CNBC Top NewsCodex · 实盘不做把握 5/10不做原因:风险收益比不佳
北京时间·🕒 发布 19:30:01(美东 07:30)·⟳ 抓取 19:40:40 +10m39s·⚡ 决策 08-25 19:44:45 +4m05s·63.0 天前
Bugatti CEO称超豪华跑车将长期偏向燃油机械与高利润个性化定制
本次采访验证了超豪华燃油机械和个性化溢价的行业逻辑,但直接主体不可交易,Porsche增量为旧闻,Ferrari只是软性同业读穿,缺少可量化新增预期差和可执行价格边界。
📄 原文CNBC Top News↗ 原文
Bugatti CEO Mate Rimac says the future of supercars is old-school combustion engines
Bugatti CEO Mate Rimac said the supercar market is entering its "Swiss watch phase," with the wealthiest buyers rejecti…
不做 Porsche AG(P911.DE)
Bugatti Rimac股权出售是4月已公告旧闻,本次采访对Porsche核心盈利和估值没有新增正向差值。
不做 Ferrari N.V.(RACE.US)
只存在超豪华车同业软读穿,缺少Ferrari自身订单、价格、交付或指引增量,无法形成正期望入场。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
CNBC采访显示Bugatti Tourbillon售罄、个性化加价高且公司EBITDA强,事实方向利好超豪华车利润池;但Bugatti Rimac未上市,Porsche已在4月披露出售相关权益,Ferrari的个性化高利润模式早已被公司披露并反映在近期指引中,因此没有足够新的上市公司交易edge。
消息传播链
- CNBC发布Mate Rimac采访,新增其对超豪华燃油机械车、Tourbillon售罄、个性化配置和Bugatti估值的表述。
关键理由
- Bugatti Tourbillon售罄和高额个性化加价验证超豪华燃油机械车仍有强需求。
- 该逻辑方向上支持Ferrari等限量供给、个性化配置占优的超豪华车企估值叙事。
- 但本次没有披露Ferrari新增订单、ASP、交付或指引,无法量化新增收入/利润占比。
主要风险
- Bugatti Rimac未上市,Porsche相关股权出售为2026-04-24旧公告,上市公司直接增量弱。
- 软性行业采访若被市场短线高开交易,容易缺少后续基本面验证。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-04-24 · 影响 weakens
Porsche出售相关权益已由官方披露,本次采访没有形成Porsche新增可交易利好。
检索:Porsche Bugatti Rimac stake sale HOF Capital April 2026 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-07-30 · 影响 weakens
Ferrari个性化和产品mix对业绩的贡献已在近期公司信息中披露,Bugatti采访只提供同业印证。
检索:Ferrari personalization Tailor Made One-Off revenue guidance 2026 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例不足叠加可交易增量弱,使本次不从同业正面叙事升级为订单。
方向:缺少同市场、同机制、同相位的高相似先例,不能把私营超跑CEO行业访谈直接转化为上市同业短线胜率。
涨幅量级:无高相似锚干净样本,无法校准可执行tp/sl幅度。
形态:软性行业观点和既有商业模式强化更容易表现为低反应或高开后缺乏延续,但未用event_study量化。
原文全文
展开原文 · 4,518 字
Bugatti CEO Mate Rimac said the supercar market is entering its "Swiss watch phase," with the wealthiest buyers rejecting high-tech electronics and electric vehicles in favor of precision mechanics and hand-crafted details.
Rimac, the 38-year-old EV entrepreneur who took over Bugatti in 2021, said the car market is splitting in two: The mainstream global car market is becoming dominated by lower-priced EVs, many from China, while the very top of the car market will be driven by wealthy buyers who want more old-school cars with loud internal combustion engines and emotional appeal.
He compared the car industry to watches, where digital and smart watches have taken over most of the market, while high-priced Swiss mechanical options remain popular with the wealthy.
"For normal cars, normal people, the vast majority will be electric," Rimac said. "The upper segment, like sports cars and upwards, are going to stay combustion for a very long time, exactly like watches. Only like 5% of watches are made in Switzerland, but that's where 90% of profits are made. An Apple Watch or any kind of smart watch can do so many more things. But no one will pay $200,000 for it."
When Rimac's EV startup, Rimac Group, gained control of Bugatti from Porsche and Volkswagen in 2021, many expected the newly formed Bugatti Rimac Group to launch an electric Bugatti.
Instead, Rimac built an entirely new car powered by one of the largest naturally aspirated combustion engines ever built for a production car. The hybrid Tourbillon has an 8.3-liter V16 that delivers 1,000 horsepower, combined with electric motors for a total 1,800 horsepower.
"It's kind of ironic that I'm now making the world's biggest combustion engine," he said. "You have the crazy situation now at our facility in Croatia. On the same production line, you have the world's most powerful electric car being built right next to the world's biggest combustion engine. Life is strange sometimes."
Bugatti will make only 250 Tourbillons, which are sold out at a starting price of roughly $4.5 million. Rimac said the average Tourbillon customer adds another $600,000 to $700,000 in personalization add-ons, like special paint colors, leathers, stitching and other design features.
The rise of personalization and customization has become one of the biggest profit drivers at supercar companies like Bugatti, Ferrari and Lamborghini. Supercar companies are also launching special one-off cars for their top customers that can cost tens of millions of dollars. At Monterey Car Week, Bugatti unveiled its latest one-off, called Destrier, which reimagines its track-based Bolide model with a lower stance, larger wheels and sculptural body work.
Rimac said customizations and one-offs reflect a growing desire among today's wealthy to have unique objects that reflect their identity.
"For these clients, they want something that's really theirs, that's connected with them," Rimac said. "It tells their story, their personality, their preferences, not just like a car. It's a story behind it."
Rimac said his goal for Bugatti is to continue to boost production, quality and profits, while also retaining exclusivity. He said production will never go higher than "the low three-digit numbers."
The company earned 200 million euros (US$233 million) in earnings before interest, taxes, depreciation and amortization last year and will continue to grow profits, Rimac said.
Porsche AG agreed in April to sell its 45% stake in Bugatti Rimac to a global consortium led by HOF Capital. While some reports cited a valuation of over $1.1 billion for Bugatti, Rimac said the valuation is "substantially higher" than $2 billion.
"What I want to do is make the world's best cars, the most exciting cars in the world, and have the world's most profitable car company on a percentage basis," he said.
Rimac said that in the age of artificial intelligence, autonomous vehicles and EVs, the guiding principal for Bugatti will be the human factor.
"You can get a car that's faster than any performance car from 10 years ago for like $50,000 from China," he said. "Performance is really becoming secondary. It's more about what I call the celebration of human skills. When you look at these cars, you see the amount of ingenuity and art and beauty. The car is, like, the most complex object you can buy. It's art, but it's art that needs to go 250 miles per hour and be safe, have downforce and survive in a crash test and go in the snow and extreme heat, and all those things."
Rimac, the 38-year-old EV entrepreneur who took over Bugatti in 2021, said the car market is splitting in two: The mainstream global car market is becoming dominated by lower-priced EVs, many from China, while the very top of the car market will be driven by wealthy buyers who want more old-school cars with loud internal combustion engines and emotional appeal.
He compared the car industry to watches, where digital and smart watches have taken over most of the market, while high-priced Swiss mechanical options remain popular with the wealthy.
"For normal cars, normal people, the vast majority will be electric," Rimac said. "The upper segment, like sports cars and upwards, are going to stay combustion for a very long time, exactly like watches. Only like 5% of watches are made in Switzerland, but that's where 90% of profits are made. An Apple Watch or any kind of smart watch can do so many more things. But no one will pay $200,000 for it."
When Rimac's EV startup, Rimac Group, gained control of Bugatti from Porsche and Volkswagen in 2021, many expected the newly formed Bugatti Rimac Group to launch an electric Bugatti.
Instead, Rimac built an entirely new car powered by one of the largest naturally aspirated combustion engines ever built for a production car. The hybrid Tourbillon has an 8.3-liter V16 that delivers 1,000 horsepower, combined with electric motors for a total 1,800 horsepower.
"It's kind of ironic that I'm now making the world's biggest combustion engine," he said. "You have the crazy situation now at our facility in Croatia. On the same production line, you have the world's most powerful electric car being built right next to the world's biggest combustion engine. Life is strange sometimes."
Bugatti will make only 250 Tourbillons, which are sold out at a starting price of roughly $4.5 million. Rimac said the average Tourbillon customer adds another $600,000 to $700,000 in personalization add-ons, like special paint colors, leathers, stitching and other design features.
The rise of personalization and customization has become one of the biggest profit drivers at supercar companies like Bugatti, Ferrari and Lamborghini. Supercar companies are also launching special one-off cars for their top customers that can cost tens of millions of dollars. At Monterey Car Week, Bugatti unveiled its latest one-off, called Destrier, which reimagines its track-based Bolide model with a lower stance, larger wheels and sculptural body work.
Rimac said customizations and one-offs reflect a growing desire among today's wealthy to have unique objects that reflect their identity.
"For these clients, they want something that's really theirs, that's connected with them," Rimac said. "It tells their story, their personality, their preferences, not just like a car. It's a story behind it."
Rimac said his goal for Bugatti is to continue to boost production, quality and profits, while also retaining exclusivity. He said production will never go higher than "the low three-digit numbers."
The company earned 200 million euros (US$233 million) in earnings before interest, taxes, depreciation and amortization last year and will continue to grow profits, Rimac said.
Porsche AG agreed in April to sell its 45% stake in Bugatti Rimac to a global consortium led by HOF Capital. While some reports cited a valuation of over $1.1 billion for Bugatti, Rimac said the valuation is "substantially higher" than $2 billion.
"What I want to do is make the world's best cars, the most exciting cars in the world, and have the world's most profitable car company on a percentage basis," he said.
Rimac said that in the age of artificial intelligence, autonomous vehicles and EVs, the guiding principal for Bugatti will be the human factor.
"You can get a car that's faster than any performance car from 10 years ago for like $50,000 from China," he said. "Performance is really becoming secondary. It's more about what I call the celebration of human skills. When you look at these cars, you see the amount of ingenuity and art and beauty. The car is, like, the most complex object you can buy. It's art, but it's art that needs to go 250 miles per hour and be safe, have downforce and survive in a crash test and go in the snow and extreme heat, and all those things."
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