EV and hybrid to make 80 per cent of Ferrari’s sales by 2030
Electric and hybrid vehicles will make 80 per cent of Ferrari’s sales by 2030, according to the company.
The luxury marquee pledged to build “even more unique” cars as it makes the transition to net-zero.
“Everything we do will always focus on being distinctively Ferrari,” chairman John Elkann told investors this morning. “The opportunity set of electrification and electronics will allow us to make even more unique cars.”
Just like rivals, Ferrari has struggled with transitioning to net-zero due to the significant costs of developing electric vehicles (EV) that can compete with fuel ones in terms of power, as the current EV batteries cannot deliver the same experience to customers.
“We believe we can use the electric engine to enhance the performance of our cars,” added chief executive Benedetto Vigna as he confirmed Ferrari will launch its first ever electric model in 2025.
Under today’s business plan, electric cars will go from five to 40 per cent of Ferrari’s total sales between 2025 and 2030, while hybrid models will decrease from 55 to 40 per cent in the same time frame.
The Maranello-based car manufacturer announced it will also invest €4.4bn in product development by 2026, while delivering an EBITDA of between €2.5bn and €2.7bn as well as a free cash flow of between €4.6bn and €4.9bn by the same year.
Ferrari is the latest sports carmaker to roll out a plan for EV mass production, after Bentley announced earlier this year it would produce an electric model per year between 2025 and 2030.
Lamborghini’s boss Stephan Winkelmann said the marquee will have at least two supercars powered by e-fuels beyond 2030, while its first EV will be deployed in 2030.