Yahoo Finance Ferrari aims for 80% battery EV sales by 2030
Italian luxury sports car maker Ferrari (RACE) made its first car back in 1947, and now the company is evolving beyond the gas engine.
At Thursday's Capital Market Day, CEO Benedetto Vigna outlined Ferrari's 2022-2026 strategic plan and transition to an electric vehicle (EV) future, targeting 80% of sales by 2030 to be battery electric (both hybrid and fully electric).
To get there, the company is planning 15 new product launches between 2023 and 2026, including its Purosangue SUV, which will be unveiled in September of this year. Ferrari also confirmed its first-ever full electric car will be unveiled in 2025.
By 2026 Ferrari says its product portfolio will be 40% ICE (internal combustion), and 60% battery electric vehicles (both hybrid and full electric). In addition, Ferrari said ICE engines are still a part of the company’s game plan, and will evolve those powertrains going forward.
Hybrid powertrains, which Ferrari has been developing and using for some time now since the debut of the LaFerrari hybrid supercar, will also continue evolving in a big way. That technology is currently being featured in the 296 sportscar, which pairs a turbocharged V-6 with an electric motor, and the SF90, a turbo V-8 plug-in hybrid supercar with nearly 1000hp.
By 2030, Ferrari sees the evolution of hybrid and full-electric powertrains going full bore, with the company promising 80% of its sales being battery electric (40% hybrid, 40% full-electric), with the remaining 20% powered by ICE.
"We believe we can use the electric engine to enhance the performance of our cars," CEO Benedetto Vigna said during Thursday’s presentation.
Ferrari says its electric engines will be “designed, handcrafted and assembled in Maranello, to ensure a unique driving experience also derived from racing solutions,” but that battery cells and other non-core parts will be purchased from suppliers.
The company aims to be fully carbon neutral in its operations by 2030.
To fund the transformation, Ferrari says it will spend 4.4 billion euros on developing new products and building new infrastructure by 2026, while returning EBITDA (earnings before interest, taxes, depreciation and amortization) of 2.5-2.7 billion euros in 2026 as well.
When it comes to autonomy, Vigna promised Ferrari fans and clientele that its drivers will be in control, and there will never be a self-driving Ferrari.
“No customer is going to spend money for the computer in the car to enjoy the drive,” Vigna said in an interview with Bloomberg. “The value of the man, of the human at the center, is fundamental.”
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Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.
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