Harvard Business School professor, Raffaella Sadun, and Ferrari CEO discuss Ferrari's shift to carbon neutrality, collaboration with suppliers, and how sustainability can drive innovation. The episode explores the emotional ties within the Ferrari community, balancing tradition with innovation, and the value of sustainability in inspiring industry transformation.
Ferrari's shift to carbon neutrality drives internal innovation and supplier collaboration.
CEO Benedetto Vigna's leadership combines scientific rigor with employee engagement to prioritize sustainability and innovation.
Deep dives
Ferrari: Shifting to Carbon Neutrality Strategy
Ferrari, a luxury brand, renowned for exclusivity and excellence, sets out on a new carbon neutrality strategy, marking a significant transition in product range and the introduction of the first electric Ferrari by 2030. The case focuses on internal changes led by Benedetto Vigna, CEO of Ferrari, emphasizing a shift towards sustainability while maintaining the brand's allure and identity.
Benedetto Vigna: Leading Ferrari with Innovation and Purpose
Benedetto Vigna, a physicist turned CEO of Ferrari, brings a unique perspective to leadership, emphasizing respect and empowerment within the organization. His approach combines scientific rigor with employee engagement, fostering a culture of innovation and sustainability. Vigna's strategic focus extends beyond market share, prioritizing the emotional connection and community experience associated with Ferrari.
Sustainability as a Catalyst for Innovation and Engagement
The move towards carbon neutrality positions Ferrari as a leader in sustainability within the luxury automotive industry. By embracing sustainability, Ferrari not only addresses evolving customer preferences but also drives internal innovation and engagement. The holistic approach to sustainability propels the company to collaborate with suppliers, enhance internal efficiency, and pioneer cleaner energy generation.
Balancing Tradition and Future in Ferrari's Innovation Strategy
Ferrari's innovation strategy navigates the delicate balance between honoring tradition and embracing the future. The focus on emotional driving experiences, personalized luxury, and sustainability underscores the brand's commitment to evolving without losing its heritage. By integrating past successes with future technologies like electric vehicles and sustainable practices, Ferrari maintains its distinct market position and customer appeal.
When Ferrari, the Italian luxury sports car manufacturer, committed to achieving carbon neutrality and to electrifying a large part of its car fleet, investors and employees applauded the new strategy. But among the company’s suppliers, the reaction was mixed. Many were nervous about how this shift would affect their bottom lines.
Harvard Business School professor Raffaella Sadun and Ferrari CEO Benedetto Vigna discuss how Ferrari collaborated with suppliers to work toward achieving the company’s goal. They also explore how sustainability can be a catalyst for innovation in the case, “Ferrari: Shifting to Carbon Neutrality.”
This episode was recorded live December 4, 2023 in front of a remote studio audience in the Harvard Business School Live Online Classroom.
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