Chief executive Benedetto Vigna confirmed that Ferrari will launch its first electric model in 2025, one of 15 new models between 2023 and 2026.
see photosFerrari CEO Benedetto Vigna poses for a photo as Ferrari unveils a new long-term strategy
Electric and hybrid models should make up 80% of Ferrari’s sales by 2030, the luxury carmaker told investors on Thursday, vowing to produce “even more unique” cars as it leans on partners for zero-emissions driving. Tends to make costly changes.
“Everything we do will always focus on being the distinctive Ferrari,” said chairman John Elkann as the company unveiled its new business plan. Electrification “will allow us to build even more unique cars.”
To reduce the investment, Ferrari will use suppliers for components or software that are not critical, such as an operating system, chief executive Benedetto Vigna said.
Like other sports car makers, Ferrari’s challenge goes beyond simply investing in electric models to deliver high performance – today’s electric vehicle (EV) batteries can’t match the sustained power of combustion engine sports cars.
Like its rivals, Ferrari sells an emotional experience to wealthy customers focused on the roar of its powerful engines. As it goes electric, Ferrari must ensure its high-net-worth customers and investors are along for the ride.
Standing out in the crowd of EVs coming to market, which can all be booming, can be tough for the Italian carmaker, whose cars start at around 210,000 euros ($219,282.00).
Meanwhile, Ferrari will unveil its first sport-utility vehicle this September – powered by its gas-guzzling trademark 12-cylinder engine.
Vigna confirmed that Ferrari will launch its first electric model in 2025, one of 15 new models between 2023 and 2026.
Ferrari expects sales of fully electric cars to be 5% in 2025 and 40% in 2030. Hybrid model sales should increase by 55% in 2025, before falling to 40% in 2030.
Vigna said Ferrari will develop its own electric motors, inverters and battery modules on a new assembly line at its plant in Maranello, Italy, while outsourcing non-core components.
Ferrari will not develop operating systems for electric vehicles to save money. In contrast, other automakers, including Tesla and Mercedes, say it’s important to drive a car with proprietary operating systems, manage wireless upgrades, and collect data on driver habits and preferences.
“I would never make a Ferrari operating system, I’d be an idiot,” Vigna told investors. “You have to focus on the areas where you can be the best.”
Ferrari is working on battery components with four partners in Europe and Asia to research the next generation of high energy density solid state batteries.
Ferrari said it would invest 4.4 billion euros by 2026, while providing a core income of 2.5-2.7 billion euros by that year. Ferrari’s current guidance for 2022 is for adjusted core income of 1.65-1.70 billion euros.
The carmaker expects cumulative free cash flow of 4.6-4.9 billion euros from 2022 to 2026.
In a client note, Kepler Chevreux analyst Thomas Besson said Ferrari’s financial forecasts sent a “clear bullish signal”, yet noted executives avoided questions about production volumes.
“But the direction is clear,” Besson wrote. “Electrification is needed, but will not change the DNA of the company and its products.”
($1 = 0.9577 Euro)
(Reporting by Nick Carey and Giulio Piovacari Editing by Mark Potter and Jane Merriman)
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