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    Rivian cuts 2025 delivery target, ups expected spending amid tariff pressures

    Rivian Automotive beat Wall Street’s expectations for the first quarter and confirmed its 2025 earnings targets, but negatively adjusted its 2025 targets for vehicle deliveries and capital spending amid tariffs.
    Rivian’s new guidance includes deliveries of between 40,000 units and 46,000 units, and expenditures of between $1.8 billion and $1.9 billion.
    The all-electric vehicle manufacturer said it is “is not immune to the impacts of the global trade and economic environment,” despite producing all of its trucks and SUVs at a factory in Illinois.

    Workers assemble second-generation R1 vehicles at electric automaker Rivian’s manufacturing facility in Normal, Illinois, on June 21, 2024.
    Joel Angel Juarez | Reuters

    Rivian Automotive on Tuesday beat Wall Street’s expectations for the first quarter and confirmed its 2025 earnings targets, but negatively adjusted its 2025 targets for vehicle deliveries and capital spending amid President Donald Trump’s tariffs.
    The all-electric vehicle manufacturer said it is “not immune to the impacts of the global trade and economic environment,” despite producing all of its trucks and SUVs in the U.S. at a factory in Illinois.

    “The current global economic landscape presents significant uncertainty, particularly regarding evolving trade regulation, policies, tariffs, and the overall impact these items may have on consumer sentiment and demand,” the company said in its quarterly letter to shareholders.
    Rivian Chief Financial Officer Claire McDonough said the company is expected to incur “a couple thousand dollars” in additional expenses per vehicle as a result of tariffs, which include a 25% tariff on imported auto parts that do not comply with the U.S.-Mexico-Canada trade agreement.
    Rivian’s new guidance includes deliveries of between 40,000 units and 46,000 units, down from a range of 46,000 units to 51,000 units, and capital expenditures of between $1.8 billion and $1.9 billion, up from previous guidance of between $1.6 billion and $1.7 billion.
    Rivian reconfirmed plans to achieve a “modest positive gross profit” this year, as well as $1.7 billion to $1.9 billion in losses on an adjusted basis before interest, taxes, depreciation and amortization after its first-quarter results topped Wall Street’s expectations.
    Here’s how the company performed in the first quarter, compared with average estimates compiled by LSEG:

    Loss per share: 41 cents vs. a loss of 76 cents expected
    Revenue: $1.24 billion vs. $1.01 billion expected

    Notably, the automaker achieved its second consecutive quarter of gross profit during the first quarter, unlocking an expected $1 billion from Volkswagen Group as part of its investment in Rivian following the formation of their joint venture Rivian and VW Group Technology LLC.
    Rivian recorded a gross profit, which includes production and sales but does not factor in other expenses, of $206 million during the first quarter. That compares with $170 million during the fourth quarter.

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    Rivian, Lucid and Tesla stocks

    The joint venture was announced last year as part of a $5.8 billion deal that includes funding for Rivian and VW utilizing the electric vehicle maker’s software and electrical architecture.
    Rivian said it ended the first quarter with $8.5 billion in liquidity, including $7.2 billion in cash, cash equivalents and short-term investments.
    The company’s first-quarter results were helped by an increase in sales of automotive regulatory credits of $157 million, or roughly half the $300 million expected for the full year, as well as an increase in software and services revenues of $318 million compared with $88 million a year earlier.
    On an unadjusted basis, Rivian narrowed its losses to $541 million during the first quarter. That compares to roughly $1.5 billion a year earlier and $743 million during the fourth quarter.
    Rivian produced 14,611 of its electric delivery vans and “R1” SUVs and pickup trucks during the first quarter. It delivered 8,640 vehicles during that period.
    The automaker reconfirmed Tuesday that production is expected to be lower during the second half of the year as Rivian idles and retools its Illinois plant for roughly a month in preparation for its new “R2” product.
    The smaller, $45,000 SUV is expected to enter production during the first half of next year. Rivian is banking on the less-expensive R2 to reinvigorate demand.
    Rivian’s results compare to EV rival Lucid Group, which reported mixed first-quarter results Tuesday, while reconfirming its 2025 production guidance of roughly 20,000 vehicles and capital expenditures of $1.4 billion.
    Lucid reported a loss of 20 cents per share versus an expected loss of 23 cents, according to LSEG estimates, and revenue of $235 million versus an expected $249 million.

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    Former LPGA golfer Michelle Wie West invests in women’s sports company Togethxr

    Michelle Wie West is looking to grow women’s sports now that she’s retired from professional golf.
    She is the latest athlete to invest in women’s sports platform Togethxr.
    Wie West said golf is a valuable tool for building business relationships.

    Former LPGA golf star Michelle Wie West is taking on a bigger role in growing women’s sports — from off the course.
    On Tuesday, Wie West announced she has signed on as the latest athlete investor in Togethxr, the company behind the popular “Everyone Watches Women’s Sports” slogan. Togethxr aims to increase investment in and media coverage of women’s sports, among other goals.

    Wie West, the now 35-year-old Stanford grad, was the youngest player to ever qualify for an LPGA event at the age of 12. Since her playing career ended in 2023, she has turned her attention to her other passions, like investing in women’s sports.
    “I’m in the perfect space right now,” Wie West told CNBC of her life after golf. “I feel like I’m in a place where I can make a difference. I have the time and space to do so.”

    Michelle Wie West of the United States plays her shot from the 12th tee during the first round of the 78th U.S. Women’s Open at Pebble Beach Golf Links on July 06, 2023 in Pebble Beach, California.
    Ezra Shaw | Getty Images Sport | Getty Images

    The investment in Togethxr isn’t the only recent agreement Wie West has reached.
    Wie West signed a multi-year deal as Mizuho brand ambassador and tournament host for the Mizuho Americas Open earlier this week. The tournament will take place at Liberty National Golf Club in New Jersey starting on Thursday. Mizuho’s new sponsorship agreement will raise the 2026 tournament purse to $3.25 million, one of the largest outside of the major championships.
    “Golf is so important and I’m very passionate about getting more women into the game because golf is such an amazing way to open doors in the business space,” she said.

    Wie West also spoke to CNBC about the future of golf, how the sport can be intimidating to learn and how she’s working with partly simulated professional golf league TGL to one day bring women into the fold.
    Watch the full interview above. More

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    Trump downplays tariff talks: ‘We don’t have to sign deals’

    “Everyone says, ‘When, when, when are you going to sign deals?'” Trump said during a White House meeting with Canadian Prime Minister Mark Carney.
    After weeks of saying that countries were asking for bilateral trade talks with the U.S., the president and his team have yet to announce any formal agreements or frameworks.
    Trump’s effort to deprioritize trade deals marked a turn away from what Treasury Secretary Scott Bessent told CNBC the day before.

    “The Art of the Deal” author President Donald Trump said in a surprising comment Tuesday that the United States does not need to “sign deals” with trade partners, despite top White House officials claiming for weeks that such deals are the administration’s top priority.
    “Everyone says, ‘When, when, when are you going to sign deals?'” Trump grumbled during a White House meeting with Canadian Prime Minister Mark Carney.

    “We don’t have to sign deals, they have to sign deals with us. They want a piece of our market. We don’t want a piece of their market,” Trump said.
    After weeks of saying that countries were asking for bilateral trade talks with the United States, the president and his team have yet to announce any formal agreements or frameworks.
    “I wish they’d … stop asking, how many deals are you signing this week?” said Trump, clearly frustrated at the mounting pressure on the White House to show progress on trade talks. “Because one day we’ll come and we’ll give you 100 deals,” he said.

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    Trump’s effort to deprioritize trade deals Tuesday marked a turn away from what his Treasury secretary, Scott Bessent, told CNBC the day before.
    The U.S. is “very close to some deals,” Bessent said on “Money Movers.”

    Trump said Sunday on Air Force One that there “could very well be” trade deals rolled out this week. “At the end, I’m setting the deal,” he told reporters en route to Washington.
    Trump said Wednesday during a NewsNation town hall that his administration has “potential deals” with India, South Korea and Japan.
    On April 29 he said negotiations with India were “coming along great” and the U.S. will “likely have a deal with India.”
    On Tuesday, however, Trump blamed top aides such as Bessent and Commerce Secretary Howard Lutnick for overpromising trade deals.
    “I think my people haven’t made it clear, we will sign some deals,” said Trump. “But much bigger than that is we’re going to put down the price that people are going to have to pay to shop in the United States. Think of us as a super luxury store, a store that has the goods.”
    U.S. markets moved lower Tuesday afternoon after Trump made the comments about deals.
    Investors and business leaders are desperately hoping the Trump administration can negotiate a series of bilateral agreements with major U.S. trading partners such as Japan, South Korea and India before the full brunt of the tariff-induced trade slowdown hits the U.S. economy.
    But so far, the Trump administration has not provided any details about any specific deals. Instead, nearly every day, top aides publicly say that several deals are “close” and could be announced within days. More

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    Comcast’s cable spinoff to be named Versant, picked to emphasize corporate versatility

    Comcast is spinning off most of its NBCUniversal cable network portfolio, including USA, MSNBC and CNBC.
    The company chose the name Versant, not intended to be consumer-facing, to emphasize its role as a house of brands.
    Versant will push an investor narrative of growth through digital properties and strategic acquisitions that go beyond pure media.

    Comcast’s spinoff of the majority of its NBCUniversal cable network portfolio will be named Versant, the company said Tuesday, ending a monthslong process to select a new corporate moniker.
    The new company chose Versant (pronounced like the root of the word “conversant”) to emphasize its versatility and its familiarity with multiple subjects, according to Chief Executive Officer Mark Lazarus, who spoke in an interview.

    Versant, which had been called SpinCo until a permanent name was chosen, will own cable networks including USA, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel. It will also house digital assets Fandango, Rotten Tomatoes, GolfNow, GolfPass and SportsEngine.
    The rest of Comcast’s NBCUniversal portfolio, including the broadcast network, Peacock streaming service, Universal Studios, the theme parks and Bravo, will remain with Comcast.
    The new name isn’t meant to be consumer-facing. Lazarus said he wants Versant to be viewed as a house of brands, with each asset interacting with users rather than the corporate holding entity.

    Courtesy of Versant

    “We’re going to focus on the individual brands that we have, not the corporate name,” Lazarus said. “This is a holding company name. It’s going to be used for business-to-business purposes.”
    Versant is on track to be spun out from Comcast before the end of 2025, Lazarus confirmed. The assets held by the new company generated about $7 billion in revenue last year.

    The company’s emphasis on versatility is notable given the rapidly changing media ecosystem. Lazarus will need to build a Wall Street growth narrative for investors once the company starts trading publicly. That will include making acquisitions to build on the company’s core. Some of those transactions may step outside pure media plays, he said.
    Lazarus cited Golf Channel’s acquisition of GolfNow, a tee-time reservation company, as an example of how the brands can move beyond linear TV and streaming to build profitable businesses.
    “Most people don’t know that GolfNow is even part of our company,” Lazarus said. “We are not going to be purely a collection of linear and digital media assets.”

    Mark Lazarus at the NBCUniversal Upfront presentation from Radio City Music Hall in New York City on Monday, May 13, 2024.
    Charles Sykes | NBCUniversal | Getty Images

    For a brand such as CNBC, that may include acquiring personal finance or fintech platforms, Lazarus said. For MSNBC, Lazarus said he’s already had some preliminary conversations about potentially buying podcasts that cater to Democrats. He noted that if the new company were to make such an acquisition the plan wouldn’t be to put that programming on air for MSNBC, but to have it operate as a separate business unit, using the cable network as a marketing funnel.
    Versant will not launch its own streaming service, Lazarus said. It will instead rely on brands to develop their own digital strategies.
    About 20% of the company’s revenue is already digital, Lazarus said. Versant is also likely to return money to shareholders via a dividend, CNBC reported in November.
    One strategy the company isn’t likely to pursue is to acquire a group of cable networks.
    Lazarus said he has little interest in accumulating more debt attached to low-growth assets. If a cable network also had associated businesses that had better growth prospects, that could be more appealing on a case-by-case basis, he said.
    Versant is also unlikely to acquire TV station groups in the current regulatory environment, Lazarus said. Federal Communications Commission Chairman Brendan Carr told CNBC’s Sara Eisen on Monday that national news media companies including NBC are “exercising more and more control” on local TV stations, which he said is not “a good thing for the country.”

    Selecting ‘Versant’

    Comcast relied on marketing employees from each of SpinCo’s brands to help decide on a name.
    Meetings began in late December, according to people familiar with the process. After a few weeks, the company had more than 1,000 potential names. Employees were told to focus on names that drew upon New York, cable TV or passing references to 30 Rockefeller Center, NBCUniversal’s headquarters, said the people.
    The names were then filtered for legal and trademark infringement issues and other potential problems, such as a word’s definition in various languages. Comcast also hired three marketing agencies to help generate names and cull the list.
    Lawyers passed through just 43 of the initial names, Lazarus said. That list was shortened to about a dozen finalists, which were then each presented to the deciding committee.
    Lazarus and his marketing team chose Versant in the past few weeks. The word means “a region of land sloping in one general direction,” according to some references.
    Lazarus joked that an uphill slope reminded him of “a rising stock price.”
    Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC under the proposed spinoff. More

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    The Fed meets with uncertainty permeating the air. Here’s what to expect

    The Federal Reserve heads into its closely watched policy decision Wednesday with a strong incentive to do absolutely nothing.
    Market pricing in the futures markets are implying almost no chance of an interest rate cut at this week’s meeting, and only about a 1-in-3 probability of a cut at the June 17-18 session.
    Fed Chair Jerome Powell “is going to have to say everything’s on the table. He always says it, but this time, he’s going to have to mean it,” said economist and Fed veteran Vincent Reinhart.

    US Federal Reserve Chair Jerome Powell speaks at the Economic Club of Chicago in Chicago, Illinois, on April 16, 2025.
    Kamil Krzaczynski | Afp | Getty Images

    The Federal Reserve heads into its closely watched policy decision Wednesday with a strong incentive to do absolutely nothing.
    Faced with unresolved questions over President Donald Trump’s tariffs and an economy that is signaling both significant strengths and weaknesses, central bank policymakers can do little for now except sit and wait as events unfold.

    “It’s going to be awkward at this meeting. The Fed doesn’t have a forecast to convey anything about the next couple meetings,” said Vincent Reinhart, a former long-time Fed official and now chief economist at BNY Investments. “The Fed’s got to wait for two things: It’s to see that the policy actually goes into place … But then, when it’s demonstrated, it’s got to see how inflation expectations react. So that’s why the Fed’s got to delay, then go slow.”
    Indeed, futures market pricing is implying almost no chance of an interest rate cut at this week’s meeting, and only about a 1-in-3 probability of a move at the June 17-18 session, according to the CME Group’s FedWatch gauge.

    Market expectations have shifted over the past week in response both to mixed economic signals as well as signs that President Donald Trump is getting at least a bit less aggressive in his tariff approach. The White House has signaled that several trade deals are nearing completion, though none have been announced yet.
    Reinhart said his firm has two cuts plugged in for this year, a bit tighter of a path than the market expectations for three reductions starting in July. A week ago, markets were betting on as many as four cuts, starting in June.

    Direction from Powell

    Fed Chair Jerome Powell will be left at his post-meeting news conference to explain the thinking from him and his colleagues on where they see policy heading.

    “The other unsatisfying part is they don’t know what they’re going to do in June,” Reinhart said. “So he’s going to have to say everything’s on the table. He always says it, but this time, he’s going to have to mean it.”
    Powell, though, is sure to face questioning about how policymakers see the recent barrage of data, which has painted a picture of economy loaded with pessimism from consumers and business executives that has yet to feed into hard numbers such as spending and employment.
    While gross domestic product fell at a 0.3% annualized rate in the first quarter, it was largely the product of a surge in imports ahead of Trump’s April 2 tariff announcement. The April nonfarm payrolls report showed that hiring continued at a solid pace, with the economy adding a better-than-expected 177,000 jobs for the month.
    At the same time, manufacturing and service sector surveys show deep concern about inflation and supply impacts from tariffs. Also, consumer optimism is at multi-year lows while inflation expectations are at multi-decade highs.
    It all adds up to a tightrope for Powell and Co. to walk at least through the June meeting.

    No ‘dot plot’ this time

    “The Fed is going to project in their statement, in their press conference, patience. Wait to see more data,” said Tony Rodriguez, head of fixed income strategy at Nuveen. “Too much uncertainty to act right now, but prepare to act if they begin to see weakness in the employment market.”
    Nuveen also expects just two cuts this year and two more next year as the Fed navigates slowing growth and tariff-fueled price increases.
    “Our expectation is you’re going to see nothing at this meeting,” Rodriguez said. “They just need to see more hard data, which we don’t think will become really clear until call it June or July. I would think of the September meeting as being the first cut.”
    The Fed at this meeting does not update its economic projections nor its “dot plot” of individual member expectations for interest rates. That will come in June. So the rate-setting Federal Open Market Committee will be left to tweaks in the post-meeting statement and Powell’s news conference to drop any possible hints of its collective thinking.
    “We think it will take a couple of months for enough hard data evidence to accumulate to make the case for a cut,” Goldman Sachs economist David Mericle said in a note. Goldman expects the Fed to cut in July, September and October in an effort to head off economic weakness, which the firm expects to take priority over inflation concerns.
    One wild card in the equation: Trump, as he did during his first term, has been urging the Fed to cut rates as inflation edges closer to the central bank’s 2% objective.
    However, Reinhart, the BNY economist, does not see the Fed bending to Trump’s will nor breaking ranks despite public statements from some members showing division on policy.
    “The White House has done Jay Powell a favor in keeping his committee together. Because generally, when a family is criticized from from the outside, it’s less willing to criticize each other,” Reinhart said. “Do you criticize Jay Powell now and line yourself up the president? Probably not, if you worked your whole life in the Federal Reserve system.” More

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    Buy the dip: the trend that keeps stocks from crashing

    Stockmarkets appear to have recovered their poise. By May 2nd America’s S&P 500 index had climbed back to its level of a month earlier, just before President Donald Trump’s “Liberation Day” tariff salvo. If the S&P’s plunge was shocking—a fall of 12% in just four trading days—the rebound was, too. Mr Trump’s decision to pause many of his duties certainly helped. So, it seems, did retail investors. More

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    Comcast’s Xfinity Mobile takes over naming rights of Philadelphia arena

    The Philadelphia arena where the NHL’s Flyers and NBA’s 76ers play, currently known as the Wells Fargo Center, will be renamed the Xfinity Mobile Arena.
    Beginning in September the sports and entertainment venue will be known as Xfinity Mobile Arena through the 2030-2031 season.
    The move comes as Comcast is putting more focus on its mobile unit.

    Igor Golovniov | Lightrocket | Getty Images

    The Philadelphia home of the NBA’s 76ers and NHL’s Flyers is getting a new name.
    Beginning in September the sports and entertainment venue in South Philadelphia will be named the Xfinity Mobile Arena, rebranding from the current Wells Fargo Center. The new name will remain through the 2030-2031 season. Financial terms of the deal weren’t disclosed.

    The change was announced on Tuesday by Comcast Spectacor — the division of cable giant Comcast that owns the Flyers and their home arena, among other assets — as well as Harris Blitzer Sports & Entertainment, or HBSE, Josh Harris and David Blitzer’s investment firm that counts the 76ers, NFL’s Washington Commanders, and other sports and entertainment properties in its portfolio.
    Comcast will also own the naming rights to a new arena being developed as part of a joint venture with HBSE, which is set to open in the 2031-2032 season.
    The current arena, which opened its doors in 1996, last year completed a multiyear $400 million renovation project. As part of the rebranding, the arena will be upgraded with Xfinity Mobile’s Wi-Fi service for fans. Existing Xfinity Mobile customers will automatically join the Wi-Fi network at no extra cost.
    The new arena moniker also comes as Comcast has told investors it’s shifting focus to its growing mobile business. Comcast, which sells its cable TV, broadband and other products under the Xfinity brand, launched the mobile business in 2017 and has seen substantial customer growth since then.
    Last month Comcast reported that it added 323,000 mobile lines during the first quarter, bringing the total to roughly 8.15 million total Xfinity Mobile lines.

    The business has been a bright spot as broadband customer growth has stagnated due to heightened competition in recent years.
    Last quarter Comcast executives said they would focus on growing the mobile business, which had previously been seen primarily as a retention tool for broadband customers but is now a source of financial growth in its own right. During its most recent earnings call in April, Comcast executives doubled down on the shifting strategy to build out the business.
    Comcast, along with most of its cable peers such as Charter Communications, only offers mobile service to those already in their customer base. The companies have been working to boost their subscriber base, with Charter focusing on various promotional offers and bundles to attract more customers.
    Since cable companies have been in the mobile business for less than a decade, building out brand recognition to compete against giants like AT&T, Verizon and T-Mobile has been a priority to nab more customers.
    Attaching the Xfinity brand to a major sports arena is sure to help elevate the brand.
    “Philadelphia is home to the most passionate fans in the country, and that competitive spirit is a perfect complement to the Xfinity Mobile brand,” said Steve Croney, chief operating officer for connectivity and platforms at Comcast, in a release. “Xfinity Mobile is fueled by the largest and fastest WiFi network in America which will give our Philadelphia fans an unrivaled experience at one of Philadelphia’s legendary sports and entertainment venues.”
    Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

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    Luxury carmaker Ferrari warns of U.S. tariff risks after 17% jump in first-quarter profit

    Luxury carmaker Ferrari on Tuesday reported a significant upswing in first-quarter profit, citing robust demand for personalized vehicles.
    The Maranello, Italy-based sports car manufacturer posted net profit of 412 million euros ($466.3 million) for the first three months of the year, reflecting a 17% increase from the same period last year.
    Looking ahead, Ferrari warned that the introduction of U.S. tariffs on EU cars imported into the U.S. could negatively impact the firm’s profitability this year.

    The Ferrari brand logo, the coat of arms with the lettering and a rising horse (cavallino rampante), can be seen on the rim of a vehicle from the sports car manufacturer in Munich (Bavaria) on April 6, 2025.
    Picture Alliance | Picture Alliance | Getty Images

    Luxury carmaker Ferrari on Tuesday reported a significant upswing in first-quarter profit, citing robust demand for personalized vehicles — but warned U.S. President Donald Trump’s trade policy could hit earnings this year.
    The Maranello, Italy-based sports car manufacturer posted net profit of 412 million euros ($466.3 million) for the first three months of the year, reflecting a 17% increase from the same period last year.

    Analysts had expected first-quarter net profit to come in at 410 million euros, according to Reuters poll.
    “Another year is off to a great start,” Ferrari CEO Benedetto Vigna said in a statement.
    “In the first quarter of 2025, with very few incremental shipments year on year, all key metrics recorded double-digit growth, underscoring a strong profitability driven by our product mix and continued demand for personalizations,” Vigna said.
    Looking ahead, Ferrari warned that the introduction of U.S. tariffs on EU cars imported into the U.S. could negatively impact the firm’s profitability this year.
    “The [2025] guidance is subject to a potential risk of 50 basis points reduction on profitability percentage margins (EBIT and EBITDA margins), in relation to the update of the commercial policy following the introduction of import tariffs on EU cars into the USA,” the automaker said in its earnings report.

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    U.S- and Milan-listed shares of Ferrari

    Ferrari’s 2025 guidance includes net revenue of more than 7 billion euros ($7.93 billion), earnings before interest, taxes, depreciation, and amortization of at least 2.68 billion euros ($3.04 billion) and adjusted earnings per share of 8.60 euros ($9.74).
    Luxury carmakers are contending with the disruptive impact of Trump’s back-and-forth trade tariff policy. Several European auto giants reported a sharp downturn in quarterly profit this earnings season, with many suspending or cutting financial guidance as Trump’s tariffs take their toll.
    “At a time when many Automotive and other companies are suspending guidance due to uncertainties over the impact from US tariffs and the second order impacts on the US and global economy, Ferrari stands out,” Bernstein analyst Stephen Reitman said Tuesday in an investor note.
    The president imposed a 25% tariff on automotive imports into the U.S. in early April. Trump sought to water down these levies last week, however, signing an executive order designed to prevent a range of other separate duties — such as an additional 25% tariffs on steel and aluminum — from “stacking” on top of one another.
    Ferrari said in late March that it would raise prices by 10% on certain models in response to the tariffs. The move would add up to $50,000 to the price of a typical Ferrari.
    “We look ahead with confidence, being vigilant of the situation that surrounds us,” Vigna told investors Tuesday during the company’s quarterly earnings call.
    Shares of the Milan-listed stock traded around 0.8% lower at 12:44 p.m. London time. Shares of the U.S.-listed shares were about the same.
    The automaker’s global shipments were up less than 1% during the first quarter to 3,593 vehicles. Despite the flat shipments, Ferrari’s net revenue increased roughly 13% to 1.79 billion euros ($2.03 billion) and its net profit was up 17% to 412 million euros ($466.7 million).
    Regarding the debut of Ferrari’s first all-electric vehicle, a car called the Elettrica, Vigna said the company will not reveal it until spring 2026, followed by deliveries in October 2026.
    Initial expectations were that the Elettrica would be revealed at Ferrari’s upcoming capital markets day in October. Instead, the company will discuss the “technological hub” of the vehicle, Vigna said.
    “This is a massive piece of technology, design and unique features. It will be an exciting journey of discovery,” Vigna said regarding the staggered EV rollout. “It is the first of its kind, yet rich in every aspect that makes it true Ferrari.” More