So I heard that the founder of Ferrari, Enzo Ferrari, once was stuck in a lift and lost a race. Notice he lost the race and never took a lift again.

That's true. You studied very well history. Yeah, it's true. Absolutely. It was in Piscara.

So Benedetto, you say that Ferrari is not the car. It's a dream and in 1 hour and 35 minutes you will bring out a new dream.

Yeah. Because you have a car launch today. Two dreams with two car two special version of a car coming out today.

Yeah. So good timing with this seminar. Yeah. Very good.

Uh you should have been waiting and we could show but we can't show any pictures because it's like 1 hour and 35 minutes early. But what can you tell us about these two new cars?

Look we have innovation is very key. I was listening the presentation of David and Judy. Innovation is key.

And uh this year is very important for us because we will have six new model that will propose to the world and the first two will be announced in a few minutes.

So if you had to if you had to say something about them. Four wheels, one steering wheel, some aluminum, some glass. No, you you you have to wait because we had a meeting with our with journalist. Yeah. Everything is under embargo. So if I I say something Yeah, I know.

But I can tell you that is special version of hybrid car and uh it will be I drove it several times. It's very funny.

I have a lot of client. One of them was texting me now, can I see something? Can I see something? I said you have to wait also Nikolai is asking something you have to wait a little bit I cannot make a difference.

Okay, uh what uh just coming back to uh to Patrick's comment I mean what is Ferrari in in your mind what what is it?

Ferrari I mean we have been working in the last years since I I came over there because Ferrari was missing if you want a formal brand bible.

So we clarified the the purpose of Ferrari and this was done listening to all the people in the company and we the purpose of our company is very simple is the following. We audaciously redefine the limit of possible.

I as you said I mean I was working in a in a different world in a different space for 25 years in a space we were we were making I was working for a company making chips and that world is moving at very high pace very high pace.

When you go in a company such as Ferrari that is a luxury company you see something that is really unique is the human dimension the human dimension the passion the sense of belonging that you see in people in Ferrari but also all the stakeholders and the people around Ferrari is very unique.

So I like to say that Ferrari is the glue around the people putting them for the people pushing them toward redefinition of of what is possible that that's.

But I mean in your previous job where you do microchips you reinvent uh yourself every 18 24 months or whatever new new models and so on. Now with Ferrari, what are the what are the things that you do reinvent and what are the things that need to be the same? I mean you got some you got some iconic things, right? The yellow clock in the middle, all that kind of stuff. Yeah. Which of course I don't know so much about, but you know much more a little bit.

No, look, I I can tell you something. I shared with the team after the capital market day. It was 16th June 22 when we had capital market day. The day after we did deployment in all the company and I was with the the leader the management of the company and I said look you believe you are fast I told them I told them you are not fast.

Silence a lot of said you are fast yes if you compare yourself with automotive companies you are fast but if you compare with high-tech companies you are not fast.

And then I told them three things one the speed of automotive companies is one the speed of Ferrari is 10 the speed of high-tech is 100. Do we need as a company to go to 100? No.

Because high-tech companies don't care about the past. The past in high-tech company is a burden. In a luxury company, the past is a fundamental ingredient.

So where we are aiming to be as a company. For me the indicator is 30 35 where we are in terms of speed after three years and a half I would say around 1820.

So what does it mean? There are opportunities for us to improve on the operational efficiency. There are opportunities for us to improve on on innovation. The company is doing relatively well. But I always push the team to stay really with the four wheels on the ground. Nowadays more than ever it's important to be prudent to understand what are the areas where you can improve.

So it company have a different mindset different culture the company I don't know maybe some of you have been working over there it is a speed for the sake of speed because otherwise you don't you lose the you know you lose the grip in a in in a luxury company does not make sense. So you would destroy yourself.

So where in the company where in the company do you need speed? I think that there are speed on speed we need to achieve by deleting something that is not bringing value to client. That is important.

I think there are different areas. It goes in in production. It goes on the on the the marketing. It goes in the communication. It goes I mean there are different areas. I think no company is perfect. Nobody will no company will be ever perfect is always an improving process. I think that we have to to be conscious of this and we have to work on that. Have a you know humility I would say.

Absolutely. How have you changed the corporate since you came in? What are the things you've changed?

But uh what I understand I changed if I listen to what people tell me is that I am and this is not a critic at all for all the people before me because each leadership style is good I think for each historical moment.

I think that uh the attention of of the company to employee has been always there. I have to say that one of the reason why also I selected to join Ferrari is because of tension of the company to the grow and development of employee. I remember when I had the discussion with the board member and I saw the program and investment on the grow employee that that was for me an important decide I mean factor.

There is also another point is the uh how do you say there's mutual respect is there I think two things I brought one is more open communication.

I don't I I spend I would say 1% of my time in my office I am always with people and I I talk with all the people across different organizational level.

Well, I mean you actually like people, right?

I Yeah, I like people because I think that's the easiest and the best way to learn. You can read books, but the point is that takes more time.

And then how many how many people do you speak how many people you speak to? Because because I generally because I generally speak generally speak I don't think we speak with enough people.

I agree with you. Look, I I I had the luck to have I was working for this company I was telling you before and the CEO that now is 89 years old before stepping in the role, I call it many friends, young CEO and old CEO, old in the role I mean and I got some advices and this CEO, the previous CEO of the company I was working for, three CEO before he told me talk to the people onetoone.

So when I get in the company I asked my assistant to arrange 300 interview one to one to be to do in uh let's say 90 days and that's what I did. I mean all levels of the all levels.

I think why why is that important? Because you need to see the reality from different angle. If you want to have a clear picture of the reality you need to see from different angles. I mean if you see an object like this is the same from your point of view but the company is not so symmetric. It's very asymmetric. So you needed to have different point of view from different people.

And for me it was very easy. I mean without their input without really their insight I don't think I would have been able to to lead the company with the team in this way.

How would you if you were to describe your management style? What would you say? I would say that I have a very direct. I am maybe scientific in the sense that uh I go in a meeting and I like to hear what the people tell me.

If I have my point of view and they demonstrate my point of view is wrong, I I don't have any problem to change it.

I would say that this is the feature that the people uh at least to what they tell me they like they don't you know I would say more really scientific. I do not enter meeting with my point of view that is already nailed down carved out. I mean I would like to I like to to dance with the people. Allow me to say so I have my point of view. You have a point of view. Let's discuss. Let's see which are the fact.

You're a good dancer. No my wife is telling me I'm not a good dancer. That's okay.

Um how do you get your ideas across in the organization? How do I get ideas? Because you can sit at the top and you can have great ideas, right? But I mean, how do you get uh everybody in your direction?

When you have a when you have people, okay, when you have people and you have a relation with those people, you discuss also about business most of all, most important, you discuss about them as people.

So I know what the people do. I know for example, Yakopo is the son of a a guy that was born a few weeks ago. So I keep asking about Yakopo or I keep asking what the son or the daughter is doing. This kind is bringing some link. So they don't see me far away. They see me close.

So but doesn't help. So you all live in the same village, right? I mean Marlo is that that is a big advantage.

No doubt that is a big advantage. But I can tell you it's not a village by the way. Yeah. Don't offend please.

No look but when I was also in the other company my people were spread over 21 location and I can tell you that I have the same link that I have Marinelo Marinelo is easier because we are on the same place you're right but also when I was in the previous company I was traveling like hell like some colleague here in the room I you can have the same kind of relation I have some friends in some in Czech Republic I'm regular in touch.

But do you think but do you think being Italian is different. I mean, is it more there is more uh you know focus on family, friends, uh food? Of course, you are very good at you're very good at cutting the reindeer by the way. Um but do you think there is this focus on family and which makes it into I I don't think is a matter I have a lot of friends. I see a lot of business people from all over the world but they are very good.

So, so what is the only things you can say that maybe some some for some Italians especially from south of Italy they may have the advantage to be a little bit more direct but I don't know not more direct more in the human relation more easy to to start I mean.

But where where do you want what are you trying to change now at Ferrari what part of the culture are you working on uh?

I'm working on two dimension. One, I want to find a way to increase this speed because I still need the 12 points to go from 18 to 30.

I think that uh I am identifying together with the team some areas that it makes sense for us to delete because they do not add value. So this is if you want on the process side.

On the on the on the client side I think that we start we need like like I say we need to expand beyond the classical you know we have a lot of repeaters that is good we the so you mean repeaters repeat client that are buying the same the same client that are buying cars today are 75%.

We have your biggest Norwegian client in the audience today thank you for your trust you I would like no I think that we need also to expand the client base.

We are doing good progress because 40% of new client are younger than 40 years and uh but I think there is still opportunity here.

And I think we need to do some progress also in the experience we provide to our client because in a luxury company the product is important but also the experience is very important so this is another dimension.

What do you what do you mean by that but look we're organizing regularly, special event, special experience on track, on road with the client.

In the next few weeks, we will have client that will join all together in Spain or in Patagonia driving their Ferrari. But we will also experience of people that are fun of driving. They buy their racing uh cars and they're fun of driving in um on the track. So this is the experience that we want to bring on the track on the on the client.

M m. So um last question. What do you um where do you see where do you think Ferrari will be in 10 years time?

What I think uh what I want the Ferrari to be is a company that is faster that is uh continues to be more and more open where uh really the mutual respect stays there as a value.

Where we listen and we anticipate we continue to anticipate which are the product the client is willing to to have from us. So I would like that we continue to do and we improve, we keep improving in delivering emotion-driven innovation. No technology push, no market pull, emotion-driven innovation because only in that way you make a difference.

If you wait too much or if you push the technology is not innovation, it's cutting, you know, copy and paste.

And you have said you don't want to have too many screens. No. Why? There are a couple of them already. Why don't Why don't you want to have too many screens in a Ferrari?

Look, I coming from semiconductor companies, I know that uh what is useful, what is not useful in a car, what is useful for the client, what is useful for a supplier.

I think that screen are very much useful for the supplier more than for the client. Yeah. And you think you are in a Ferrari to drive, not to watch TV.

I believe Ferrari is a car that people like to drive. is not a sofa on for is not a mobile phone on for is not a data center on for some of people here present became part of the community thanks for the their trust and uh you will have you will continue to have fun when driving Ferrari you will not see cinema very good thank