Ferrari says 80% of its models will be electric or hybrid in eight years

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Ferrari revealed on Thursday plans to turn 80% of its production into all-electric or hybrid vehicles within eight years in a major change for a flagship brand renowned for its powerful combustion engines.

“Electrification is a way to improve performance,” new chief executive Benedetto Vigna said at the unveiling of a four-year strategic plan at the historical site of Maranello, in the north of Italy.

The 2022-2026 plan will be based on the introduction of new products, including Ferrari’s first 100% electric car, which will be introduced in 2025.

“Ferrari’s first fully electric car will be a sports car,” sales director Enrico Galliera told AFP.

“We are going to develop an electric car that will release the same emotions as when you drive a (traditional) Ferrari,” he vowed, without revealing technical details.

The Italian luxury manufacturer plans to expand the Maranello facility and create a third production line for hybrid and electric vehicles.

Under the plan, about 60% of its production would be fully electric or hybrid by 2026, reaching 80% by 2030.

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Future new products include Ferrari’s first SUV, “Purosangue” (thoroughbred), which will be unveiled in September, with deliveries starting in 2023.

Including the all-electric offer, another 15 new launches are expected between 2023 and 2026, Vigna said.

Ferrari, which is celebrating its 75th anniversary this year, broke records in 2021, registering 11,155 cars, an increase of 22.3%, and generating a turnover of €4.3 billion (+23.4%).

It stated on Thursday that it set an ambitious income target. The target of 6.7 billion euros (7 billion dollars) for 2026 is well above the estimated annual turnover of about 4.8 billion euros.

Vigna gave little detail about the new Purosangue other than the one it will be a sports car and will have a V12 engine, a brand of the legendary brand.

But he said, “I am convinced that this will go beyond all expectations.”

He emphasised its exclusivity, saying it would represent on average less than 20% of total deliveries.

He stressed its exclusivity, claiming that it would represent on average less than 20% of total deliveries.

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