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MARANELLO: Ferrari is going back to its roots. The company’s new CEO Louis Camilleri unveiled Tuesday a new business plan that revives iconic models and embeds them with Formula 1 technology.
Most of the cars made by Ferrari will be hybrid petrol-electric by 2022, the Italian sports car manufacturer said on Tuesday, including its first SUV. It affirms plans to introduce a utility vehicle that hews to the brand’s performance levels.
The company known for its low-slung aerodynamic sports cars will also launch its first SUV — Purosangue — after the end of the current business plan in 2022.
Under a five-year plan, Ferrari is planning to launch an unprecedented 15 new models, and is targeting revenues of around 5 billion euros ($5.8 billion) by 2022, up from 3.4 billion euros last year. Camilleri refused to set production forecasts beyond this year’s 9,000 units but made clear the automaker was targeting an expanding pool of wealthy customers for growth, especially in China.
“By 2022, nearly 60% of the models we produce will be built around hybrid powertrains,” new CEO Louis Camilleri said at the company’s Maranello headquarters.
Gas-guzzling Ferraris are faced with more and more anti-emission regulations around the world, as well as increasingly environmentally aware would-be owners.
Ferrari stock tumbled 8% in August as investors wondered if the company could stay on track for its profit targets after the death of historic boss Sergio Marchionne.
The former Philip Morris boss Louis Camilleri described it as “ambitious but doable”.
Announcing the SUV, Camilleri said he initially abhorred the idea.
“It just does not sit well with our brand and all that it represents,” he admitted, but insisted that the new design will “redefine expectations”.