Thomas Besson: Thank you very much.
Operator: Thank you. We will now take the next question. It comes from the line of Adam Jonas from Morgan Stanley. Please go ahead. Your line is open.
Unidentified Analyst: This is Matthias here on behalf of Adam. So China, Hong Kong and Taiwan hit 11% of deliveries this quarter. And we know that you got to do some front-loading of that in the region, but just curious how you see this heading into 2025 based on your forward book. Thanks.
Benedetto Vigna: You may take this one.
Antonio Picca Piccon: Yes. Okay. On China, I think, this quarter has been rather front-loaded, meaning we had a chunk of deliveries to China which has been comparatively higher, within, let me say, sort of, target for the year of about 10% of total deliveries to that region. When looking at the future years, I think we stated already at the Capital Market Day that we expect our shares of deliveries to China to not exceed significantly the 10% mark.
Benedetto Vigna: So it’s a quarter that is fully in line with our strategy.
Antonio Picca Piccon: Yes.
Unidentified Analyst: All right. Thank you so much.
Benedetto Vigna: Thank you.
Operator: Thank you. We will now take the next question. It comes from John Murphy from Bank of America. Please, go ahead. Your line is open.
John Babcock: Hi. This is actually John Babcock on the line for John Murphy. Just one question. Could you talk about the opportunity you have to take up price on your vehicles?
Benedetto Vigna: Opportunity to take — to take up prices. Look, it’s a good question. As we said through all the year and last year and what we are doing now, we are — we said that we were going to increase mid-single digit selected model on — and that’s what we are doing. So we saw this opportunity and we are using it. So I think it’s also important that we value properly what we are offering to our client and they fully understand it.
John Babcock: Yes. Thank you.
Operator: Thank you. We will now take the next question. It comes from Tom Narayan from RBC CM. Please, go ahead. Your line is open.
Tom Narayan: It’s Tom Narayan RBC. Thanks for taking the questions. So hybrids were 35% of shipments in Q1. Curious if you could talk about the demographics of these customers age or the — are they new to the brand? Just curious, if there’s any read-throughs as we can think about your electrification path ahead. And then just a quick follow-up on the Purosangue relaunch in 2026. Could the pricing be raised? I know the initial pricing given the strong demand it would suggest you could raise it. Just curious, if pricing could be raised. And then lastly a follow-up on e-fuels. One hurdle potentially for e-fuels is infrastructure needed, right for fueling et cetera. Curious, if you could share any comments on how you think that might develop. I know that the EUs or governments are definitely supportive of it, but certainly would require an investment there. Thank you.
Benedetto Vigna: Okay. So Tom, thank you for your question. Let’s talk — let’s start from the demographics of the hybrid. This is something that we are looking carefully because we are also interested to understand what’s happening. And I can tell you that any quarter we have a look at these numbers and we don’t see their specific pattern. So we have — if you want, we have the same client that is buying the hybrid and ICE. We have a client that entered the Ferrari World through the hybrid and then they buy the ICE or vice versa. And also if you see the pattern across the continents or across the let’s say the age, we don’t see real pattern. So this is a very interesting question that we are always making ourselves. We wanted to report in this quarter this important target.
Basically 35% of them are hybrid. We also checked the average age of the clients that buy hybrid or the red or the yellow in the chart that Antonio was presenting there is no difference. So this is the first question. The second question is the Purosangue today we said that we are reopening with deliveries in 2026. Usually, we do not comment about the price increases so long in the time. You can make an assumption, but we do not want to discuss specifically on this point. The last one maybe I misunderstood your question, but e-fuel is something that can fit in our engines as it is. We are already doing a test with different kind of fuels that are not fossil-derived. The infrastructure is the same. Clearly, you have to produce it. So you have to combine the CO2 of the atmosphere with hydrogen coming from the orders.
But infrastructure is the same. An area where we are working a lot together our partners is to make sure that in case there is a clear mandate to recognize the e-fuel because you need to feed the e-fuel in the car where we need to work and we are working already with partners to make sure that the e-fuel is properly recognized versus the fossil fuel. This is — there is no — really no modification required in the infrastructure.
Tom Narayan: Yeah. I guess I wasn’t referring to your infrastructure but more of the fueling infrastructure petrol stations et cetera.
Benedetto Vigna: It’s the same Tom, there isn’t any involvement . I mean clearly, in the production of the fuel there is a difference because you don’t have to dig a hole in the earth to take the oil, but you have to let’s say — like fertilizers you have to the CO2 from the atmosphere. But there is no difference in the distribution network.
Tom Narayan: Okay. Got it. Thank you.
Benedetto Vigna: Thank you.
Operator: Thank you. We will now take the next question. It comes from the line of Anthony Dick from ODDO BHF. Please go ahead. Your line is open.
Anthony Dick: Yes. Hi. Thanks for taking my question and congrats on the great results. Just a couple of follow-ups on my side. Firstly, on the Daytona. Could you actually give us the number of Daytona that was delivered in Q1 like you did previously for the Monzas? Also when you talked about the ramp-up of between 30 to 40 units is that sort of the maximum capacity that you can produce, or is that just the way that you want to sequence these deliveries? And then a second question follow-up on the personalization rates. Again, as we should see a ramp-up in Daytona deliveries, do you expect to maintain that 80% personalization considering the much higher ASP on these cars? Thank you.
Benedetto Vigna: Okay. So Anthony, the first question Daytona we delivered in Q1, we said before is 30. We keep staying in the quarter around 30, 40. This is — let’s say, considered in our case the line is pretty much flexible. And this is flexible either in terms of equipment that you need to produce the cars, but also in terms of ability of our employees to manage different kinds of steps. So there is no relation with maximum capacity. And the last point the personalization rate. Maybe here I can provide a little bit more color that will help you and the previous colleague that made this question. One big change we did in the personalization rate is that we have reached the carbon look component that, are available to our client.
So if you want there is — there are, more option available for our client that are carbon look. And usually, if you want the carbon look component are more expensive than the others. But these are the three, — I think, you address all of them the three question you give us.
Anthony Dick: Yeah. Perfect. Thanks very much.
Benedetto Vigna: Thank you.
Operator: Thank you. We will now take the last question. It comes from Gianluca Bertuzzo from Intermonte SIM. Please go ahead. Your line is open.
Gianluca Bertuzzo: Hi everybody and thank you for taking my question. I want to jump back on the price/mix. On a full year basis, do you expect mix or price to be the biggest contributor in terms of growth for the average selling price? And a second one, on the Daytona, I don’t want to anticipate too much, but do you expect there will be a time lag between the current Daytona and the next one as it was the case with — between the SP1 and the SP3, or it will be a smoother transition? Thank you.
Benedetto Vigna: Okay. This is the last question. So we split 50-50 between me and Antonio.
Antonio Picca Piccon: Okay.
Benedetto Vigna: So Antonio, will take the price and mix.
Antonio Picca Piccon: Price/mix the answer is mix. So, you .
Benedetto Vigna: The Daytona no I think — look, we give you — I understand that you want to have all the possible detail. So as we said, 30 in Q1, 30, 40 more or less in the next quarters. And we are planning this production according, let me say to what is also the — which are the needs of the clients also in terms of personalization okay, because there are a lot of carbon look component that are very important in this car model.
Antonio Picca Piccon: And your questions for the period after Daytona please wait and
Benedetto Vigna: Secrecy is important Gianluca. We have to is, the visibility is very important. So we have to…
Gianluca Bertuzzo: Of course and the very last one, if I may, what is your assumption in terms of cost inflation for this year? Thank you.
Antonio Picca Piccon: So I’ll take this one. It’s difficult to mention percentage-wise. Anyway, I would say, high-single digit, but it’s really a mix of components. Last year we have seen energy and metals beginning of the year. Nowadays, these two components are not anymore the most relevant. Inflation is going through a number of commodities and products and components. And on top of that labor cost is adjusting. So that’s an assumption we’ll see.
Benedetto Vigna: Last year we saw more on energy side and that is easing down…
Antonio Picca Piccon: Yeah.
