Beyond the show — Ferrari · Sergio Marchionne · 2015

You are taking Ferrari public. Do you sell it as the world's most profitable carmaker and grow the volume, or as a luxury house that happens to make cars — and if the second, what do you do about the cap?

You run Fiat Chrysler, and Ferrari is a subsidiary that makes about 7,000 cars a year at margins the rest of the group cannot approach. You need capital for the mass-market business and Ferrari is the asset that can raise it. Last year you removed Luca di Montezemolo, who had chaired Ferrari for twenty-three years and had capped production at 7,000 to protect exclusivity; you think the cap is too low and the order books, which run two years, agree. Porsche makes 200,000 cars a year at a 15% margin and is valued as a carmaker. Hermès makes handbags at a 30% margin and is valued at three times the multiple. Investors have never been asked to value a car company as anything but a car company.

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