Ferrari: One of the last combustion engine bastions becomes an electric brand

Various car manufacturers have long since announced a strategy to electrify their fleets and established electric vehicles on the market. There will soon be no way around it. Because the EU wants to ban cars with combustion engines from 2035 and only allow fully electric cars. Ferrari still hasn’t produced an electric car.

That should change. The Italian luxury sports car manufacturer has announced a strategic plan that should bring about a successful turnaround. Last month, Ferrari presented its concept for the coming years at the “Capital Markets Day” in Maranello, Italy, the “Ferrari City”. Accordingly, the luxury sports car manufacturer plans to launch 15 new vehicles between 2023 and 2026 – according to the motto “different Ferrari for different Ferraristi and different Ferrari for different moments”.

Ferrari wants to achieve electrification with extensive restructuring

In 2025, Ferrari’s first electric car is expected to come onto the market. The Italians promise “a unique driving experience that only a Ferrari can offer”. A year later, the product range should only consist of 40 percent combustion vehicles and 60 percent hybrid and fully electric vehicles. A supercar is also planned for the planning period.

The development of the electric motors should be done by Ferrari itself in Maranello. In order to advance the production of fully electric vehicles, the automaker has bought land to expand the plant. A research and development department for traction batteries is also to be set up there. Ferrari also wants to use this to develop the battery modules for the electric cars, but battery cells will be supplied.

The new CEO Benedetto Vigna should ensure the massive upheaval. He has been with Ferrari since September 2021 and was previously head of the analog chip and sensor division at Swiss semiconductor manufacturer ST-Microelectronics. This means that the physicist has little expertise with combustion engines, and that is what the chairman of the supervisory board, John Elkann, wanted. After all, Vigna should make Ferrari, one of the last combustion engine bastions, an electric brand. “He has an eye not only on the auto industry, but on the wider world,” said Elkann. Some former employees of ST-Microelectronics, who the Ferrari boss brought into the company, are supposed to help with the implementation of the plan. He has also started a cooperation with the US semiconductor manufacturer Qualcomm.

Compared to its competitor Porsche, Ferrari is late in electrifying its fleet. Although the Italians currently have four hybrid vehicles in their portfolio, they do not have a fully electric vehicle. Porsche, on the other hand, launched an electric car with the Taycan back in 2019. However, Italian rival Lamborghini is even further behind with its electrification plans. When asked about the market launch of the first all-electric vehicle, Lamborghini CEO Stephan Ernst Winkelmann told Businessinsider that the year was around 2028.

The first SUV model will be launched in September

The EU climate law provides for climate neutrality in its member states by 2050, and by 2030 greenhouse gas emissions are to be reduced by at least 55 percent compared to 1990. And by then, Ferrari wants to be carbon neutral; the product range is to be based more on electric drives. The share of combustion vehicles should only be 20 percent, hybrid and fully electric vehicles will each make up 40 percent according to the plans. For the continued success of its combustion cars, Ferrari hopes to use synthetic fuels.

In addition, Ferrari wants to use photovoltaic systems and fuel cell technology, among other things, but recycled aluminum and green steel are also to be used. Emissions in the supply chain that the car manufacturer cannot completely eliminate by the next decade should at least be offset by certificates. The company wants to reforest a forest in Italy.

Finally, the new strategic plan of the luxury sports car manufacturer envisages a 25 percent increase in the customer base and a significant increase in profits. He plans on net sales of up to 6.7 billion euros in 2026, with an average annual growth rate of nine percent. Profit is expected to increase from EUR 1.5 billion last year to EUR 2.7 billion in 2026.

First of all, the Purosangue should come onto the market in September. The V12 model is the first SUV and also the first four-door from Ferrari. It is not yet clear which engine the vehicle will have. However, the competitor Lamborghini recorded a great success with this vehicle class.

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