Race and luxury car manufacturer Ferrari said Thursday it plans to make 40% of its models hybrid, 40% electric, and 20% internal combustion engine (ICE) by 2030.
Key facts
- Ferrari plans to increase the number of hybrid and electric models in its portfolio to 60% by 2026. However, it will keep the company’s legacy by developing solutions in energy efficiency and alternative fuels for its ICE engines, the company said in a document detailing its five-year plan starting in 2022.
- The firm’s electric car batteries will be integrated into the chassis of cars in a manner that reduces the weight of the vehicle and increases its performance.
- Electric engines, inverters, and batteries will be designed, handcrafted, and assembled at a new dedicated e-building located at the Maranello plant. The first full-electric Ferrari car model is scheduled to be announced in 2025.
- Ferrari aims to decarbonize its facilities by 2030. So far, it has ongoing projects at the Maranello plant to install 77 megawatts (MW) of biomethane for the trigenerator and 37 MW of photovoltaic systems, alongside an already active 1 MW of hydrogen fuel cells.
- The luxury car manufacturer will launch 15 new models between 2023 and 2026, including the brand’s first sport utility vehicle (SUV), Purosangue, to be unveiled in September 2022, with deliveries starting in 2023.
- Ferrari lost 1.59% to close at $174.06 Thursday, valuing the company at $31.8 billion, according to Nasdaq data.
Financial targets
As part of its 2022-2026 plan, Ferrari is targeting net revenues of $7.1 billion (EUR 6.7 billion), with a compounded annual growth rate (CAGR) of 9% driven by car-related activities and supported by the portfolio of products and personalizations. It also hopes to achieve a cumulated industrial free cash flow of $4.8-5.2 billion (EUR 4.6-4.9 billion) over the five-year period.
Rival plans
Other luxury automakers with ICE heritage have announced their plans to go fully electric over the upcoming few years, including Bentley, Cadillac and Jaguar Land Rover, who plan for their product offering to be fully electric by 2030.