But the second I have been — in these 3 years, 2 years, I have seen and I’ve met many people that are touching our brand, the [indiscernible]. And they have seen an attachment, a sense of bonding that is really unique. I mean, I was in Mugello last weekend, I was in Pebble Beach. And I can tell you, Giulio, that right after the car was shown, it was fully allocated. I mean the car — there was a client close to me that started to cry, literally. The bond we have with our customer, I think, is something unique and for which I will never — I will always, let me say, thank them. Clearly, our people are doing their best, but our clients are giving — they’re trusting us. And I would always thank them for this kind of trust. So this is the long answer to your question.
We are talking about different kind of people. We are talking about the kind of unique sense of belonging, sense of bonding of this client to our brand.
Giulio Pescatore: It’s very clear. I hope he didn’t start crying because he saw the price tag, but yes.
Operator: And the question comes from the line of Monica Bosio from Intesa Sanpaolo.
Monica Bosio: The first one is on the shipment allocation for the next year. I know that you cannot disclose it, but I just was wondering if you are still keen to keep a share towards China in the region of 10% or more. My second question is on the SF90 XX. Are you planning to get some advances in 2024 from the SF90 XX? And the very last one is an housekeeping question on the financial charges. Can you, Antonio, explain me better the impact at the financial charges side in the third quarter and an expectation — rough expectation for the full year please?
Benedetto Vigna: Monica, so SF90 XX yes, we’ll take advanced payment 2024. The rest is Antonio.
Antonio Piccon: Yes, absolutely. In China, I think we stick to what we said at the Capital Market Day, meaning for us, China is a market around 10% in terms of share of our annual deliveries, 2024.
Monica Bosio: For the next year?
Antonio Piccon: Yes. In terms of the impact of the purchase of the bond, it creates the gain on sale, which is simply due by the difference between the pricing of the bond at the time we booked it and the pricing at the time we repurchased it. So it’s €8 million financial income that we booked in Q3, and which is reducing the financial charges net for the first 9 months. As a result, for the rest of the year, we expect to be much lower compared to what we were used to in the previous years. So about half the amount that we booked.
Operator: Now I’m going take our next question. Just give us a moment. And the next question comes from the line of Susy Tibaldi from UBS.
Susy Tibaldi: My first one is about inflation because you once again have been mentioning how inflation has been. It remains a headwind and it’s been now well 11 months since your price increase earlier in the year. So I was wondering if it’s something that you are contemplating for next year, or if you prefer to adjust to the pricing of the new cars, so purely through the mix? Secondly, when we think about your medium-term guidance and what has changed since the Capital Markets Day, I guess on the positive side we have seen a very resilient demand, better personalization trends, these price increases. And while on the negative side, it’s been mostly the higher inflation. Is this the right way to think about these moving parts or is there something else we should take into account? And then thirdly, a more technical question, but can you give us some color on why your gross margin was much weaker in this third quarter despite the very strong mix?
Benedetto Vigna: Antonio, you take the question?
Antonio Piccon: Yes, sure. Inflation assumption, we are thinking of price increase next year. I think we do not have just pricing for cars. I mean, our overall revenues are much wider in principle to the extent needed and subject to the conditions that Benedetto mentioned during his first answer today. I think we remain flexible and look at how costs are proceeding in order to move pricing and eventually take a decision on that going forward. Second, I think you really named which are the main different elements compared to what we had in mind at the Capital Market Day last year. And so far I think the overall impact, particularly of personalization and pricing on new model, has more than offset the debt coming from cost inflation.
Gross margin weaker, it depends really you should not look at that on a quarterly basis. Overall, the product mix and the country mix during a single quarter make a difference obviously together with the level of personalization of the cars entailed. So we’re going to take a look at that, but look at that on a wider period of time and you’ll see certainly an improvement 9 months-over-9 months.
Operator: And our next question comes from the line of George Galliers from Goldman Sachs.
George Galliers: The first question I had was just with respect to how to think about mix in 2024. Obviously, a lot of exciting product to come and you’re in the process of ramping the Competizione A and the Purosangue. Is it safe to assume that mix next year should be positive relative to this year given that product cadence? And the second question I had, Benedetto, if I may, was with respect to the electric Ferrari that you mentioned earlier, obviously a very exciting product for Ferrari. However, a few other luxury premium car makers have noted that at the very top end of their product ranges, the customers, particularly in China, have a strong preference for internal combustion engines as similar to a watch. They believe the mechanical elements have a higher level of craftsmanship and value compared to electric and digital offerings.
To the extent you have discussed the Ferrari EV with certain customers as a project, have you received any similar feedback? Or do you believe that whatever car Ferrari produces will have similar level of desirability irrespective of the power plants that you put in it?
