Ferrari says 80% of its models will be electric or hybrid by 2030

Ferrari says 80% of its models will be electric or hybrid by 2030

Italy's Ferrari says it will unveil its first SUV in September
Italy's Ferrari says it will unveil its first SUV in September

MARANELLO, Italy: Ferrari unveiled Thursday plans to turn 80% of its production into all-electric or hybrid cars by 2030 in a major shift for an iconic brand renowned for its powerful combustion engines.

"Electrification is a way to improve performance," new chief executive Benedetto Vigna said as he unveiled a four-year strategic plan at the brand's historic Maranello site in northern Italy.

The 2022-2026 plan will be driven by the launch of new products -- including Ferrari's first 100% electric car, set to be presented in 2025.

"Ferrari's first all-electric car will be 100% a sports car," commercial director Enrico Galliera told AFP.

"We will develop an electric car that will deliver the same emotions as when you drive a (traditional) Ferrari," he pledged, without revealing any technical details.

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

Under the plan, some 60% of its production would be all-electric or hybrid models by 2026, rising to 80% by 2030.

Other upcoming new products include Ferrari's first SUV, "Purosangue" (Thoroughbred), which will be unveiled in September, with deliveries from 2023.

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

Ferrari, which celebrates its 75th anniversary this year, broke results records in 2021, delivering 11,155 cars -- up 22.3% -- and generating revenue of 4.3 billion euros (up 23.4%).

It said Thursday it was setting an ambitious target for revenues. The 6.7-billion-euro ($7-billion) goal for 2026 is well above this year's estimated revenue of around 4.8 billion euros.

Vigna did not give many details of the new Purosangue, other than that it will be a sports car and will have a V12 engine, a trademark of the mythical brand.

But he said: "I am confident it will exceed all expectations."

He emphasised its exclusivity, saying it would make up on average fewer than 20% of total deliveries.

Under the previous strategic plan unveiled in 2018, Ferrari had also promised the launch of 15 cars -- a target Vigna said had been reached.

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