Ferrari (RACE): Moat Analysis
Ferrari's moat is controlled scarcity: it caps volume below demand, never discounts, and its order book is full through 2027, giving luxury-grade 39% margins. But it's strong, not exceptional, for two reasons: real apex rivals exist (Lamborghini, McLaren etc.), and its desire is tied to the combustion engine it's now leaving. The Luce EV drew a hostile reception. Verdict: Strong / Intact, under a brand-transition question. Watch: do electric Ferraris sell.
24 aug