Capital Markets Day of September 2018. And I may also add that this year, we'll end up just a touch below the cumulated EBITDA target.
在同一时期，我们将资本配置优先用于资本支出，以推动公司的未来发展，同时通过9.3亿欧元的股息和价值约8亿欧元至8.5亿欧元的股票回购来回报我们的股东。COVID-19疫情对我们来说意味着收入下降8%，然而，我们的EBITDA利润率仅下降了70个基点，即使在奢侈品牌领域，这也表现得非常出色，并且在2021年被近3个百分点的积极增长所抵消。正如Benedetto已经回顾的那样，尽管受到COVID的影响，我们仍有信心在2022年实现我们在2018年9月资本市场日披露的累计工业自由现金流目标。我还可以补充一点，今年，我们的累计EBITDA目标将略低于预期。
As described by Enrico, we have a very exciting product pipeline ahead of us. We will be able to play all levers offered by our widened range of powertrain, whether ICE, hybrid or full electric, but we'll keep on applying very carefully our scarcity model and maintain the offer of Icona and Supercars far below 5% of total volumes, special series at around 10%. And we'll be very disciplined and apply such philosophy also to our Purosangue, for which we currently plan to maintain yearly average contribution to our shipments below 20% over its life cycle. That perfectly fits with our vision to go for value and not for volume.
正如Enrico所描述的，我们面前有一个非常激动人心的产品线。我们将能够利用我们扩大的动力总成系列（无论是内燃机、混合动力还是纯电动）所提供的所有杠杆，但我们将继续非常谨慎地应用我们的稀缺性模型，并将Icona和Supercars的供应量保持在总销量的5%以下，特别系列保持在10%左右。我们也将非常自律，并将这种理念应用于我们的Purosangue，目前我们计划在其生命周期内将其年平均出货量贡献保持在20%以下。这完全符合我们追求价值而非数量的愿景。
Finally, the financial ambition outline in a minute are predicated upon the assumption that the extremely buoyant demand we have been witnessing in the last 12 months will gradually normalize. Over the plan period, therefore, volume growth is expected to be front-loaded and within our current production capacity. But let's now review the evolution of our revenues. Car-related activities will generate the bulk of our growth in the next 4 years. In this representation, they also include the sales of engines to Maserati whose contribution will seize in 2023 and the financial service activities.
最后，我稍后将概述的财务目标是基于这样一个假设：我们在过去12个月中看到的极其旺盛的需求将逐渐正常化。因此，在计划期内，预计销量增长将集中在前期，并且在我们目前的生产能力之内。但现在让我们回顾一下我们收入的演变。汽车相关活动将在未来4年产生我们增长的大部分。在此表述中，它们还包括向玛莎拉蒂销售发动机的收入（其贡献将于2023年停止）以及金融服务活动。
We target to grow such revenues at a yearly pace of roughly 10% compounded. This implies an increase of more than EUR 2 billion over the planned period, with the rich product portfolio being the main driver, along with the contribution of personalization, whose weight is assumed to remain within our historical experience in relation to revenues from cars and spare parts. Other revenue streams are also projected to positively contribute to our group's performance, both from our racing and lifestyle activities, which include the ambition to double lifestyle sales by 2026 versus pre-pandemic levels. All in all, we target to achieve total group net revenues up to EUR 6.7 billion in 2026, with a compounded annual growth rate of 9%.
我们的目标是以每年约10%的复合增长率来增长此类收入。这意味着在计划期内增加超过20亿欧元，丰富的产品组合是主要驱动力，同时还有个性化定制的贡献，其权重假定将保持在我们历史上与汽车和备件收入相关的经验范围内。其他收入来源预计也将对我们集团的业绩做出积极贡献，包括我们的赛车和生活方式活动，其中包括到2026年将生活方式销售额比疫情前水平翻一番的目标。总而言之，我们的目标是到2026年实现集团总净收入高达67亿欧元，复合年增长率为9%。
Based on such top line growth, we aim to reach an EBIT of approximately EUR 1.8 billion to EUR 2 billion by 2026. The 2 end drivers will be price mix that will be the main contributor and evolved according to the product guidance. In addition, personalization will also further enrich the mix with percentage margins in line with last year's. And then volume, albeit to a lesser extent. Our targets and this analysis assume only limited changes in the allocation of our sales by geographies with the overall weight of China, Hong Kong and Taiwan on our total yearly shipments, expected to grow and remain above 10%. It is worth noting that sales in China are the most profitable in absolute terms, while the least in percentage terms, since duties and indirect taxes inflate average selling prices. Opportunities to grow our customer base in China, therefore, implied an upside in terms of EBIT and EBITDA at the expense of their margins.
基于这样的营收增长，我们的目标是到2026年实现约18亿至20亿欧元的息税前利润（EBIT）。两个最终驱动因素将是价格组合，它将是主要贡献者，并根据产品指导进行演变。此外，个性化定制也将进一步丰富产品组合，其利润率百分比与去年持平。然后是销量，尽管程度较小。我们的目标和此分析假设我们的销售按地区分配仅发生有限变化，中国大陆、香港和台湾在我们年度总出货量中的总体权重预计将增长并保持在10%以上。值得注意的是，在中国的销售额在绝对值上是最赚钱的，但在百分比上却是最低的，因为关税和间接税抬高了平均售价。因此，在中国扩大客户群的机会意味着以牺牲利润率为代价，在EBIT和EBITDA方面存在上行空间。
Industrial costs and R&D will grow mainly due to D&A or full CapEx required to develop the product range as well as to expenses incurred to further enhance Ferrari's technological edge. In these numbers, we are factoring the expected cost cap from the F1 financial regulations related to the chassis and the development of the power unit. As a reminder, the current F1 regulatory framework is subject to renewal in 2026. SG&A will grow close to 9% annually and will not exceed 8% of our yearly revenues, reflecting mainly communication and marketing activities to support product range, lifestyle, network and organizational development.
工业成本和研发费用将主要由于开发产品系列所需的折旧摊销或全部资本支出以及为进一步提升法拉利技术优势而产生的费用而增长。在这些数字中，我们考虑了F1财务法规中与底盘和动力单元开发相关的预期成本上限。提醒一下，当前的F1法规框架将于2026年续签。销售、一般和行政费用（SG&A）将以每年近9%的速度增长，并且不会超过我们年收入的8%，主要反映了支持产品系列、生活方式、网络和组织发展的沟通和营销活动。
Our assumptions with respect to foreign exchange rates beyond 2022 is that the U.S. dollar will float against the euro around [1.15], which is not significantly different from what we had on average in 2021. We acknowledge that this is weaker than today's rate, but much closer to medium-term consensus. As a result of the above, we aim to strengthen our profitability metrics over the planned period at a pace of 11% annually. That is faster than revenues, and we target to achieve a remarkable EBITDA margin in 2026 of approximately 38% to 40%.
我们对2022年以后汇率的假设是，美元兑欧元将在[1.15]左右浮动，这与我们2021年的平均水平没有显著差异。我们承认这比今天的汇率要弱，但更接近中期共识。基于以上因素，我们的目标是在计划期内以每年11%的速度加强我们的盈利能力指标。这比收入增长更快，我们的目标是在2026年实现约38%至40%的卓越EBITDA利润率。
这个增长速度和50倍的PE，巴菲特说机会是不均等的，需要抓住短暂出现的机会。
Cumulative CapEx spending over the planned period will amount to a total of EUR 4.4 billion with approximately 75% of our investments focused on broadening and innovating the product range, aiming at the just announced 15 new launches over the next 4 years, and 25% will be devoted to infrastructure in order to foster our competitive advantage and increase the vertical integration of key components, such as the battery, the inverters, and the engines, which will be designed and crafted and assembled here in Maranello. As a result of our plans by 2026, the allocation of CapEx by powertrain will be approximately 25% ICE, 40% hybrid and 35% full electric with CapEx devoted to full electrics, leveraging also previous year investments on the hybrid components. After 2022, we project the incidence of capital expenditure of the revenues not to exceed 15% on a yearly basis and the ratio of CapEx to D&A to stabilize at around 1.2. Between 2021 and 2026, CapEx therefore growing by 5% annually.
在计划期内，累计资本支出总额将达到44亿欧元，其中约75%的投资将用于扩大和创新产品系列，目标是在未来4年内推出刚刚宣布的15款新车型；25%将用于基础设施建设，以增强我们的竞争优势并提高关键部件（如电池、逆变器和发动机）的垂直整合度，这些部件将在马拉内罗设计、制造和组装。根据我们的计划，到2026年，按动力总成划分的资本支出分配将约为：内燃机25%，混合动力40%，纯电动35%，其中用于纯电动的资本支出还将利用往年在混合动力部件上的投资。2022年之后，我们预计资本支出占收入的比重每年不会超过15%，资本支出与折旧摊销的比率将稳定在1.2左右。因此，在2021年至2026年期间，资本支出将以每年5%的速度增长。
We target accumulated industrial free cash flow of approximately EUR 4.6 billion to EUR 4.9 billion over the planned period. That is to double what we generated in the 2016, 2021 time frame. Also, the accumulated cash conversion ratio has improved by almost 10 percentage points to 44%. The industrial free cash flow generation will be mostly sustained by the growing profitability net of capital expenditures. All other cash components are a net drag, and the advances on our limited series models will significantly benefit certain years at the expense of the following ones, but are seeing almost neutral on a cumulative basis over the planned period.
我们的目标是在计划期内累计实现约46亿至49亿欧元的工业自由现金流。这相当于我们在2016年至2021年期间产生的现金流的两倍。此外，累计现金转换率也提高了近10个百分点，达到44%。工业自由现金流的产生将主要依靠扣除资本支出后不断增长的盈利能力来维持。所有其他现金组成部分均为净拖累，我们限量系列车型的预付款将在某些年份带来显著收益，但会以牺牲后续年份为代价，但在计划期内的累计基础上几乎是中性的。
赚到的钱要重新再投入，不是太好的模式。
Our tax rate is a seem to keep on benefiting of the patent box regime and remain slightly above 20% even under the new rules that we will start applying from 2025 onwards. On this slide, you can find the summary of the financial targets we have set for 2026. Net revenues up to EUR 6.7 billion. Adjusted EBITDA between EUR 2.5 billion and EUR 2.7 billion, with the EBITDA margin to further improve to 38% to 40% at the end of the plan. Adjusted EBIT between EUR 1.8 billion and EUR 2 billion with an EBIT margin between 27% and 30%. Adjusted EPS, diluted in the range of EUR 7.2 to EUR 8, growing annually by a compounded rate of more than 11%. And finally, industrial free cash flow, reaching accumulated amount of EUR 4.6 billion to EUR 4.9 billion, including the 2022 base year.
我们的税率似乎将继续受益于专利盒制度，即使在我们将从2025年起开始适用的新规则下，仍将略高于20%。在这张幻灯片上，您可以看到我们为2026年设定的财务目标摘要。净收入高达67亿欧元。调整后EBITDA在25亿至27亿欧元之间，EBITDA利润率在计划结束时将进一步提高至38%至40%。调整后EBIT在18亿至20亿欧元之间，EBIT利润率在27%至30%之间。调整后摊薄每股收益在7.2欧元至8欧元之间，年复合增长率超过11%。最后，工业自由现金流累计达到46亿至49亿欧元，包括2022基准年。
This compares with our guidance for 2022, which we are confident to meet at the high end of its ranges. And we also confirm the 2023 targets of EUR 1.8 billion to EUR 2 billion of EBITDA and its margin above 38% as previously disclosed. With this target in mind, an appropriate consideration of the self-financing capabilities of Ferrari over the planned period, the company decided to proceed with the proposal of a dividend payout for the following years, raised to a steady 35% of adjusted net income from fiscal year 2022 onward and a roughly EUR 2 billion share repurchase program to be executed from now to the end of the planned period, in line with the progress of our free cash flow generation. Under these assumptions and with the cash generation that we target, we expect to achieve a net cash position before the end of the plan. And this clearly represents an opportunity for further favorable adjustment to our policy to reward our shareholders going forward. With that said, let me recap.
这与我们2022年的指引相比，我们有信心达到其区间的上限。我们还确认了先前披露的2023年EBITDA目标为18亿至20亿欧元，利润率高于38%。考虑到这一目标，并适当考虑法拉利在计划期内的自筹资金能力，公司决定提议未来几年的股息支付，从2022财年起将股息支付提高到调整后净收入的稳定35%，并从现在到计划期结束执行约20亿欧元的股票回购计划，与我们自由现金流的产生进展保持一致。在这些假设下，以及我们目标的现金产生能力，我们预计在计划结束前实现净现金头寸。这显然为未来进一步有利地调整我们回报股东的政策提供了机会。话虽如此，让我总结一下。
First, our plan rests on a solid and comprehensive ground underpinned by the visibility granted by our unique business model. It privileges revenue over volume, and therefore, entails stronger price mix contribution made possible by an exciting model pipeline. Second, the plan also includes a significant degree of innovation and appropriate investment to fuel our growth trajectory even beyond this planned period. Third and final, we are determined to enhance shareholders' value through the judicious return of our free cash flow to you, our shareholders.
首先，我们的计划建立在坚实而全面的基础之上，其基础是我们独特的商业模式所赋予的可见性。它优先考虑收入而非销量，因此，通过激动人心的车型系列，可以实现更强的价格组合贡献。其次，该计划还包括大量的创新和适当的投资，以推动我们甚至超出本计划期的增长轨迹。第三也是最后一点，我们决心通过审慎地将我们的自由现金流返还给你们——我们的股东，来提升股东价值。
Here at Ferrari, we are committed to flawlessly execute this plan and to grasp all the opportunities that lie ahead for our company and further grow its value. On this ambition, let me conclude by quoting our founder, Enzo Ferrari and recall our own responsibilities. [Foreign Language], I will now leave the floor to Benedetto.
在法拉利，我们致力于完美执行此计划，抓住公司未来面临的所有机遇，并进一步提升其价值。关于这一雄心，请允许我引用我们的创始人恩佐·法拉利的话来结束，并回顾我们自身的责任。[外语]，我现在把发言权交给贝内代托。
Benedetto Vigna CEO & Executive Director
The \[ last effort ] and then we'll have the Q\&A. Okay. So now we're talking about something that is very important for our company. Before I spoke about uniqueness, the people, the profitability but also underlined the seriousness of our commitment to ESG. We will see a brief video now. And in this video, you will see all the deliberate action that we do in ESG space but then later, I will make a specific focus on the environment. So let's see this video, and then we talk about the environment.
Benedetto Vigna 首席执行官兼执行董事
「最后一项内容」之后我们将进入问答环节。现在我们要讨论的是对我们公司非常重要的一件事。此前我讲到了我们的独特性、员工、盈利能力，也强调了我们对 ESG 的郑重承诺。接下来我们将观看一段简短的视频，在这段视频中你们将看到我们在 ESG 领域所采取的各种有意识的行动，稍后我会特别聚焦在环境方面。现在让我们先看视频，然后再谈环境议题。
\[Presentation]
Benedetto Vigna CEO & Executive Director
Last week, I was with -- we were -- the management of Ferrari was with more or less 100 son and daughters of our employees. They got an award for being excellent in the study they do. I can tell you that it is a truly unique experience. I mean, you can fill the trails. Let's focus now on some -- on this chart that will appear. On this chart that is talking about the environment. And here, as I told you at the beginning, in our DNA, there is this continuous learning approach through a scientific way.
Benedetto Vigna 首席执行官兼执行董事
上周我和法拉利的管理层一同见了大约 100 位员工的子女。他们因为在学业上的优异表现获得了表彰。我可以告诉你们，那真的是一段独特的经历，你能感受到那种激动。现在让我们来关注一下接下来的图表，这张图展示的是关于环境的内容。正如我一开始说的，我们的基因中包含了通过科学方式持续学习的理念。
Antonio helped me to get used with numbers. Here, we don't talk about dollars. We talk about kiloton of CO2. And we choose to put some numbers, some chart numbers because we want also to be unique in this sense. We want to show you clearly which is our carbon footprint and which are the actions that we are taking and we plan to take. So 2 numbers in this chart. The unit is always kiloton. The world -- in the world, we have 58 million-kiloton per year. This is a CO2 equivalent footprint we are doing. The human kind is doing every year. Ferrari is doing 58 -- 622 kiloton. So the Ferrari impact is very small. We are talking about 0.001% of the global manmade emission. Well, this does not mean that since we are small, we don't care. This is exactly the opposite. We want to be a catalyst for change.
Antonio 帮助我熟悉了数字的运用。这里我们不是在谈美元，而是在谈二氧化碳的千吨量级。我们选择展示一些数字和图表，是因为我们也希望在这方面展现出独特性。我们希望清楚地向大家展示我们的碳足迹以及我们正在采取和计划采取的措施。这张图上有两个数字，单位都是千吨。全球每年产生的 CO2 等效排放是 5800 万千吨，这是人类每年造成的碳足迹。法拉利的碳排放是 622 千吨，所以法拉利的影响非常小，仅占全球人为排放的 0.001%。不过这并不意味着我们因为规模小就可以不在乎。恰恰相反，我们希望成为变革的催化剂。
We feel this responsibility. We feel the responsibility, and we want to show that things can be done because of limitless achievement of human kind. The emission we have, we are doing every year are falling in different categories. You see different color in this chart. So there are emissions that are coming from the tailpipe of the cars, but there are also emissions that are coming from other parts of the industry and the energy. So -- and this is true for all automotive companies. So we here in Ferrari, we want to follow a holistic and scientific way. We don't want to limit only from -- on the emission from a tank to wheel. That is very, very important. And that's what I will show you now today one by one, what we want to do. So we -- first of all, we have mapped our carbon footprint through all the scope 1, 2 and 3 that we are doing.
我们感受到这份责任，我们希望向大家展示出：人类的无限可能可以让这一切得以实现。我们的年排放分布在不同的类别中，你们可以在图表中看到不同的颜色。这些排放有些来自汽车尾气，也有一些来自工业和能源的其他环节——这对所有汽车公司都是如此。因此我们法拉利希望采取一种整体和科学的方法。我们不希望只局限在“油箱到车轮”的排放上，这当然非常重要。接下来我会一项一项地展示我们计划做的事情。首先，我们已经对所有的 Scope 1、2 和 3 的碳足迹进行了全面测绘。
So basically, all these numbers I'm showing you have been certified by ISO 14064 through a scientific way. our CO2 emission cover \[ 3 stream ], #1 indirect upstream. This accounts more or less for 45% of the total emission and relates to our supply chain and procurement process. And the majority of this stream comes from raw material extraction and component -- basic component production. The second, the direct one is what we are doing in the operation here in Maranello and this accounts for 15% of the total emission. The third one is the one that most of the people limit to is the tailpipe is the downstream and it is related to vehicle use phase. In our calculation, we do not take in account, the CO2 footprint related to the end of life because as we said, Ferrari is forever. Now if you look at these figures, this commitment is really to go beyond the decarbonization of the use phase.
基本上，我所展示的所有数字都已经通过 ISO 14064 的科学方法认证。我们的 CO2 排放覆盖三个方面：第一类是间接的上游排放，占总排放的约 45%，主要涉及我们的供应链和采购流程，其中大部分来自原材料的开采和基础组件的生产。第二类是直接排放，也就是我们在马拉内罗运营过程中产生的部分，占比约 15%。第三类是大多数人通常关注的尾气排放，即下游部分，与车辆的使用阶段相关。在我们的计算中，并不包括“生命周期结束”的排放量，因为正如我们所说，法拉利是永恒的。如果你看看这些数字，我们的承诺确实是要超越仅仅“使用阶段去碳化”的层面。
We want to look overall, and we want to focus on the green energy. We want to focus also on the recycled materials and the development of innovative technologies capable of disrupting the present while designing the future. This is very important. Technologies is going to be used for the car as well as for what is needed to make the car. Now let's see the correction that we are planning to do. Let's see scope 1 and scope 2, okay? So what are we doing in our -- a few hundred meters far from here.
我们希望从整体上进行审视，并重点关注绿色能源，同时也重视可回收材料和具有颠覆性的创新技术的发展，这些技术既可改变当下，也能塑造未来。这一点非常重要。技术不仅用于汽车本身，也将用于制造汽车所需的所有流程。现在让我们看看我们计划采取的改进措施。我们先来看 Scope 1 和 Scope 2，也就是在离这里几百米远的工厂中我们正在做些什么。
Number one, we installed a 1 megawatt power of hydrogen -- hydrogen-ready full cell. Number two, we are building, will be completed by end of next year, and we are installing 37 megawatts of photovoltaic system. Number three, we will generate 77 megawatts from newly introduced biomethane for our 3 generators. This will be enough to absorb all the peak that we have on our plant. This is Scope 1 and Scope 2. And this action and the fact that since 2014, 100% of electricity we use comes from renewable sources means we will decarbonize all our facilities by 2030 will be zero; but we don't want to wait until end of this decade. We want to be -- to want to act now. And this is why we are starting to purchase certified carbon avoidance and sequestration credit, that will help us to be compliant since time zero. Over the time, you see the black car will go down, will go up with the Scope 1 and Scope 2 activities action that I described before, with clear carbon reduction, neutrality operation.
第一，我们安装了一个 1 兆瓦的氢能源燃料电池系统。第二，我们正在建设一个 37 兆瓦的光伏系统，将在明年年底前完成。第三，我们将引入新的生物甲烷，为我们的三台发电机提供 77 兆瓦的电力。这些措施将足以覆盖我们工厂的所有高峰需求。这是 Scope 1 和 Scope 2 的措施。此外，自 2014 年以来，我们使用的所有电力都来自可再生能源，这也意味着我们将在 2030 年前实现全部设施的去碳化，实现零排放。但我们并不打算等到本十年末才采取行动，我们要现在就开始。这也是我们开始购买经认证的碳规避和碳封存信用的原因，从而实现“零时点”的合规。在未来，你们将看到 Scope 1 和 2 的相关措施将带来明显的碳排放减少，推动运营的碳中和。
Now let's look at what is happening is that on Scope 3 and, again, sorry if I bothered you with these numbers, but I think it's important in a company like us to be scientific and also to be specific, okay, not only percentage.
现在我们来看看 Scope 3 的情况。再次抱歉打扰大家看这么多数字，但我认为对于像我们这样的公司来说，必须坚持科学性和具体性，而不是只讲百分比。
So let's look at what is the upstream. We will reduce clearly the vehicle use phase because we will go electric. So we will, if you have seen before, we will increase the percentage of car that will use electrification. And by 2030, at least an average of 50% of the CO2 emission per car will be reduced. This, however, will increase the raw material emission because to produce 1 kilo aluminum steel, it's producing less kilogram of CO2 than 1 kilo of lithium or cobalt–manganese. So we have to look upstream. And we are looking already recycling the use of recycled aluminum, the using of recycled steel, and this to reduce by 2030 at least by 30%, the CO2 footprint of each car.
那么我们来看一下上游部分。我们显然会减少车辆使用阶段的排放，因为我们将推进电动化。如前所述，我们将提高采用电动技术的汽车比例。到2030年，平均每辆车的二氧化碳排放将至少减少50%。不过，这将导致原材料排放增加，因为生产1公斤铝或钢所产生的CO2远低于生产1公斤锂或钴锰材料的排放。因此我们必须着眼上游。我们已经在着手使用再生铝和再生钢，力争到2030年将每辆车的碳足迹减少至少30%。
Our -- we will keep a constant dialogue with our partners in the supply chain. If you see here on the supply chain, we take some margin. You see that it's flat. We believe there is something to do. We don't see yet -- we don't have yet a clear plan over there. We will work with the partners to see how we can reduce them. So we will look carefully on all technologies to reduce that.
我们将与供应链中的合作伙伴保持持续的沟通。如果你看这里的供应链部分，我们留出了一些空间，现在还处于持平状态。我们相信这里有改进的空间，虽然目前还没有明确的计划，但我们会与合作伙伴共同努力，探讨如何减少这些排放。我们也将密切关注所有可以带来减排效果的技术。
And while we are looking for all these new ideas for decarbonization, well, we will also, as I said, engage ourselves for the production for the use of -- for the purchase of certified carbon credit. But here in Ferrari, what does it mean climate contribution?
在我们不断寻求去碳化的新思路的同时，正如我先前提到的，我们也会投身于使用和购买经认证的碳信用额度。那么在法拉利，所谓的“气候贡献”究竟意味着什么？
Well, there are 2 distinct and transparent pillars. The first one is the purchase of this carbon avoidance sequestration credits. And here, we have started a partnership with ClimateSeed, that is an impact-driven company that is pushing for innovative project also with a positive impact on the climate and social contribution.
我们有两个明确且透明的支柱。第一个是购买碳规避和碳封存的信用额度。在这方面，我们已与 ClimateSeed 建立合作关系。它是一家以影响力为驱动的公司，致力于推动具有创新性、同时对气候与社会产生积极影响的项目。
The second one is to create Bosco Ferrari. This is an Italian reforestation project with the aim to act locally. These are the 2 ways we refer to when we talk about global climate contribution in our company.
第二个是创建“Bosco Ferrari”（法拉利森林）。这是一个意大利本地的再造林项目，旨在从地方层面采取行动。这就是我们在谈到公司全球气候贡献时所指的两个关键方式。
So Ferrari is committed to go carbon neutral by 2030. Our contribution to achieving the target set in 2015 by the Paris agreement is threefold: number one, the carbon neutrality in all our operations; number two, we reduced at least by 40% our Scope 3 emission per car, focusing mainly on material and vehicle use phase; and three, engaging in high-quality project with climate, social contribution. And I'm really proud to say that we will do all this being committed to set science-based target. Galileo was not far from here, was from Pisa. And we want to do in a scientific way.
因此，法拉利承诺在2030年前实现碳中和。我们对2015年《巴黎协定》设定目标的贡献体现在三个方面：第一，实现所有运营环节的碳中和；第二，每辆车的 Scope 3 排放至少减少40%，重点在材料和车辆使用阶段；第三，参与高质量的气候和社会贡献项目。我非常自豪地说，我们将以科学为基础设定目标来完成这一切。伽利略离这里并不远，他来自比萨，我们也希望以科学的方式推进这一进程。
So I wanted to recap this before -- before your question. We started with our employees. You said, you saw, you heard many times how employ are important, and they are the most precious asset of our company. And I want to thank them, all of them for their invaluable and tireless contribution to the results that you've seen and also most importantly to what we will all do together. Ferrari is a maker. Ferrari is here, it's the people that make what we have seen.
所以我想在进入提问环节前对以上内容做个总结。我们从员工开始谈起。正如你们所看到、所听到的，员工的重要性被反复强调，他们是我们公司最宝贵的资产。我想感谢所有员工，为我们目前所取得的成绩所做出的不可替代、永不疲倦的努力，更重要的是感谢他们将与我们一起迈向未来。法拉利是一个“创造者”，法拉利的存在正是源于这些人，他们造就了我们今天看到的一切。
And one of my most important job is to empower them to make sure that from all my colleague, we can get the best as we build day by day, the future that we have been laying a few -- in all our presentations. This is a company that is dedicated to uniqueness in all what we produce, in how we produce and also to the unique emotion, the unique experience that I think you can brief in the video, but also in the presentation of the colleague and to fulfilling that dreams of our growing customer base.
我其中一项最重要的工作就是赋能员工，确保能从每一位同事身上激发出最佳状态，一起日复一日地构建我们在所有展示中描绘过的未来。这是一家在产品、工艺以及带来的情感体验上都致力于独特性的公司。我想你们在视频和同事的展示中都能感受到这种独特性——我们正是在为不断增长的客户群体实现他们的梦想。
And this extends well beyond the track and road to our Ferrari lifestyle, values and heritage in the wider world of luxury. We also addressed extensively in detail all the electrification journey that we started and we intend to do to the end of this decade. This technology transition is an opportunity for us. This is an opportunity for us. And we are addressing in a way to enhance the performance of the car in the driving race. Our electric engine is racing the driver. Our timing is deliberate, and we have all the financial and human capital and skill to do to what we are seeing. We are all fully committed to go along this plan.
而这种独特性不仅体现在赛道与公路上，也体现在我们的生活方式、价值观与传承之中，扩展至整个奢侈品世界。我们也已经详细讲述了我们已经开启并将在本十年末前持续推进的电动化旅程。这一技术转型对我们来说是一个机遇。确实是一个机遇。我们将其视为提升汽车赛道表现的方式。我们的电动引擎正在“与驾驶者竞速”。我们的推进节奏是经过深思熟虑的，我们拥有充足的财务、人力和技术能力来实现愿景。我们每一个人都坚定地致力于这个计划。
瞎扯，每年的净现金流少的可怜。
How? We will look at also the emission. This is important. We will look at the planet, environment. We will look emission, Scope 1, Scope 2, Scope 3. We will do it in a holistic scientific way. And of course, as a company we are and we will be always committed to the owners of our shares as well as to the owners of our product, our beloved customers.
怎么做？我们还会着眼于排放问题，这点非常关键。我们将关注地球，关注环境，全面评估 Scope 1、Scope 2 和 Scope 3 的排放，并采取系统且科学的方法。当然，作为一家企业，我们始终致力于为我们的股东负责，同时也为我们的产品拥有者——亲爱的客户们——负责任。
The target we have unveiled today are ambitious. We are fully aware of that. But then also achievable. We have a plan. We do what we say. You have seen at the beginning of my presentation and also in the chart, of Antonio. We maintain our commitment. As in all other aspects of the company, what we have also shared openly with you. Our earnings speak to the quality of the finance to creating value into our commitment to sharing with you the information you need to do your job.
我们今天公布的目标是雄心勃勃的，我们对此有充分认知。但这些目标也是可实现的。我们有明确的计划，说到做到。正如你们在我演讲一开始以及 Antonio 展示的图表中看到的，我们始终恪守承诺。就像公司在其他各方面一样，我们也愿意与大家坦诚分享。我们的财报反映出我们在财务质量、价值创造方面的承诺，同时也体现出我们愿意为你们的工作提供所需信息的态度。
And of course, our earnings speak to our determination always to push the boundaries forward of what we do day by day in every single moment. Our founder said in an interview in 1980, \[Foreign Language] And we are very proud. Very, very proud to be the narrators of this challenge. Every day we wake up, we feel this privilege and this responsibility. I will now leave you with a brief video before we move to the Q\&A with all the team. Thanks a lot for your attention.
当然，我们的业绩也展现出我们日复一日、每时每刻都在不断突破界限的决心。我们的创始人在1980年的一次采访中说过：\[外语原文]。我们对此感到非常自豪，非常非常自豪能成为这个挑战的叙述者。每天醒来，我们都感受到这份荣耀和责任。现在请观看一段简短的视频，随后我们将进入与团队的问答环节。非常感谢大家的聆听。
\[Presentation]
\[演示环节]
Operator
\[Operator Instructions]
主持人
\[操作说明]
Nicoletta Russo Head of Investor Relations
\[Operator Instructions] We can now move to the first question to Thomas Besson.
Nicoletta Russo 投资者关系负责人
\[操作说明] 我们现在可以进入第一个提问，来自 Thomas Besson。
Thomas Besson Kepler Cheuvreux
It's Thomas Besson of Kepler Cheuvreux. I have 2 questions, please. The first one is on the midterm volume edition. The first EVs 25 for the unveiling. So we're only going to see a little bit of that. Could you help us understand whether the new EV building means that Ferrari's midterm volume ambitions might be more like 20,000, 25,000 units, on the 14,000, 15,000, we could think with ICE only.
Thomas Besson Kepler Cheuvreux
我是 Kepler Cheuvreux 的 Thomas Besson。我有两个问题。第一个是关于中期产量的增长。首款电动车将在 2025 年亮相，因此我们只能看到一些初步信息。请问新建的电动车工厂是否意味着法拉利的中期产量目标将更接近于 20,000 到 25,000 辆，而不是此前基于内燃机车型设想的 14,000 至 15,000 辆？
So is it incremental to the existing ICE and hybrid business?
那么这个产量是否是在现有的内燃机和混合动力业务之上的增量？
And the second question is, I think there has been a year before this event about CapEx at Ferrari. Can you confirm that there is no step up of CapEx after 2025. I mean we're going to stay at or below 15% of revenues with depreciation to CapEx ratio being around 1.2?
第二个问题是，我记得在这次活动前一年关于法拉利资本支出有一些讨论。你们能否确认 2025 年之后不会出现资本支出的明显增长？也就是说，我们是否将保持在营收的 15% 或更低，同时折旧与资本支出比维持在大约 1.2 左右？
Benedetto Vigna CEO & Executive Director
Thank you. So I start from the building. As I said in the presentation, the electric car is an integral part of our strategy. We will unveil it in 2025. And by that time, we will be ready with the building. And everything that is being shown up here in the presentation is consistent. So top line, the split of the offering as well as the production capacity, they are all consistent.
Benedetto Vigna 首席执行官兼执行董事
谢谢。我先从工厂说起。正如我在演讲中提到的，电动车是我们战略的重要组成部分。我们将在 2025 年发布它，届时新工厂也将准备就绪。演讲中展示的一切都是相互一致的——包括营收、产品组合分布以及产能，所有内容都是相互匹配的。
The second important point is the CapEx. And here, I would like to refer to the chart that I was telling you is one important chart in my presentation. The trend on in automotive sector. You may remember that I said that we have all the human and financial skills to make it happen. And the reason why I'm saying that is that there are some trends that are typical of large automotive suppliers that are not touching gas, but for which a lot of CapEx is needed.
第二个重点是资本支出。我想再次提及我在演讲中提到的一张重要图表，那是关于汽车行业趋势的。你也许记得我提到过，我们拥有实现这一目标所需的全部人力和财力。我这么说的原因是，目前行业内出现了一些趋势，这些趋势在大型汽车供应商中很常见，虽然不涉及内燃机技术，但确实需要大量资本支出。
So the CapEx figure that you have seen in the presentation of Antonio, again, are consistent with what we need to do in a unique way, also because this electric, let me say, electrification of the thermal engine started a few years back, 12 years ago.
所以你们在 Antonio 的演讲中看到的资本支出数字，与我们要以独特方式实现的计划是相匹配的，毕竟这项热机电动化的进程其实早在 12 年前就已经开始了。
So we believe that the numbers that you have seen over there are what is needed to make happen what has been shown to all of you in the presentation.
因此我们相信，那些数字正是实现我们在演讲中所展示目标所需的投入。
Nicoletta Russo Head of Investor Relations
We can now move to the next question, Giulio Pescatore.
Nicoletta Russo 投资者关系负责人
我们现在可以进入下一个问题，来自 Giulio Pescatore。
Giulio Pescatore BNP Paribas Exane
Giulio Pescatore from BNP Exane. The first one on the Purosangue. Thank you very much for the sneak peek yesterday for the teaser. It was very, very, very interesting. Can you maybe share your thoughts on the -- have you opened the order intake first of all? And can you maybe share what you've seen in terms of reaction from customers for this model?
Giulio Pescatore BNP Paribas Exane
我是 BNP Exane 的 Giulio Pescatore。第一个问题是关于 Purosangue 的。非常感谢你们昨天提供的预览，非常非常精彩。请问你们是否已经开放该车型的订单？你们能否分享一下客户对这款车的反馈？
And then the second question, the previous assembly line allowed you to produce around 15,000 units, and you are now building a new one. Where is -- where does the ceiling go? I'm not saying that you want to get there in the next 10 years, but what does the new ceiling move? And then maybe last one, I found the decision to do your own assembly of battery modules quite interesting. Can you maybe share your thoughts on why you need to do that? And why do you think that differentiates you, given all the investments that the industry is putting in place for that type of technology?
第二个问题是，之前的组装线使你们年产大约 15,000 辆，而现在你们正在建新的产线。那么现在的产能上限是多少？我并不是说你们在未来十年一定会达到这个上限，但你们设定的“天花板”是多少？最后，我对你们决定自行组装电池模组这一点非常感兴趣。能否谈谈你们为何要这样做？在整个行业都在这项技术上加大投入的背景下，你们认为这样做会带来怎样的差异化？
Benedetto Vigna CEO & Executive Director
I'm tempted to ask you how was the Purosangue, but I will first answer your question. So I will take the third one, and I would like Enrico to manage the Purosangue because you can comment about the feedback you get from the client.
Benedetto Vigna 首席执行官兼执行董事
我很想反问你 Purosangue 的体验如何，但我还是先来回答你的问题。我先回答第三个问题，关于 Purosangue 的问题我请 Enrico 来回应，他可以谈谈从客户那里获得的反馈。
So the battery. The battery is an important part of our -- I mean of electric car. And we want to make sure that the battery is done in a way that is using, if you want a commodity, the cell in a unique way. You have heard before in the presentation of Ernesto, the battery management, the weight for the dynamics.
说到电池，电池是电动车中非常关键的组成部分。我们希望以一种独特的方式来使用电芯，虽然它是一种商品化部件。你们此前在 Ernesto 的演讲中也听到了关于电池管理、车辆动态中的重量分布等内容。
I mean, these are all things that you can do in the right way if and only if you know how to use it. We don't make aluminum by ourselves. We use aluminum. We don't make -- we will not make cell by ourselves. We will pack them in a way that driving emotion and the performance of the car and the design of the car can be fit in the right way.
这些事情只有在你真正掌握使用方法时才能正确完成。我们不会自己生产铝材，我们使用铝材。同样，我们不会自己制造电芯，但我们会以一种能完美匹配驾驭感受、性能表现和设计要求的方式来封装它们。
So this is the reason why we said in the building, we make also the battery for this reason. We need to master something to exploit at the best the technology and to extract the biggest part of the value that, that technology can bring to the customer experience.
这就是为什么我们说在新工厂中我们也要自行组装电池。我们需要掌握一些关键环节，才能最大程度地发挥这项技术的潜力，并从中提取出最大程度的客户体验价值。
While on the Purosangue, I would like Enrico, if you can comment about the 2 questions.
至于 Purosangue 的问题，我请 Enrico 来就那两个问题做出回应。
Enrico Galliera Chief Marketing & Commercial Officer
I think there's a simple word to answer your question, which is it's going to be a big problem for the company, a positive problem. Why I'm saying that? Because as we mentioned, we are trying to deliver something unique. And as always, when we deliver something unique, there is a high expectation from our clients.
Enrico Galliera 首席营销与商务官
我想用一个简单的词来回答你的问题：这将成为公司面临的一个“大问题”，一个“正面的麻烦”。为什么这么说？因为正如我们提到的，我们正在尝试打造一些独特的产品。而每当我们推出独特的产品时，客户的期待值也会非常高。
Already today, before the official presentation which will happen in September, we have been contacting at first, our important client, the one at the top of the pyramid that we -- pyramid that we showed before. And most of all of them are willing to buy which means that it's going to create 2 problems: number one, the expectation for delivery because we won't be able to deliver all of them immediately. And the second additional opportunity that we want to fully explore, which is to bring new members of the family.
现在，在九月份的正式发布之前，我们已经率先联系了最重要的客户，也就是我们之前展示过金字塔结构顶端的客户。几乎所有人都表示愿意购买，这意味着我们将面临两个问题：第一，交付预期的问题，因为我们不可能立刻交付所有订单；第二，是一个我们想要深入挖掘的机会，那就是吸引新客户加入我们的“家庭”。
So in a nutshell, the car is already -- the reaction we are receiving are overwhelming. And most of our client base are willing to have the car. So yes, we already have a big order bank, which we are not disclosing. But maybe in September, we'll give you a glimpse of what is the coverage we already have in front of us, which is not going to be a few months. Are you talking about -- yes?
简而言之，这款车已经获得了压倒性的反响。我们的大多数客户都希望拥有它。所以是的，我们已经拥有了大量订单，虽然现在还不会披露。但也许到了九月份，我们会给大家透露一些信息，让你们了解目前订单的覆盖程度——这可不只是几个月的量。你在问的是……对吧？
Benedetto Vigna CEO & Executive Director
No, the second part of the question, if I understand well, Giulio was, I mean this is going to be like all the car we make exclusive. We do not want to double the production volume. We want always to preserve the uniqueness of this car and we set clear target in terms of -- this is, as I said, as we said, is an add-on to our product lineup. It's not a multiplier by 2. This is important.
Benedetto Vigna 首席执行官兼执行董事
不，如果我理解没错的话，Giulio 提的第二部分问题是——就像我们所有车型一样，这款车也会保持专属的定位。我们并不打算将产量翻倍，我们始终希望保持这款车的独特性，我们已经为其设定了明确的目标。正如我刚才说的，这是一款对我们产品阵容的“补充”，而不是数量上的“两倍放大”。这一点非常重要。
Nicoletta Russo Head of Investor Relations
We can now move to the next question. George, please go ahead.
Nicoletta Russo 投资者关系负责人
我们现在可以进入下一个问题。George，请开始。
George Galliers-Pratt Goldman Sachs Group, Inc.
George Galliers from Goldman Sachs. Thank you for your very detailed and insightful presentations. I just wanted to start with the battery cell, which you referred to as a commodity. Can you give us any insight into what chemistry you're looking at potentially what suppliers with respect to the cell?
George Galliers-Pratt 高盛集团
我是高盛的 George Galliers，感谢你们非常详细且具有洞见的展示。我想先从电池电芯开始，你们提到它是一种“商品化部件”。你们是否能分享一下你们正在研究哪种电池化学技术？以及有哪些潜在供应商？
The second question I had was for Ernesto. In your presentation, you did mention hydrogen as a powertrain of the future. Was that a sort of generic term with regards to the industry? Or is hydrogen something Ferrari is actively looking at?
我的第二个问题是想请教 Ernesto。在你的演讲中，你提到氢能作为未来的动力系统。这是指整个行业的一种通用趋势？还是说法拉利确实在积极研究氢能？
And then thirdly, with respect to weight, do you see weight as an area where Ferrari can really differentiate itself in the battery electric vehicle world, given your expertise in motorsports?
第三个问题是关于车重。鉴于你们在赛车运动方面的专业积累，你们是否认为“重量控制”是法拉利在电动汽车领域实现差异化的关键领域？
Benedetto Vigna CEO & Executive Director
Thank you for your question. Three interesting questions. I will take 1 and 3 that are related. So when I said that the cell is a commodity. I mean that there are several companies working start-ups, a lot of start-ups working on that. And if you want, it's funny to see that a lot of IP for the sale is coming from companies that are making display because at the end of the story, you are talking about processes that are going by square kilometers, I'm not saying square meters.
Benedetto Vigna 首席执行官兼执行董事
谢谢你的提问，这三个问题都非常有趣。我来回答第一个和第三个问题，因为它们是关联的。当我说电芯是一种“商品化部件”时，我的意思是，目前有很多公司、尤其是初创公司在这方面开展工作。有趣的是，很多电芯的知识产权其实是源自制造显示器的公司，因为归根结底，这是一种以平方公里而不是平方米计量的工艺。
Now what are we looking at? I would claim maybe this is not a scientific term. But the cell that today we are using are liquid polymer cell. And this is a fact. Clearly, we are looking. We are working with some partners also in the next generation, that is SSB, solid-state battery. But here, if you -- there is an advantage maybe sometimes coming from the high-tech world that you have a lot of previous coworkers that are working for these companies on a lot of previous customers that are working for this company. I think this is -- this kind of network is also important apart from obviously the attractiveness of the brand of Ferrari to have also some access to unique technologies that we offer them the technology to bring first on the market.
那么我们目前关注的是什么？也许这不是一个科学术语，但我们目前使用的是液态聚合物电芯。这是事实。当然，我们也在与一些合作伙伴共同研究下一代电池，即固态电池（SSB）。在这方面，有时候来自高科技领域的优势在于，很多前同事和前客户现在都在这些公司工作。我认为这种网络关系也很重要，当然，再加上法拉利品牌的吸引力，使我们能够率先获得某些独特的技术并将其推向市场。
The last question was the weight. You were saying the story of the weight because as I said before, to Giulio, we want to develop the battery pack by ourselves because this helps a lot in the dynamics of the car. And there is another important thing. Actually 2 other important things that helps the dynamics. And you can reduce the weight, it's the sensor and the software.
你提到的最后一个问题是关于车重。正如我之前对 Giulio 说的，我们之所以要自行开发电池包，是因为这对车辆动态性能帮助很大。此外，还有两个关键因素也有助于提升动态性能，同时减轻重量，那就是传感器和软件。
I think that these are all the play. There is a nice interplay among all these factors that is fundamental for one of the key factors of the driving dynamics that at the end of the story is giving the driving thrills Gianmaria was telling you before. So this is question 1 and 3.
我认为所有这些因素之间相辅相成。它们之间形成良性互动，这种互动是驾驶动态中关键因素之一，最终带来正如 Gianmaria 之前所说的“驾驶快感”。所以这就是第一个和第三个问题的回答。
H2, hydrogen. I would say the following. We do not see clearly car getting out with hydrogen in this decade. We would have been showing you, but it's also true that we are in a situation where there is a technology transition, there are a lot of people all over the world looking at different \[ donation ]. We, as a leader, we as, I mean, is a company that is always pushing on leading-edge technology have the responsibility to look also what can happen in the following decade.
氢能方面，我这样说吧：我们认为在本十年内氢能汽车尚不会真正落地。如果已经清晰成熟，我们早就展示给你们了。但事实是，我们正处于技术转型的阶段，全球有许多人正在探索不同的技术路径。作为一家不断推进前沿技术的领导者企业，我们有责任去研究未来十年可能发生的变革。
So yes, we are looking. We are working with partners. And when I say partner, I talk about industrial and academic partners. But we believe that hydrogen is an important path to explore for the second decade in front of us.
所以，是的，我们正在关注氢能，并与合作伙伴展开合作。我所说的合作伙伴包括工业界与学术界。我们相信，氢能是未来第二个十年值得探索的重要方向。
George Galliers-Pratt Goldman Sachs Group, Inc.
Very clear.
George Galliers-Pratt 高盛集团
非常清楚。
Nicoletta Russo Head of Investor Relations
We can now move to the next question. Please, Michael, the floor is yours.
Nicoletta Russo 投资者关系负责人
我们现在进入下一个提问。Michael，请开始提问。
Michael Binetti Crédit Suisse AG
Michael Binetti with Crédit Suisse. A lot of great topics to touch on here. But maybe one for Antonio for the boring finance people like myself in the room. I think the prior plan you laid out in 2018 was 7% to 8% revenue growth, 12% to 14% EBITDA growth. This algo looks like 9% revenue growth, 10% to 12% EBITDA growth.
Michael Binetti 瑞士信贷
我是瑞士信贷的 Michael Binetti。这里有很多值得探讨的重要话题，但我想问一个适合像我这种关注财务的人、可能对别人来说比较“无聊”的问题，提给 Antonio。我记得你们在 2018 年提出的上一版计划中，营收增长目标是 7% 到 8%，EBITDA 增长为 12% 到 14%。而这一次的算法看起来是 9% 的营收增长，以及 10% 到 12% 的 EBITDA 增长。
And the plan looks like it's driven by licensing and sponsorship growing faster than the total company, which should be a very high-margin part of the business, driven by pricing and mix again. It seems like there's some underlying assumption of profitability in the cars business that's a little bit lower to result in a slower EBITDA margin guidance?
而这一版的增长似乎更多来自授权和赞助业务，它们的增长速度超过了整体业务，而这些部分本来就属于高利润率部分，同时也再次由定价和产品组合所驱动。但这似乎意味着在整车业务上，盈利能力的假设有所下调，从而导致 EBITDA 利润率的增长预期有所放缓？
Or would you characterize it as conservatism? Or maybe just walk us through some of the breakpoints on EBITDA that might be different from the prior plan?
还是你们会将其归类为一种保守策略？你能不能为我们梳理一下，在 EBITDA 的关键组成部分中，与上一版计划相比有哪些不同？
Antonio Piccon CFO
Yes. Well, I think the main difference compared to previous plan is that this one is front-loaded in terms of volume. So we are not betting and extrapolating on the current demand. While the development of margins is mainly driven by mix and price that has been shown in the chart in the EBIT walk.
Antonio Piccon 首席财务官
好的。我认为与上一版计划相比，最大的不同在于这次的产量计划是前置式的，也就是说我们并不是根据当前的需求去押注并外推。而利润率的提升主要仍由产品组合和定价所驱动，这一点在 EBIT 分析图中也已经呈现出来了。
Actually, the contribution of revenues from racing and lifestyle is positive. But as you may see, it's not -- it does not represent the bulk of the areas of improvement of the company. So when you look at the overall profitability, I think the sound development of the mix is the one that really matters. And on top of that, we believe we can be cost efficient, meaning we keep having overall cost, both at the SG\&A and at the R\&D level, which will now grow at the same pace overall as the revenues. So overall, they are improving margins.
事实上，赛车和生活方式业务确实有积极的营收贡献，但正如你所看到的，这些并不是公司改善利润的主要部分。所以在评估整体盈利能力时，我认为关键还是产品组合的良好发展。除此之外，我们相信我们在成本效率上也具备优势，这意味着我们的整体成本——无论是销售与行政支出，还是研发支出——将会与营收同步增长。因此从总体来看，这将带来利润率的改善。
Nicoletta Russo Head of Investor Relations
We can now move to the next question, please, Susy.
Nicoletta Russo 投资者关系负责人
我们现在可以进入下一个问题，Susy，请提问。
Susy Tibaldi UBS Investment Bank
Susy Tibaldi from UBS. Just to follow up on the question on the EBITDA guide. I think given the state of the world and the fears about the macro and everything. I was wondering if there is a certain degree of cautiousness already baked into it. And if you are seeing any sign at all of any change in the demand pattern so far.
Susy Tibaldi 瑞银投资银行
我是瑞银的 Susy Tibaldi。我想继续追问一下关于 EBITDA 指引的问题。考虑到当下全球的形势以及市场对宏观环境的担忧，我想知道你们的指引中是否已经内含了一定程度的保守性？目前为止，你们有没有看到任何需求模式方面的变化迹象？
And my second question is a little bit more qualitative. We're talking a lot about the technical aspects. And as a luxury analyst, I struggle a little bit to fully comprehend. But I wanted to ask, when it comes to your customer base, you gave some very interesting starts, you enlarge the customer base, it is becoming younger. When it comes to these new product launches that you're planning, how are you working to attract the new customer? And also, when you're thinking about the EV, are you thinking about a completely new customer category or are you thinking of a product that you're going to first offer to the loyal Ferrari customers? So it would be very interesting if you can explain a little bit more on the brand and customer side.
第二个问题更偏定性分析一些。我们刚才讨论了很多技术方面的内容，作为一名奢侈品分析师，有些技术点我理解起来还是有些吃力。但我想问的是，关于你们的客户群体——你们刚才分享了一些很有意思的数据，比如你们正在扩大客户群，而且客户正在趋于年轻化。那在你们即将推出的新产品中，你们是如何吸引这些新客户的？另外，谈到电动车的时候，你们是把它视为吸引全新客户群的产品，还是打算首先向忠实的法拉利客户推出？如果你们能从品牌和客户的角度多解释一下，那会非常有帮助。
Antonio Piccon CFO
Maybe I take the first one, Susy. Do we have contingencies backing the plan? The answer is obviously yes. then it all depends on what happens. I mean we are living through uncertain times, but it's also true that on one end, we work on ranges. And to some extent, this provide for cautiousness.
Antonio Piccon 首席财务官
Susy，我来回答第一个问题。我们是否在计划中设定了应对不可预期情况的预案？答案当然是肯定的。接下来就取决于未来实际会发生什么了。我们正处于一个充满不确定性的时期，但我们制定的是一个区间化的指引，在某种程度上，这本身就体现了一种审慎。
And the other end, I mean, if something unpredictable happens, I think the history of Ferrari can give you a sense of what the level of resilience of this company may be.
另一方面，如果真的发生了不可预测的情况，我想法拉利的历史本身就能让你感受到这家公司在韧性方面有多强。
Benedetto Vigna CEO & Executive Director
I go for -- I start for the -- on the customer side, Susy, then Enrico will complete. So I was having a dinner with some several customers in this \[indiscernible] covered event that Enrico was referring to. I was the oldest one. And they had in differently, hybrid and ICE car and then it's clear that if we do the analysis of our -- by age of our customer base, we do not see a clear pattern towards the powertrain they select. Instead, the common trait is the passion and the driving emotion that they want to experience. It was funny to see also their interesting to see their comment. So this is I think the best way to reply your answers.
Benedetto Vigna 首席执行官兼执行董事
我来先回答 Susy 关于客户的问题，然后请 Enrico 补充。前几天，我在一个 Enrico 提到的活动中和几位客户共进晚餐，我是其中年纪最大的一个。他们中有人开的是混动车，也有人开内燃机车。如果我们按照客户的年龄层去分析他们选择哪种动力系统，其实并没有明显的规律。反倒是他们普遍都对驾驶充满激情，渴望体验驾驶带来的情感。这点在他们的评论中也能体现出来，我觉得这其实是对你问题最好的回答。
And I think also in terms of -- you were making another question about the change in demand, we do not see any change. Basically, we do not see any change.
关于你提到的需求变化问题，我们目前基本没有看到任何变化的迹象。
You want to add something, Enrico?
Enrico，你想补充些什么吗？
Enrico Galliera Chief Marketing & Commercial Officer
Yes, maybe just leverage what Benedetto saying and giving some further insight. Maybe another interesting number that we can share is that now almost 40% of our clients has less than 40 years. Why I'm saying that? Because there is a nice maybe story I can tell to answer your question.
Enrico Galliera 首席营销与商务官
是的，我可以借用 Benedetto 的说法再补充一些见解。我们可以分享一个有趣的数据：现在将近 40% 的客户年龄在 40 岁以下。为什么我要说这个？因为我想用一个小故事来回答你的问题。
The biggest gift we give to our clients recently was the Daytona SP3. You know why? Because it's a normally aspirated engine. So our clients are petrolheads. They are connected, linked to this technology. But where we came with the SF90 that was our first hybrid car, the first reaction were, maybe it's not the car for me, batteries, wait. Till the time they saw the car and they tried the car because they learn that through the electrification, we were able to deliver even better performance and even an additional benefit that was the possibility to drive the car in full electric silo to go out of the city center and then swap the engine -- turning on the engine and enjoy the driving.
我们最近送给客户的最大礼物是 Daytona SP3。你知道为什么吗？因为它是一款自然吸气发动机车型。我们的客户大多数是“汽油头”（对传统引擎有热情的人），他们与这种技术有情感上的联系。但是，当我们推出第一款混合动力车型 SF90 时，客户们最初的反应是：“这可能不适合我，电池啊，等等吧。”直到他们真正看到并试驾这辆车后才意识到，电气化不仅提升了性能，还带来了一个额外好处——可以纯电行驶出入城市中心，然后切换引擎，尽享驾驶乐趣。
So our clients are used to what we used to offer them. But they are very quick in jumping on what we are offering because they trust Ferrari. There is a strong bonding with them. And they know that whatever we will bring in the market will be 100% Ferrari.
所以我们的客户虽然习惯于我们过去提供的产品，但他们也能非常迅速地接受我们现在提供的新产品，因为他们信任法拉利。我们和他们之间有着非常紧密的联系。他们知道，无论我们推出什么新产品，那都会是 100% 的法拉利。
So if you ask me what is going to be the future target for the BEV and we had this discussion several times. We believe it will further enlarge the reach to people that are looking for this new technology, but it will be extremely interesting also for our existing customer base. I'm 100% convinced about that.
所以如果你问我未来电动车的客户群是谁——我们已经多次讨论过这个问题——我们相信它将帮助我们进一步拓展到那些正在寻找新技术的人群，同时也会让我们现有客户群非常感兴趣。我对此有百分之百的信心。
Nicoletta Russo Head of Investor Relations
We can now move to the next question, please. And we can open the microphone to Martino, please.
Nicoletta Russo 投资者关系负责人
我们现在可以进入下一个问题。请将麦克风交给 Martino。
Martino De Ambroggi Equita SIM S.p.A.
Martino De Ambroggi, Equita. The first is a general question for Benedetto. You are adding families, you are adding new models but after 9 months, what's the level of volumes you consider the threshold to preserve the exclusivity? You also remind the rule of selling 1 car less of what the market requires.
Martino De Ambroggi，Equita
我是 Equita 的 Martino De Ambroggi。第一个是给 Benedetto 的一个宏观问题：你们不断扩充产品家族、推出新车型。但在经过这九个月后，你们现在认为维持品牌专属性的产量门槛在哪里？你也曾提到“始终比市场需求少卖一辆车”的原则。
The second is on the free cash flow, 2 parts. On CapEx in the previous call, Benedetto, you reminded us you are looking for partnerships. So the figure for the CapEx is a fixed number or there is a possibility to revise it downwards because of future partnerships. And sorry, Thomas already asked before, but is there a minimum level for CapEx after 2026?
第二个问题是关于自由现金流的，有两个部分。第一是关于资本支出。在之前的电话会议中，Benedetto，你曾提到你们正在寻找合作伙伴。那么现在的资本支出数字是固定的吗？还是说在未来合作的情况下有可能下调？另外，Thomas 也曾问过，在 2026 年之后，是否设有一个最低的 CapEx 水平？
And the second part on the free cash flow, sorry, the Daytona will collect EUR 200 million of down payments. Is it embedded a similar rule for the forthcoming years for the new models so we should expect down payments also going forward as a sort of rule of always valid?
关于自由现金流的第二个部分，Daytona 会收取 2 亿欧元的定金。这是否成为一种长期的规则？也就是说未来推出的新车型也都会收定金，我们是否可以将其视为一种持续有效的惯例？
Benedetto Vigna CEO & Executive Director
Thank you. I suggest, you start with the payment of the Daytona, the last question, and then I'll take the 3 together before. So it's a...
Benedetto Vigna 首席执行官兼执行董事
谢谢。我建议先从最后一个问题，即 Daytona 的定金开始回答，然后我再一并回应前三个问题。
Antonio Piccon CFO
The answer is yes, Martino. We embedded in the plan, the assumption that on Daytona and some special cars, the rule will be the same. But we also said, when you look at the entire plan, this is basically neutral. There will be some years where the cash flow would be significantly helped and others where this will be reversed. So all in all, the contribution is very minimal.
Antonio Piccon 首席财务官
答案是肯定的，Martino。我们在规划中已经假设，Daytona 和部分特别版车型将延续相同的定金政策。但我们也说明了，从整个规划来看，这对现金流的影响是中性的。有些年份定金会显著提高现金流，而另一些年份则会出现相反的情况。总体来看，其影响是非常有限的。
Benedetto Vigna CEO & Executive Director
I take the other 2. So the numbers. I think that when we talk about exclusivity, we're talking about something that is unique so that we don't dilute to the value of what we sell. We have also referred what is the total demand. To be very specific to your question, yes, we have a clear number in mind, but we cannot disclose. I discussed the number of CO2. I cannot disclose everything.
Benedetto Vigna 首席执行官兼执行董事
我来回答另外两个问题。关于产量的问题：当我们谈论“专属性”时，我们谈的是“独一无二”的东西，也就是我们不能稀释产品的价值。当然，我们也参考了总需求量。具体回应你的问题：是的，我们心中有一个明确的数字，但我们不能透露。CO2 的数据我可以讲，但不是所有的数字都能公开。
The other question instead you were talking about the CapEx and partnership. I think it's important to clarify 2 points. When you are working in a situation like this with many different players all around the world in a more interconnected world with a lot of technologies. And when you are doing something unique like a Ferrari, that means a lot of technologies. You need to make a choice. You need to select what is core and you make it. What is not core, you have to rely on others. I will never think, put a single penny to develop an operating system specific. I will never do an FOS for value operating system. I would be foolish. While we have to invest to make something that is key, it is core, and that is what we were seeing this morning.
另一个问题是关于 CapEx 和合作伙伴的。我想这里有两个重点需要澄清。当你在当今这样一个技术高度互联、玩家遍布全球的环境中运营，尤其是当你像法拉利这样做一些极具独特性的事情，就意味着你要面对很多技术选择。你必须做出决策，什么是核心的你就自己做，什么不是核心的你就依赖合作伙伴。我绝不会花哪怕一分钱去开发自己的操作系统。我永远不会去为“法拉利操作系统”打造一个 FOS，那太愚蠢了。我们要投资的是那些关键、核心的部分，就像我们今天早上所展示的那样。
汽车是个复杂的系统，要有自己的东西是比较贵的。
So that's the reason why we have to balance the make and the partners like Ferrari has been doing since time zero. Like I also did in my previous life because if you pretend to do everything, then the CapEx is skyrocketing. And it's impossible that you can have -- you can be the best on all the things. You have to choose where you want to be the best, that's where you have to focus. That's where you want to make something different. So the partnership is important to make sure that we don't waste money, and we don't have -- we tackle the challenge with the right humility because otherwise, we would forget one important element of our DNA.
这就是为什么我们要平衡“自研”和“合作”的关系，正如法拉利从一开始就一直在做的那样，也正如我在之前的职业生涯中所坚持的那样。因为如果你什么都想自己干，那资本支出将会呈爆炸式增长。而事实上，没有人能在所有方面都做到最好。你必须明确你要在哪些领域做到最好，然后集中精力做出差异化。所以合作关系非常重要，确保我们不会浪费资金，并且以正确的“谦逊姿态”来应对挑战。否则我们就会忽略自己 DNA 中非常重要的一部分。
Nicoletta Russo Head of Investor Relations
We can now move to the next question to John Murphy, please.
Nicoletta Russo 投资者关系负责人
我们现在可以进入下一个问题，由 John Murphy 提问。
John Murphy BofA Securities
Great. John Murphy from Bank of America. I have 3 quick questions. First, you said the family expanded 25% since the last Capital Markets Day. I think if we fast forward to the next 4 years, do you think you're going to grow the family 25% again? And can you give us some maybe more profile on that family growth? I mean you said they are a lot younger but are they likely to become collectors over time? Is there a high propensity there through collectors? That's the first one.
John Murphy 美国银行证券
很好，我是美国银行的 John Murphy。我有三个简短的问题。首先，你们提到自上次资本市场日以来，客户“家庭”扩大了 25%。如果我们展望未来四年，你们是否预计还能再增长 25%？你能否进一步描述一下这些新客户的画像？你们说他们更年轻，那么他们将来有可能成为收藏家吗？他们成为收藏家的可能性高吗？这是第一个问题。
The second one, and Gianmaria, I think you may have slipped when you're talking about product in a good way that gave us some information. You said 2 seats, 4 seats and maybe more. So I'm just curious what that may be more means as far as the product portfolio and something maybe larger than what we're seeing in the Purosangue already.
第二个问题是关于产品的。我觉得 Gianmaria 在谈到产品时可能无意中透露了一些信息，这是件好事。你提到“两座”、“四座”，以及“也许更多”，我很好奇这个“更多”意味着什么？你们的产品组合中是否有比 Purosangue 更大的车型？
And then third, Antonio, you mentioned that you would be net cash positive by 2026. Why do you need to be net cash positive? Where should we think about the toggle of that sort of that safety in finance going? Is that the kind of thing where you're like, hey, listen, we might need to spend a little bit more on R\&D and CapEx than we're talking about today? Or is that just a cushion for potential financial stress in the economy or potentially more return of value to shareholders directly? I mean that's -- you don't need to be net cash positive. So why would you be there? And what are you going to do with it?
第三个问题是问 Antonio 的。你提到到 2026 年你们会实现净现金为正。那我想问：为什么你们“需要”实现净现金为正？我们应该如何理解你们在财务安全上的这个“缓冲”？这是不是意味着你们可能需要在研发或资本支出方面投入比今天更多的资金？还是说这只是为了在经济承压时作为缓冲，或者可能用于更大规模的股东回馈？因为严格说你们并不“必须”成为净现金为正，所以你们为什么要那样做？又打算怎么使用这些资金？
Benedetto Vigna CEO & Executive Director
So I'll take the second about the good observation you did, and then Enrico will manage the customer base and then Antonio will take it.
Benedetto Vigna 首席执行官兼执行董事
我来回答第二个关于你敏锐观察的问题，然后 Enrico 会讲客户群方面的内容，最后 Antonio 来回应你的财务问题。
So the second, you were very attentive, yes, we wanted to remove all the details, yes. Because we want to keep always the suspense like we are doing already now with the Purosangue that you will have all the detail in September, and it's June, so 90 days before, and we cannot disclose everything.
关于第二个问题，你确实很细心。是的，我们有意没有透露所有细节。我们希望像对待 Purosangue 一样，始终保持一点神秘感。你会在九月份看到所有细节，现在是六月，还有九十天，我们不能现在就公布一切。
So I cannot -- it would not be, I think, smart to disclose what we want to do also for some competitive reasons. So we will disclose at the right time.
因此我不能——我认为出于竞争考虑，现在公布我们要做什么并不是明智之举。我们会在合适的时机公布。
Enrico Galliera Chief Marketing & Commercial Officer
On the other 2 points, plus 25% is what we did in this plan. Is it going to happen in the next plan? I have to be honest, I don't think it will happen. But simply because today, we are facing a fantastic situation where basically we have been forced even to take orders of most of our \[indiscernible].
Enrico Galliera 首席营销与商务官
关于另外两个问题：25% 是我们在这个规划期内实现的客户增长。未来还能否再增长 25%？坦白说，我认为不太可能。原因很简单——目前我们的情况非常好，基本上我们不得不停止接收大多数车型的订单。
All the F8 range now we stopped taking order. All the 812 range we stopped taking order. Even the SF90 Stradale basically we're stopping taking order. And on the 296 both GTB and GTS, we had the fastest and most performing net order intake performance in the history of the company. So our portfolio is already covering most of our future volume performance. I cannot disclose exactly the number of months.
F8 全系我们已经停止接单，812 全系也已停止接单，甚至 SF90 Stradale 基本上也已停单。而对于 296 的 GTB 和 GTS 两款车，我们实现了公司历史上最快、表现最强的净订单增长。所以我们的产品组合已经涵盖了未来大部分的产量。我不能透露具体覆盖了多少个月。
So we already have this number in our pocket and honestly, to be able to further attack a higher number of -- will be one of our targets because we will keep working to bring people close to the Ferrari trying to have them knowing what is Ferrari about, which is not only a car. And having them in our prospect base, which means that our people that we can get in contact if we have the need to.
所以我们已经有了一部分“底牌”。说实话，进一步争取更多潜在客户仍将是我们的目标之一。我们会继续努力让更多人接触法拉利，了解法拉利不仅仅是一辆车。让他们成为我们的潜在客户群体，这样在未来我们有新产品时就能第一时间与他们联系。
The second point, I think, is also interesting, which is about how to make them a collectors and what about the age of the collectors. I was mentioning that 60% of our top collectors are new. Not because the other left, but because simply, the level has been increasing, and that's why we have new because many of them bought a lot of car and now they have a much higher number of car in their garage in order to become collector. And most of them or many of them are young.
第二点也很有趣，是关于如何让他们成为收藏家，以及收藏者的年龄结构。我之前提到，我们60%的顶级收藏家是“新加入”的，并不是说原来的客户不在了，而是因为整体水平在提升，很多客户买了越来越多的车，他们车库里的法拉利数量越来越多，也因此达到了“收藏家”的标准。而这些人中大多数、或者说很多人是年轻人。
Here is interesting. Young generation are certainly more sensitive to the digitalization. They work on the digital work, metaverse is the place where they live. But they are very sensitive to a motion. And when you sit in a car and when you sit in a Ferrari, whatever is your age, you experience an emotion. And even for the young generation, we do a lot of activities that we call father and son with our clients come with their son, very young. And as soon as they put themselves on the car, in one of our events, they become immediately potential collectors.
有趣的是，年轻一代对数字化非常敏感，他们生活在数字世界里，比如元宇宙。但他们对“情感”也非常敏感。当你坐进一辆车、特别是一辆法拉利时，无论你多大年纪，你都会体验到一种情感。我们也为年轻一代做了很多“父子”活动——客户带着孩子一起来参加我们的活动，而当这些小朋友一坐进车里，他们就立刻成为了潜在的收藏家。
So this is the beauty of our job that we can add to the digital world, where the whole world is moving a part of physical emotion that likely our cash still deliver.
所以，这就是我们工作的美妙之处：在全世界都朝着数字化前进的同时，我们还能提供一种“真实的情感体验”——这是我们的汽车仍能持续传递的东西。
Benedetto Vigna CEO & Executive Director
I think we can add also Enrico that having so strong relationship and link with the customers. We know pretty well them, and we can see also which are if you wanted the trend of this customer of our customers, it is selecting a different kind of cars.
Benedetto Vigna 首席执行官兼执行董事
我觉得我们还可以补充一点，Enrico 的团队与客户建立了非常牢固的关系与连接。我们非常了解我们的客户，也能观察到他们在选择车型方面的趋势和变化。
I think this is also a unique asset for the company has deep knowledge of the customers.
我认为这也是公司的一项独特资产——我们对客户有深刻的了解。
Antonio Piccon CFO
On the cash flow, John, I think you answered your question. We assume almost 80% of the free cash flow generating over the plan period will be distributed either through an increased dividend payout or through the share repurchase program.
Antonio Piccon 首席财务官
关于现金流，John，其实你已经自己回答了。我们假设在整个规划期内，约 80% 的自由现金流将会以提高分红或股票回购的形式分配出去。
But I also added in the end, this will leave us with net cash position. And this also opens the opportunity for further actions in the future. So the answer is yes. We try and be prudent as we finance guys prefer to do and have options in front of us later. I hope this answer.
但我也补充了，我们仍将保持净现金为正，这也为未来其他可能的举措留出了空间。所以答案是肯定的——我们作为财务人员，总是倾向于审慎，确保未来有选择的余地。希望这个回答能解决你的问题。
Nicoletta Russo Head of Investor Relations
Thank you. We can now move to the next question.
Nicoletta Russo 投资者关系负责人
谢谢。我们现在可以进入下一个问题。
Carlos Moreno
Carlos Moreno from Premier Martin. I had a couple of questions around the Purosangue. First of all, I missed the sneak peek last night. Is it a 4-door car? And is it actually designed to go off-road or is it an on-road car?
Carlos Moreno
我是 Premier Martin 的 Carlos Moreno。我有几个关于 Purosangue 的问题。首先，我错过了昨晚的预览活动。请问它是四门车吗？它是为越野设计的吗，还是一款纯粹的公路车型？
But the thing that really interests me about it is it seems to be a very different type of vehicle. If you think about luxury goods, if you sell handbags and then you launch a perfume range, you don't say, well, I'm only going to sell 1 in 5 people who bought the handbag is going to be allowed to buy the perfume because it's a kind of new category you sell at least 1:1.
但我真正感兴趣的是，这看起来像是一种非常不同类型的车型。就像奢侈品一样，如果你卖包包，然后推出香水系列，你不会说“只有五个买了包的人里有一个可以买香水”，因为这是一种全新的产品类别，通常应至少是 1:1 的销售比例。
If I think about anyone I know owns a Ferrari, they also own a luxury SUV so they might on the top of the range Range Rover whatever price point below yours. But it's almost a 1:1 ratio. That 20% seems a baby step. I'd be very interested to know that over the 5 years, do you see yourself launching like a baby Purosangue or a larger 1 or 1 with smaller engines? Is this the beginning of a development?
我认识的所有法拉利车主几乎都拥有一辆豪华 SUV，也许是顶配的揽胜或价格稍低的其他品牌。所以这个比例几乎是 1:1。你们目前计划的 20% 市场份额上限看起来像是“起步阶段”。我很想知道，在未来五年内，你们是否会推出一款“小号 Purosangue”或一款更大的版本，或者是使用小排量引擎的版本？这是否意味着你们将开启一个新的产品开发方向？
And finally, there's a lot of questions here on the Purosangue. In your modeling, do you presume the maximum sale? So you're basically in those targets to 2026, do you presume that in 2026, the Purosangue will be precisely that 20% volume cap? It's just a fascinating vehicle for me in the Ferrari story.
最后一个问题——关于 Purosangue 的讨论很多。在你们的财务模型中，是否假设该车将达到最大销售量？换句话说，在你们到 2026 年的目标中，是不是已经假设 Purosangue 恰好达到了 20% 的产量上限？在我看来，这是法拉利故事中非常吸引人的一款车型。
Benedetto Vigna CEO & Executive Director
I believe all these questions are coming which shows you're interested in Purosangue. Now I think I would like to reply with some feedback I got yesterday from a customer that saw the Purosangue.
Benedetto Vigna 首席执行官兼执行董事
我能感受到大家对 Purosangue 的关注，这些问题都非常好。我想用我昨天从两位客户那里得到的反馈来回应你。
And then the comment was from 2 customers actually. One that is in a customer Ferrari since 13 years, another one that is customer -- recent customer is 3 years. And the comment he said, he said, you are very true. What Enrico told me it's very true. This is a sport car. Because when you think about a utility vehicle, you think about something that is big that is heavy.
这两位客户分别是：一位已经是法拉利客户 13 年，另一位是最近三年内成为客户的。他们的反馈是这样的：“你们说得非常对。Enrico 说的也对——这是一辆跑车。”因为当你想到“多功能车”时，通常会联想到“大”、“重”。
The comment of both this gentleman was that this is a sport car. You can perceive already when you see it. I can tell you that also when you go in it and when you drive it, it's even more true, but this is not yet done. This will be in September.
而这两位先生的反馈是：这是一辆真正的跑车，光是看就已经能感觉到。等你坐进去、开起来，那种感觉更明显——不过要等到九月份，你们就能亲自体验到了。
So the Purosangue, as we said, will be an add-on to our portfolio. We do not multiply that to the volumes. And then the other 2, 3 questions that you made, the baby Purosangue, whatever.
正如我们说过的，Purosangue 是对我们产品组合的补充。我们不会因此扩大总产量。至于你提到的“小号 Purosangue”等其他衍生车型……
Well, we disclosed what is the split our offering by powertrain. We don't go into detail of what we are going to do with the cash because we believe this is for 2 reasons. It's a competitive advantage but it is also it's important to keep alive the dream.
我们已经披露了按动力类型划分的产品比例。至于我们未来如何使用现金流，我们不会透露太多细节，原因有两个：一是出于竞争优势考虑，二是我们认为，保持“梦想感”也非常重要。
So we do not -- this will not be a high volume and high volume cash. It is sports car and if you remember the chart, it was staying there as a sport car. It was not staying on a different chart. It was fitting together with our product portfolio.
所以，我们不会让它成为一款高产量、高收益的“现金奶牛”。这是一辆跑车——如果你还记得我们展示的图表，它是被归类在“跑车”那一栏的，而不是其他类别，它是与我们现有产品一致的延伸。
Nicoletta Russo Head of Investor Relations
\[Operator Instructions] We can now move to the next question, please. Stephen, go ahead.
Nicoletta Russo 投资者关系负责人
\[操作说明] 现在我们进入下一个问题。Stephen，请发言。
Stephen Reitman Societe Generale Cross Asset Research
Stephen Reitman, Societe Generale in London. I have 2 questions. First of all, on technology. You've talked about developing your electric motor in-house. It looks from the picture or you suggest there's actual flux. Does this differ tremendously from what you're doing at the moment with ASA and how much IP have you already banked in terms of the development of the -- of your agent whether you said has been developing your formal activities?
Stephen Reitman，法国兴业银行伦敦办事处
我是法国兴业银行的 Stephen Reitman。我有两个问题。首先是关于技术方面。你们曾提到要自主研发电机。从你们展示的图片看，似乎是采用“轴向磁通”（actual flux）设计？这与目前与 ASA 的合作相比是否有巨大不同？在这方面你们已经积累了多少知识产权？是否可以说，你们已经将它作为正式战略在推进？
And second question is about pricing. In the past, when I've looked at some of the transitions from one model to the next, if I take, for example, the Portofino coming after the California T or the 488 or other vehicles, the price increases on the series cars have been quite modest, 4%, 5% sometimes, although there's been a substantial increase, for example, in performance on those vehicles.
第二个问题是关于定价的。过去我观察你们某些车型的代际交替，比如 California T 换代为 Portofino，或者 488 系列等，虽然性能提升很明显，但车型价格的上涨通常非常温和，只有 4%、5%。
When we saw the launch of the 296 GTB, obviously, with hybridization, the price increase relative to the F8 Tributo, which it ultimately replaces is about 14% to 15%. And now you can explain a bit of that, of course, by the extra cost of hybridization, but it suggests a greater confidence in Ferrari's ability to improve increased pricing on its range vehicles which I said has been rather modest up until now. And I think that's maybe part of the mix improvement going forward and the pricing.
而当 296 GTB 推出时，它作为 F8 Tributo 的继任车型，价格上涨达到了 14% 到 15%。当然，这可以部分解释为混动系统带来的额外成本，但这也体现了法拉利在提高车型售价方面的信心增强。而过去你们在这方面一直较为保守。我认为这也许是你们未来产品组合与定价能力提升的一部分。
Benedetto Vigna CEO & Executive Director
Okay. I'll start with the electric motors and then I will answer you the question about the pricing. I'm glad that you paid a lot of attention. It's true. We put some motors. Clearly, we don't put on the chart of the motor that's where we are going to use.
Benedetto Vigna 首席执行官兼执行董事
好的。我先回答关于电机的问题，然后再谈谈你提到的定价问题。很高兴你听得很认真。是的，我们确实展示了一些电机。当然，我们不会在图表上标出这些电机将用于哪些车型。
But yes, you noticed that there are some motors. I can tell you that there are some detail here and there, but we could not put all the detail of the engine. You understand there is also some competitive advantage. What I can tell you is that it's an engine that is racing \[indiscernible] is an engine that has the highest state-of-the-art power density, specific power density because I think this is important. Also you can make it compact and this has a big positive impact on the dynamic of the full vehicle.
但你确实注意到了一些电机的细节。我可以告诉你，我们确实展示了一些细节，但我们无法公布全部的发动机结构。你可以理解，这其中涉及竞争优势。我可以告诉你的是，这是一款面向赛车领域的电机，具备非常先进的功率密度和单位质量功率密度，这点非常关键。而且它可以做到很紧凑，这对整车的动态性能带来非常积极的影响。
We are using an unique configuration. And as Ernesto said, we are also working on the electronics to make it to work at the right frequency by using extracting the best from the technology side such as silicon carbide. So I don't think that we'll make that kind of motor as it is on the chart.
我们采用了一种独特的构型。正如 Ernesto 所说，我们也在电子方面进行开发，使电机运行在最优频率，比如通过使用碳化硅等先进材料，从技术上榨取出最好的表现。所以图上的电机未必就是我们最终制造的样式。
Can we do the second question, the story of the pricing. I think and this has been also my guideline always since I do business. The price is dictated by the value that you provide. So you are right, with all this calculation, 4%, 5%, 15%. The price that we applied to 296 GTB is a consequence of the value we deliver and not of the cost of the engine or whatever.
现在谈第二个问题，关于定价。这其实一直是我从事商业以来坚持的原则：价格应由你所提供的价值来决定。你提到的那些 4%、5%、15% 的涨幅都没错。但 296 GTB 的定价是基于我们所提供的价值，而不是基于发动机的成本或其他因素。
So it's important. This is very important for sure, I mean, in Ferrari, we have to look what is the value we deliver. This is very important.
所以这是关键所在。这点在法拉利尤其重要：我们必须聚焦于我们向客户交付的价值。
I can tell you also that this has been also, as I said, my guiding principles so in the previous slide where it was not a luxury company. But when you do new things, when you deliver performance, you need to value properly in the customer. Understand it because there is a lot of effort. A lot of efforts of many people behind it, the one that you have seen on the video.
我再补充一点，这也是我在加入法拉利之前所秉持的原则。不管是不是奢侈品公司，当你推出创新产品、交付卓越性能时，你必须合理地对其进行定价。客户是能够理解的——因为他们知道，这背后凝聚了许多人的努力，正如你们在视频中看到的那样。
Nicoletta Russo Head of Investor Relations
We can now move to the next question, Monica, up to you.
Nicoletta Russo 投资者关系负责人
我们现在进入下一个问题，Monica，请发言。
Monica Bosio Intesa Sanpaolo Equity Research
Monica Bosio from Intesa Sanpaolo. My first question is on the 2022 CapEx. How much of the 2022 CapEx is already dedicated to the electrification strategy? And going forward, looking at the price mix, we were going to launch the first electric vehicles in 2025. The pricing, I can imagine would be very interesting. And should we expect -- and now your contribution of pricing towards the end of the plan and a higher contribution of mix at the beginning? Or is it equally split?
Monica Bosio 意大利联合圣保罗银行股票研究部
我是 Intesa Sanpaolo 的 Monica Bosio。第一个问题关于 2022 年的资本支出：其中有多少已经投入到电动化战略？往后看，随着2025年首款电动车上市，我想它的定价会很有意思。那么在你们的中期计划中，我们是否应该预期，前期是由产品组合带动增长，后期是由价格贡献更高？还是两者均衡发展？
And the second question is on the residual values of ICE models. With the ban of ICE models in 2036, how do you see the evolution of the residual values of the ICE models going forward?
第二个问题关于内燃机车型的残值。随着 2036 年禁售时间表的推进，你们怎么看未来内燃机车型的残值趋势？
And the very last is for Antonio, maybe I didn't catch before. But should we expect a change in the R\&D capitalization going forward?
最后一个问题是问 Antonio 的，也许我之前没听清。未来研发资本化比例是否会有所变化？
Benedetto Vigna CEO & Executive Director
So Antonio you take this one, CapEx and also the first one, the CapEx.
Benedetto Vigna 首席执行官兼执行董事
Antonio，这几个问题你来回答吧，关于资本支出部分。
Antonio Piccon CFO
The last question, no change in the capitalization ratio. So pretty much in line with our usual 38%, 39% over the planned period.
Antonio Piccon 首席财务官
关于最后一个问题，研发资本化率不会有变化，仍然保持在我们惯常的 38%–39% 区间。
And the second one with respect to the portion of CapEx that is dedicated to the electrification journey. In the chart that I shown, I think you have 2021 and 2026, you should imagine a gradual improvement from that level to get to 2026. So we already have some.
至于第二个问题，即电动化相关的资本支出比例。在我展示的图表中你能看到 2021 到 2026 的趋势——这是一个逐步提升的过程，我们已经有部分投入。
Benedetto Vigna CEO & Executive Director
Coming to the story of residual value. You have noticed that we were talking about, a fuel, synthetic fuel, why we do that? Because the problem is not only what you will produce after 2035 is what you will do with what has been already done.
Benedetto Vigna 首席执行官兼执行董事
关于内燃机车型残值的问题——你注意到我们提到了合成燃料（e-fuel），你可能会问为什么我们要做这个？因为问题不仅是 2035 年之后我们生产什么，更在于：我们已经生产出来的车辆要怎么办？
So this is why -- because we are conscious of our responsibility. Because we want to be a catalyst for change. Because we want to go really from the purpose to action that we want to develop solutions that allow also the cars in future to be used. That is why we are working with partners on the e-fuel side.
这就是为什么我们要关注合成燃料——因为我们意识到我们的责任；我们希望成为变革的催化剂；我们不仅要有愿景，更要付诸行动，开发出能够让未来仍可使用燃油车的解决方案。这就是我们与合作伙伴在 e-fuel（合成燃料）领域展开合作的原因。
I consider that also here, as a company, we have a unique advantage because in 2026, our car on racing track, we start to use E-100, it means 100% e-fuel. So this is the best answer, and this is the reason why we are looking seriously in a scientific way and with partners, in this case because it's out of our core competence on e-fuels.
我认为在这一点上，我们也拥有独特的优势。到 2026 年，我们的赛车将全面采用 E-100，也就是 100% 的合成燃料。这就是我们最有力的回应，也正是为什么我们会以科学的方式、与专业合作伙伴一起严肃地投入到这个领域——因为这超出了我们原有的核心能力范围。
Nicoletta Russo Head of Investor Relations
We can now move to the next question. Philippe, up to you.
Nicoletta Russo 投资者关系负责人
我们现在进入下一个问题。Philippe，请开始。
Philippe Houchois Jefferies
Philippe Houchois, Jefferies. I have 2 questions. The first one is simple for Antonio. You carefully said that in your projections you built in the Concorde Agreement on capping the cost of engines. But can we hope that Ferrari might be profitable in F1 at some point in the 5-year plan? And would that be incremental to your target? So that's the first question.
Philippe Houchois，杰富瑞
我是杰富瑞的 Philippe Houchois。我有两个问题。第一个问题是问 Antonio 的。在你们的预测中，你提到已经考虑了《协和协议》中关于引擎成本上限的条款。那么我们是否可以期待法拉利在未来五年内某个时点在 F1 项目中实现盈利？如果实现了，这是否会额外提升你们的业绩目标？
Second one is more -- I listen carefully to what you say about the CO2 footprint of Ferrari, what you're doing also starting to do offsets quickly. I look at this, and I think that you should be able as a company and given your pricing power to have a negative carbon footprint.
第二个问题我想从更宏观的角度问。你们刚才谈了很多关于 Ferrari 的碳足迹，以及你们快速开始做碳抵消的行动。我听完之后的想法是：以你们的定价能力，你们完全有可能成为一个“负碳排放”的企业。
And if that's the case, then this whole debate about killing ICE and not having a combustion engine in 10 years, 15 years, is a moot point. Of course, there's a move to electrification, but there's no reason for Ferrari to stop selling ICE cars to \[ efficient others ] if you're going to have a negative carbon footprint. I'd love to have your views if I'm just dreaming or if that's something that's reasonable.
如果真是这样，那么围绕“禁燃”、“十年内终结内燃机”的整个争论也就不再成立了。当然，电动化趋势是存在的，但如果你们能够实现负碳排放，就没有理由停止向那些环保高效的用户销售内燃机车型。我很想听听你们的看法——我是不是在“做梦”，还是说这确实是有可能实现的？
Benedetto Vigna CEO & Executive Director
I'll start with the second, Concorde Agreement. Antonio will reply. I think it's important as a company that we offer, and we leave the freedom to choose to our customers. When I said before, I mean, we have the responsibility always to deliver unique emotion experience to our customers and we want to deliver this unique emotion through the different technologies. Our goal is not to develop technology per se. It's to develop leading-edge technologies that can be used always looking at the human, the human and the customer is the center. It's the humanization of the technologies that make the difference between the different players. And we are there.
Benedetto Vigna 首席执行官兼执行董事
我先回答第二个问题，关于《协和协议》。Antonio 会补充。我认为，作为一家企业，我们必须给予客户选择的自由。正如我之前所说，我们始终有责任为客户带来独特的情感体验，而我们希望通过多样的技术手段来实现这一点。我们的目标并非为了技术而开发技术，而是要开发以人为中心、以客户为核心的先进技术。技术的人性化，是区分不同企业的关键，而这正是我们的优势所在。
So that's the reason why we want to offer this and the customer will pick up what is the best solution.
这就是为什么我们要提供多种方案，由客户选择他们认为最合适的解决方案。
Now for the Concorde Agreement, you may go ahead, Antonio.
关于《协和协议》，Antonio 请继续。
Antonio Piccon CFO
Yes. I think the question has 2 parts. The first one are the rules. Not all the rules are already clear and defined. So we're making the plan what we know about the next budget cap on development costs for our unit.
Antonio Piccon 首席财务官
是的，我认为这个问题可以分为两个部分。第一是规则，目前并非所有规则都已明确定义。因此我们在做计划时，是基于我们目前所了解的有关下一阶段开发预算上限的信息。
The second one is on revenues. And for that, we always race to win. So this is the assumption that we have in the plan.
第二是关于收入。我们的前提假设始终是“为胜利而战”。这也是我们在规划中的基本假设。
Nicoletta Russo Head of Investor Relations
We can now move to the next question, Adam, please.
Nicoletta Russo 投资者关系负责人
我们现在进入下一个问题，Adam，请发言。
Adam Jonas Morgan Stanley
Adam Jonas from Morgan Stanley. I don't know if this question is for Benedetto and Antonio. But similar to the 2018 targets, this target may not -- may include the costs of the EV but none of the benefit, kind of similar to how the Purosangue was in your costs, but clearly an insignificant portion of revenue. Can you confirm that your 2026 EBITDA margin target, for example, of 38% to 40% does not have any material benefit from a contribution of EV, but in fact, might actually have all the costs related to that.
Adam Jonas 摩根士丹利
我是摩根士丹利的 Adam Jonas。我不确定这个问题该问 Benedetto 还是 Antonio。就像你们 2018 年的目标一样，当时的成本中可能已经包含了 Purosangue，但收入贡献几乎没有。那么这次 2026 年的 EBITDA 利润率目标（38%–40%），是否也并未包含电动车的实质性贡献，反而已经计入了其全部相关成本？
And then as a follow up, help us think about how you see the BEV mix, which will be very significant. You gave a 2030 target. How does that -- is that additive to profitability? Do you think, given your line of sight now that this can be enhancing to your capital returns and margin? Or is it meant to stabilize?
作为追问，请谈谈你们对 BEV（纯电动车）产品组合的看法，这部分未来权重将很高。你们公布了 2030 年的目标，那么在你们目前的判断下，电动车是有助于提升资本回报和利润率，还是更多是用来稳定现有水平的？
Benedetto Vigna CEO & Executive Director
Okay. I'll start to say for the first question. And then the '26, I mean, it's clear. The contribution of EV starts to happen because you remember, now the percentage is relatively small. But for the second phase, clearly, the contribution will be stronger.
Benedetto Vigna 首席执行官兼执行董事
好的，我先回答第一个问题。关于 2026 年的情况，目前电动车的占比还很小，因此贡献有限，但在第二阶段，它的贡献将会显著增强。
If you remember, the offering is wider. We are talking about 40% electric. What I can tell you is the following, that the tech -- what is the most expensive technology in the car, in electric cars is the battery.
如果你记得我们讲过，届时我们的产品组合中将有 40% 是纯电车型。电动车中最昂贵的技术是什么？毫无疑问是电池。
What is the battery in hi-tech technology that goes by square meters? How many technologies that are going by square meters didn't reduce significantly the cost over time? Think about the display. Nothing. All of them, they go strong, fast.
电池是一种“按面积计价”的高科技产品。历史上有多少此类技术的成本不是随着时间而大幅下降的？比如显示器——没有例外，它们的成本都快速下降。
Clearly, at the beginning, you have the new technologies. So the trick, and I would say the wisdom is always to get there with the right partners at the right -- with the right technologies with the right cost reduction road map and most importantly, to price the value of your innovation in the right way.
当然，一开始这些是新技术。但关键在于，你需要在正确的时间、与正确的合作伙伴、采用正确的技术，并具备明确的成本下降路径。最重要的是，你要以合适的方式对创新的价值进行定价。
Because at the end of the story, the profit, there are 2 things: the price and the cost. The cost here is something we have to work with the right partners.
因为归根结底，利润只取决于两点：价格和成本。而成本控制必须依靠与正确的合作伙伴携手。
And we have also to look at all the, let me say, the opportunities that the technology offers use and with industrial view.
我们还要以产业化的视角去把握技术带来的各种机会。
I mean many take -- 15 years ago, 15 years ago, would you have said that today, you would have the phone in the pocket with, I don't know, 16 processor and whatever.
举个例子，十五年前你会相信今天的手机里会有 16 个处理器吗？
And this is a typical road map of the most, if you want, the most expensive object in the car that is the battery because that is making the difference between -- in terms of cost.
这就是电池这类“最贵部件”所具备的典型成本下降路径——而电池正是决定整车成本差异的关键。
So we have, I think, defined goals and ambition after 2026. You have seen the Ferrari low.
因此在 2026 年之后我们是有明确目标与雄心的。你们也看到了“法拉利定律”。
The Ferrari low is 10% increase every -- our density increase every 2 years. That means also, if you want, lowering the total amount of battery that you need.
所谓“法拉利定律”，就是我们的能量密度每两年提升 10%，这也意味着可以减少整车所需电池总量。
So in the second phase, we will look at the right cost with the right partners at the better exploitation of wiser exploitation, smart exploitation of the technology, and clearly, we will look also at the price because of the experience you have driving a Ferrari with an electric hybrid as Enrico was saying, it's very unique.
所以在第二阶段，我们将以更聪明的方式、更合理的成本，与合适的伙伴一起充分挖掘技术潜力。当然我们也会关注定价，因为正如 Enrico 所说，驾驶一辆法拉利电动车所带来的体验，是独一无二的。
So this is what we are planning to do. And this is the reason why when we talk about partnership, we look also -- it's something that is more or less existing but something where we are also looking ahead.
这就是我们接下来的规划。也正因如此，当我们谈到“合作伙伴”时，不仅是已有资源，也包括我们为未来布局的方向。
You may -- you also heard what other innovative materials on the cooling on the superconductor, on isolation because don't forget at the end of the story the electric engine may seem simple if you make for a washing machine. But if you want to make it serious, if you want to make it a long-lasting, if you want to make it very efficient, then you have to look at all the dimension. That's what we are doing, and we will continue to do.
你们也听到我们正在探索一些冷却技术、超导材料、绝缘材料的创新——别忘了，电动马达看似简单，但如果你要让它高效、耐久、可靠地运行，就必须面面俱到。这正是我们正在做的，也将持续推进的工作。
Antonio Piccon CFO
Shall I take the other piece on EV cost and revenues, I guess. On cost and being under IFRS and not U.S. GAAP, it's true we incurred the CapEx spending for BEV, but this is mostly a cash impact based on the number that I discussed. While in terms of cost, it will come as the cars will start being sold, produced and sold.
Antonio Piccon 首席财务官
我来补充电动车成本和收入部分。我们采用的是 IFRS 而非美国 GAAP，因此目前 BEV 的资本支出已计入，但这主要是现金流层面的影响。实际成本会随着车辆生产和销售才体现在财务报表中。
And with respect to revenues, this is -- we see that as a further opportunity in terms of product development and enlargement and also ability to tap into a potentially large customer base.
至于收入方面，我们认为电动车是一个产品开发、产品扩张的重要机会，也有助于接触更广泛的潜在客户群体。
Nicoletta Russo Head of Investor Relations
Thank you, everyone. This close today's Q\&A session. The IR team will be available over the next days to answer all your follow-up questions. This is also -- we are also taking those connected online, and we are now closing the webcast. Thank you, everyone, and especially those being with us.
Nicoletta Russo 投资者关系负责人
谢谢大家。这就是今天问答环节的全部内容。接下来的几天里，投资者关系团队将继续为大家解答后续问题。同时也感谢所有在线参会者，现在我们将关闭本次网络直播。再次感谢大家，尤其感谢亲临现场的朋友们。
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