1
00:00:00,040 --> 00:00:01,480
Speaker 1: We're talking more cars, dude.

2
00:00:01,639 --> 00:00:03,160
Speaker 2: Yeah, it's a great day for cars.

3
00:00:03,160 --> 00:00:04,320
Speaker 1: This is a great day for cars.

4
00:00:04,320 --> 00:00:06,800
Speaker 2: Well, I mean, let's just say there's a lot of news,

5
00:00:06,800 --> 00:00:09,720
Speaker 2: because there is. There are some negative stories right that

6
00:00:09,960 --> 00:00:13,520
Speaker 2: the strike continues to linger on. It's only day four.

7
00:00:14,040 --> 00:00:17,239
Speaker 2: But you've had some big offers out there. Stilantis, for example,

8
00:00:17,280 --> 00:00:21,319
Speaker 2: offered a twenty one percent increase in wages and the

9
00:00:21,440 --> 00:00:25,520
Speaker 2: union just batted that away. You've had i think twenty

10
00:00:25,520 --> 00:00:28,800
Speaker 2: percent offers from Ford NGM, but they're demanding thirty six

11
00:00:28,840 --> 00:00:32,600
Speaker 2: percent plus they want to bring back to fine pension benefits.

12
00:00:32,920 --> 00:00:35,040
Speaker 2: And they're also pushing for a four day work week.

13
00:00:35,120 --> 00:00:38,080
Speaker 1: Okay, I'm pushing for four day working nobody's listening to me.

14
00:00:38,240 --> 00:00:42,080
Speaker 2: We have talked to Ola Colonius today, the CEO of Mercedes,

15
00:00:42,280 --> 00:00:44,680
Speaker 2: and now we've got David Grosso in here, the CEO

16
00:00:44,840 --> 00:00:49,040
Speaker 2: of Maserati. And Okay, to be fair, obviously you're part

17
00:00:49,080 --> 00:00:51,319
Speaker 2: of a much bigger group Stilantis, and I'm sure you're

18
00:00:51,320 --> 00:00:54,840
Speaker 2: not dealing with the strike yourself, as you're not producing cars.

19
00:00:55,080 --> 00:00:58,000
Speaker 2: You'r Maserati's on this side of the Atlantic. But does

20
00:00:58,040 --> 00:01:00,680
Speaker 2: it have an effect on you into directly I mean,

21
00:01:00,720 --> 00:01:03,600
Speaker 2: do you have supply chain problems if this drags on?

22
00:01:04,720 --> 00:01:05,479
Speaker 2: How do you see it?

23
00:01:05,880 --> 00:01:09,280
Speaker 3: Well, great question that you know directly, as you said,

24
00:01:09,280 --> 00:01:11,399
Speaker 3: we don't have issues because we don't produce it one

25
00:01:11,440 --> 00:01:16,160
Speaker 3: hundred percent made in Italy. Maserati. Uh, clearly, we'll global, global,

26
00:01:16,240 --> 00:01:19,080
Speaker 3: global brand. And you know for us in North America

27
00:01:19,360 --> 00:01:22,479
Speaker 3: is is important market. So uh, you know, we we

28
00:01:22,560 --> 00:01:26,360
Speaker 3: look forward to the resolution of this because longer term

29
00:01:26,560 --> 00:01:29,600
Speaker 3: impacts would be on everybody, I mean on everybody in

30
00:01:29,600 --> 00:01:32,480
Speaker 3: every sector. So so far we not we have not

31
00:01:32,600 --> 00:01:35,640
Speaker 3: been impacted, but the long term ripple effects, you know,

32
00:01:35,800 --> 00:01:38,600
Speaker 3: it could be far reaching for everybody.

33
00:01:38,800 --> 00:01:40,600
Speaker 1: All Right, you know I got the new estate down

34
00:01:40,600 --> 00:01:44,280
Speaker 1: on the Jersey sure, right across the street in the driveway,

35
00:01:44,720 --> 00:01:47,240
Speaker 1: not one, not two, but three Maseratis.

36
00:01:47,440 --> 00:01:50,960
Speaker 2: Wow, is that Joe Walls exactly?

37
00:01:51,400 --> 00:01:54,640
Speaker 1: W DA talk to us about your business these days?

38
00:01:54,680 --> 00:01:57,280
Speaker 1: Where are you in terms of your global business? And

39
00:01:57,400 --> 00:02:00,760
Speaker 1: uh and in the US, well global business.

40
00:02:00,800 --> 00:02:05,200
Speaker 3: We are, you know, experiencing a nice growth fueled by

41
00:02:05,240 --> 00:02:07,520
Speaker 3: the introduction of the new product that we launched over

42
00:02:07,560 --> 00:02:11,760
Speaker 3: the last eighteen months. I would say, the Grecala, the

43
00:02:11,880 --> 00:02:14,920
Speaker 3: suv and now we just released the Grand Tourismo, which

44
00:02:14,960 --> 00:02:18,200
Speaker 3: is hitting this market in these very weeks. And before

45
00:02:18,240 --> 00:02:21,560
Speaker 3: that we have the MC twenty, which was represented a

46
00:02:21,600 --> 00:02:24,360
Speaker 3: little bit the rebirth of the Mazarati branders you know,

47
00:02:24,440 --> 00:02:27,400
Speaker 3: Bazzarati was born on the track, so for us having

48
00:02:27,600 --> 00:02:31,440
Speaker 3: the MC twenty going back from the street to the track,

49
00:02:31,480 --> 00:02:34,480
Speaker 3: and we had the GT two program, and then recently

50
00:02:34,560 --> 00:02:39,679
Speaker 3: we just unveiled the extreme version evn C twenty, which

51
00:02:39,720 --> 00:02:43,280
Speaker 3: is called the MC Xtrema we unveiled at Pebble Beach,

52
00:02:43,680 --> 00:02:48,000
Speaker 3: which as the Beast. So you know, all these generated

53
00:02:49,040 --> 00:02:52,880
Speaker 3: the rebirth and the going back of the brand where

54
00:02:52,960 --> 00:02:57,480
Speaker 3: it belongs, which is epitomizing Italian luxury. The beautiful thing

55
00:02:57,480 --> 00:02:59,800
Speaker 3: about the Mazarati brand is that you know you mentioned

56
00:03:00,400 --> 00:03:03,240
Speaker 3: in a byway, because you know, you can find the

57
00:03:03,320 --> 00:03:06,360
Speaker 3: Mazarati for you, like there's a two seaters, there's a

58
00:03:06,400 --> 00:03:10,360
Speaker 3: four seaters Grundurisma. By the way, Mazarati invented the segment

59
00:03:10,440 --> 00:03:13,600
Speaker 3: of Grand Tourismo. It's a trademark world that we we

60
00:03:13,600 --> 00:03:16,120
Speaker 3: we we've had many seventy five years ago actually.

61
00:03:15,960 --> 00:03:19,959
Speaker 2: And now everybody who's anybody has a GT car, right yeah,

62
00:03:20,080 --> 00:03:21,720
Speaker 2: And that all comes back to you. How do you

63
00:03:21,760 --> 00:03:24,519
Speaker 2: differentiate the g T from the MC twenty because they're

64
00:03:24,520 --> 00:03:28,480
Speaker 2: both you know, two seaters, not sports cars, right.

65
00:03:28,760 --> 00:03:31,520
Speaker 3: No, the GT is a four seater. Oh, the GT

66
00:03:31,680 --> 00:03:33,280
Speaker 3: is a for the Grand Chrism is a four seater.

67
00:03:33,480 --> 00:03:38,000
Speaker 2: I did not and it's versus nine to eleven essentially.

68
00:03:38,680 --> 00:03:38,800
Speaker 1: Uh.

69
00:03:39,040 --> 00:03:41,800
Speaker 3: Yeah, there's different type of competitors for the for the

70
00:03:42,000 --> 00:03:45,320
Speaker 3: for the for the Grand Turismo. I tend not to

71
00:03:45,400 --> 00:03:49,080
Speaker 3: name competition, but by just by you know, having worked

72
00:03:48,840 --> 00:03:53,480
Speaker 3: uh you know, in in previously in different environment including sports.

73
00:03:53,680 --> 00:03:55,800
Speaker 3: You focus on on on our game. But it's true

74
00:03:56,000 --> 00:04:00,680
Speaker 3: you have four seaters as as as competitor for the

75
00:03:59,840 --> 00:04:03,760
Speaker 3: Grand Turismo. Actually was originated seventy five years ago by

76
00:04:03,840 --> 00:04:08,640
Speaker 3: the Maserati creativity if you will, uh, and an ingenuity

77
00:04:08,920 --> 00:04:13,440
Speaker 3: because they basically put a coupe a coup but in that,

78
00:04:13,640 --> 00:04:16,200
Speaker 3: you know, with the with the spaciousness of of a

79
00:04:16,200 --> 00:04:19,919
Speaker 3: sedan and the driver ability of a sport coup but

80
00:04:20,120 --> 00:04:23,560
Speaker 3: with the plush comfort of a sedan, and that created

81
00:04:23,600 --> 00:04:24,360
Speaker 3: the Grand Turismo.

82
00:04:24,560 --> 00:04:26,760
Speaker 2: That's why I mean, I don't mean to compare it

83
00:04:26,760 --> 00:04:28,280
Speaker 2: to a nine to eleven. I'm just saying it's it's

84
00:04:28,480 --> 00:04:31,440
Speaker 2: among those class of cars where you say it's a

85
00:04:31,440 --> 00:04:33,880
Speaker 2: four seater, but we're not putting a couple of adults

86
00:04:33,880 --> 00:04:35,080
Speaker 2: in the back, right, I.

87
00:04:35,040 --> 00:04:37,560
Speaker 3: Mean, no, no, you I'll be happy to drive you

88
00:04:37,600 --> 00:04:39,640
Speaker 3: around and you sit in the back and you tell

89
00:04:39,680 --> 00:04:42,919
Speaker 3: me how you feel after two hours drive to the Hampton's. Wow.

90
00:04:43,560 --> 00:04:46,039
Speaker 1: Okay, that's a great offer as well. You drive you

91
00:04:46,680 --> 00:04:47,320
Speaker 1: and you can drop.

92
00:04:47,400 --> 00:04:52,040
Speaker 2: I have driven the the Grekali and the Trofo. I

93
00:04:52,080 --> 00:04:54,760
Speaker 2: had the Trofeo version, which I think starts at one

94
00:04:54,760 --> 00:04:59,520
Speaker 2: O three hundred three grand. Amazing car and for me

95
00:04:59,800 --> 00:05:02,480
Speaker 2: it it was kind of a life changing experience because

96
00:05:02,600 --> 00:05:07,679
Speaker 2: I had previously shunned V sixes. Really, this power plant

97
00:05:07,839 --> 00:05:10,840
Speaker 2: was everything in that car to me. And it's I

98
00:05:10,880 --> 00:05:12,920
Speaker 2: think derived from the MC twenty right.

99
00:05:12,760 --> 00:05:15,600
Speaker 3: It is it is, Yeah, and the MCD entry is

100
00:05:15,680 --> 00:05:19,440
Speaker 3: powered by the Netuno engine, which is again made in Maserati.

101
00:05:19,800 --> 00:05:23,279
Speaker 2: Again Neatuno is from King Neptune by the way. Yeah,

102
00:05:23,400 --> 00:05:26,039
Speaker 2: you know he carried the Tryda tried it hence there

103
00:05:26,560 --> 00:05:29,080
Speaker 2: you know, Okay, it.

104
00:05:29,200 --> 00:05:35,039
Speaker 1: Comes together, it comes David Day, who is your customer in?

105
00:05:35,600 --> 00:05:38,000
Speaker 1: Is there typical customer or is it different in Europe

106
00:05:38,080 --> 00:05:40,039
Speaker 1: versus North America versus maybe Asia?

107
00:05:40,160 --> 00:05:42,800
Speaker 3: Oh that's a great question. You know, we again as

108
00:05:42,800 --> 00:05:46,040
Speaker 3: we repositioned the brand and we started so the results

109
00:05:46,080 --> 00:05:49,400
Speaker 3: we're getting in North America is on the forefront of

110
00:05:49,480 --> 00:05:52,000
Speaker 3: this growth because it's a critical market for us. But

111
00:05:52,080 --> 00:05:54,680
Speaker 3: historically we had a great position and now we're actually

112
00:05:54,760 --> 00:05:59,040
Speaker 3: enjoying that history, but with new product and new growth

113
00:05:59,120 --> 00:06:03,159
Speaker 3: birth so you know, we refocus the brand on its values,

114
00:06:03,200 --> 00:06:06,880
Speaker 3: which are you know, Italian luxury and performance. So we're

115
00:06:06,880 --> 00:06:10,640
Speaker 3: focusing on a new luxury consumer which is by nature global.

116
00:06:11,120 --> 00:06:15,200
Speaker 3: So the mindset of the consumer is similar, the live

117
00:06:15,279 --> 00:06:19,040
Speaker 3: style of the aspirations, the type of activities are similar.

118
00:06:19,360 --> 00:06:26,880
Speaker 3: So there's many more similarities between New York and Shanghai

119
00:06:26,920 --> 00:06:31,839
Speaker 3: and London modern luxury customer, uh than the differences, right.

120
00:06:32,000 --> 00:06:35,360
Speaker 3: And then there of course there's different regulations, different urban

121
00:06:35,720 --> 00:06:39,120
Speaker 3: or suburban type of situations. But that's what is actually

122
00:06:39,160 --> 00:06:44,680
Speaker 3: giving us the confidence that this growth path we're on

123
00:06:45,040 --> 00:06:48,040
Speaker 3: it's going to be a long term growth. That's definitely,

124
00:06:48,040 --> 00:06:51,560
Speaker 3: it's it's our intention and our plans. We're a growth company.

125
00:06:51,839 --> 00:06:54,400
Speaker 3: The other thing is that global luxury consumer is not

126
00:06:54,520 --> 00:06:59,200
Speaker 3: looking anymore just for super sports cars or just for granturismo,

127
00:06:59,720 --> 00:07:02,360
Speaker 3: but they have a lifestyle for which they may need

128
00:07:02,520 --> 00:07:05,719
Speaker 3: a medium sized suv. But you know, just that agree

129
00:07:05,720 --> 00:07:08,520
Speaker 3: you were saying, is you know you have certain needs

130
00:07:08,560 --> 00:07:11,920
Speaker 3: or design in terms of the responsiveness of the engine

131
00:07:12,160 --> 00:07:15,000
Speaker 3: or the type of luxury experience you have as a

132
00:07:15,080 --> 00:07:17,760
Speaker 3: driver or as a passenger, not only in terms of materials,

133
00:07:17,800 --> 00:07:20,280
Speaker 3: but also in terms of the digital interaction that you

134
00:07:20,360 --> 00:07:22,160
Speaker 3: have with a car. So we put a lot of

135
00:07:22,200 --> 00:07:26,520
Speaker 3: efforts also and focus on the digital driving experiences.

136
00:07:26,520 --> 00:07:30,320
Speaker 2: So this is a whole new generation essentially completely completely.

137
00:07:31,480 --> 00:07:36,480
Speaker 2: How do you you're you're trading within Stilantis, they own Maserati,

138
00:07:36,920 --> 00:07:40,680
Speaker 2: but you should be trading at a much higher valuation.

139
00:07:40,760 --> 00:07:43,080
Speaker 2: That is, they should be getting a lot more value

140
00:07:43,120 --> 00:07:45,760
Speaker 2: from Masarati than they do inside the company.

141
00:07:46,200 --> 00:07:48,960
Speaker 1: And they break out investment banker now trying to.

142
00:07:48,840 --> 00:07:51,840
Speaker 2: Get your financials, they break out your financials and they

143
00:07:51,840 --> 00:07:55,040
Speaker 2: don't break out Stilantis doesn't break out all their brands financials,

144
00:07:55,080 --> 00:07:57,960
Speaker 2: but they do for Maserati. If you do well, do

145
00:07:58,000 --> 00:07:59,680
Speaker 2: you see an I P O in your future?

146
00:08:00,040 --> 00:08:01,840
Speaker 3: It's a question that it's a great question. It's the

147
00:08:01,920 --> 00:08:05,120
Speaker 3: question has been asked several times. You'll give me a

148
00:08:05,320 --> 00:08:08,280
Speaker 3: answer to I know you know, to me to a

149
00:08:08,840 --> 00:08:13,280
Speaker 3: CFO and to Carlos and Carlos CEO group CEO, and

150
00:08:13,280 --> 00:08:14,960
Speaker 3: the kind of answer is like, right now, it's not

151
00:08:15,040 --> 00:08:17,640
Speaker 3: in the cards. Right now the cards we are focusing

152
00:08:17,720 --> 00:08:22,440
Speaker 3: totally in in in really capturing the growth potential long

153
00:08:22,560 --> 00:08:26,760
Speaker 3: term that Mazarati has in order to deliver the high

154
00:08:26,800 --> 00:08:32,040
Speaker 3: demands that the global customer, global customer, luxury customer has

155
00:08:32,320 --> 00:08:34,559
Speaker 3: and we're focused on that. We're very pleased about the

156
00:08:34,679 --> 00:08:37,720
Speaker 3: journey we've had four years ago in a very different

157
00:08:38,240 --> 00:08:40,680
Speaker 3: you know situation as a brand, as a business. But

158
00:08:40,840 --> 00:08:42,200
Speaker 3: we still have a long ways to go.

159
00:08:42,600 --> 00:08:45,560
Speaker 2: So how how much can you grow? I mean, aren't

160
00:08:45,559 --> 00:08:49,960
Speaker 2: you limited to some extent by unit sales? Isn't there

161
00:08:49,960 --> 00:08:53,480
Speaker 2: a ceiling as far as how many you can actually sell?

162
00:08:54,080 --> 00:08:56,080
Speaker 3: It's a great question because it allows me to shift

163
00:08:56,120 --> 00:08:59,000
Speaker 3: to build on what you were saying and when you

164
00:08:59,040 --> 00:09:02,360
Speaker 3: when you work in luxure, the focus is not on volume.

165
00:09:02,760 --> 00:09:05,600
Speaker 3: If you want to be healthy and delivering to the

166
00:09:05,640 --> 00:09:08,160
Speaker 3: customer needs or the long term, you have to focus

167
00:09:08,200 --> 00:09:14,080
Speaker 3: on profit without and on quality of course, so without quality,

168
00:09:14,080 --> 00:09:17,760
Speaker 3: these are the two fundamental elements of our plan. Without quality,

169
00:09:18,160 --> 00:09:21,439
Speaker 3: you don't have luxury. You know, quality brands and luxury

170
00:09:21,440 --> 00:09:24,160
Speaker 3: brands even in other fields you know, normally are like

171
00:09:24,200 --> 00:09:26,400
Speaker 3: one hundred years old and they were born as a

172
00:09:26,559 --> 00:09:29,800
Speaker 3: high quality brand, right, and over time you become luxury

173
00:09:29,800 --> 00:09:32,319
Speaker 3: because you are very steady in delivering luxury. The other

174
00:09:32,360 --> 00:09:34,079
Speaker 3: thing you need to do is you need to have

175
00:09:34,800 --> 00:09:39,840
Speaker 3: your your added value recognized by the customer in pricing. Right.

176
00:09:40,280 --> 00:09:42,880
Speaker 3: So we put a lot byfort in that and rebalancing

177
00:09:42,920 --> 00:09:46,199
Speaker 3: and redefining our business model and we have now and

178
00:09:46,400 --> 00:09:52,559
Speaker 3: nine point two percent AOI just operating and margin. And

179
00:09:53,120 --> 00:09:55,480
Speaker 3: you know, our goal is there's no need, no, there's

180
00:09:55,640 --> 00:09:58,600
Speaker 3: no reason why we shouldn't be at fifteen percent first,

181
00:09:58,840 --> 00:10:02,079
Speaker 3: which is like benchmark and above fifteen percent, so that's

182
00:10:02,120 --> 00:10:05,959
Speaker 3: what we're looking at. And the volume then is you know,

183
00:10:06,040 --> 00:10:11,800
Speaker 3: could be a really dangerous trap to fall in the

184
00:10:11,880 --> 00:10:14,760
Speaker 3: mindset all I need to sell more, I need to

185
00:10:14,760 --> 00:10:17,840
Speaker 3: sell better. We don't want to be much bigger, but

186
00:10:17,920 --> 00:10:20,680
Speaker 3: we want to be recognized as the best in terms

187
00:10:20,679 --> 00:10:23,240
Speaker 3: of you know, Italian luctory.

188
00:10:23,559 --> 00:10:29,240
Speaker 1: Real quickly, quickly thirty seconds on your evolution to going electric,

189
00:10:29,240 --> 00:10:30,200
Speaker 1: where are you guys?

190
00:10:30,640 --> 00:10:36,360
Speaker 3: We're almost ready to actually have Mazarati cars electric cars

191
00:10:36,559 --> 00:10:38,679
Speaker 3: driven in the roads, you know, by the now and

192
00:10:38,760 --> 00:10:41,600
Speaker 3: the end of the year, we're gonna introduce in you know,

193
00:10:41,800 --> 00:10:45,240
Speaker 3: launch the Grecala Electric and electric version is fol Gore.

194
00:10:45,640 --> 00:10:50,000
Speaker 3: Foll Gore, going back to mythology, means lightning and full

195
00:10:50,040 --> 00:10:55,160
Speaker 3: gray is you know, is the Mazarati The name identifies

196
00:10:55,240 --> 00:10:59,199
Speaker 3: Mazarati Electric and then we also have the Granturism Electric.

197
00:11:00,200 --> 00:11:01,839
Speaker 1: The next time we get you in, I want to

198
00:11:01,840 --> 00:11:04,679
Speaker 1: figure out how you went from the sneaker business m

199
00:11:04,880 --> 00:11:07,120
Speaker 1: hm to the luxury automobili you.

200
00:11:07,120 --> 00:11:08,920
Speaker 2: Went and before then let's get you in a Maserati.

201
00:11:09,280 --> 00:11:11,679
Speaker 2: Then we'll get me arrive the product before you interview.

202
00:11:11,400 --> 00:11:13,800
Speaker 1: The CEO next Yeah, next time, we'll do that next time.

203
00:11:13,880 --> 00:11:15,880
Speaker 1: David de Grasso, thank you so much for joining us,

204
00:11:16,520 --> 00:11:19,480
Speaker 1: CEO of Maserati, joining us live here in our Bloomberg

205
00:11:19,480 --> 00:11:22,000
Speaker 1: Interactive Broker studio. It's been a great card day for you, Matt.

206
00:11:22,080 --> 00:11:23,320
Speaker 2: Yeah, I've been enjoying it.

207
00:11:23,440 --> 00:11:26,000
Speaker 1: Yeah, we got it. Just I mean, you drive everything

208
00:11:26,040 --> 00:11:27,600
Speaker 1: that's out there on the road, you might as well well.

209
00:11:27,640 --> 00:11:29,440
Speaker 2: And I han't driven the GT yet. I gotta drive

210
00:11:29,440 --> 00:11:29,800
Speaker 2: the GT.

211
00:11:30,080 --> 00:11:31,559
Speaker 1: Okay, we'll get you, get you behind.

212
00:11:31,760 --> 00:11:32,439
Speaker 3: I think we know we.

213
00:11:32,360 --> 00:11:34,480
Speaker 2: Didn't do the Joe Walsh joke. Have you Have you

214
00:11:34,520 --> 00:11:36,280
Speaker 2: heard the Joe Walsh song Life's Been Good to Me

215
00:11:36,360 --> 00:11:41,160
Speaker 2: so far, he says, my Maserati does one eighty five.

216
00:11:41,720 --> 00:11:44,640
Speaker 1: You must know that it's a rocksto. Yes, you do

217
00:11:44,720 --> 00:11:44,880
Speaker 1: know that.

218
00:11:44,920 --> 00:11:45,680
Speaker 3: Okay, okay, good