Ferrari made more profit on one car last year than Porsche made on 100 of them. Porsche sold almost 280,000 cars in 2025 and cleared about $1,700 on each one. Ferrari sold under 14,000 and cleared roughly $180,000 a car. So in January, Porsche did something kind of wild. It handed the keys to Michael Leiters, a guy who spent 8 years as Ferrari's chief technology officer. This car is his first big swing. To be fair, last year was ugly for Porsche in a one-off way. A lot of its profit got eaten by walking back a big bet on going all-electric. So run the math on 2024, back when business was fine. Porsche made around $21,000 per car and Ferrari made around $160,000, which is still more than 7x on every single car, in a good year. Leiters has seen this from inside both companies. Before Ferrari, he ran Porsche's SUV lineup, the Cayenne side of the business that helped turn a sports car brand into a company selling 300,000 cars a year. At Ferrari he watched them hold sales roughly flat on purpose, year after year, and let margins climb toward 30%. Now he's back at Porsche running the Ferrari playbook. Last week Porsche told investors it wants to break even on fewer than 200,000 cars, about 80,000 fewer than it sold last year, and it plans to raise prices on its top 10,000 vehicles. Those 10,000 buyers are who this car is for. Look at the side profile. The window shape is straight off a 911, but the engine sits behind the driver instead of hanging out past the back wheels. Porsche has built cars like this before, only in small batches. It made 1,270 Carrera GTs and exactly 918 of the 918 Spyder, and then nothing sat above the 911 for about ten years. This time Porsche says the mid-engine car is a permanent line. Ferrari has run that setup forever, a top tier that never goes away, where getting on the list is part of what you're paying for. Porsche is calling it a love letter, and honestly that's fair. It's just addressed to about 10,000 people.