Ferrari to make 80% of its models electric or hybrid by 2030

Ferrari announced plans on Thursday to turn 80 per cent of its production into all-electric or hybrid cars by 2030, in a major shift for the luxury brand renowned for its powerful combustion engines.

"Electrification is a way to improve performance," new chief executive Benedetto Vigna said, as he unveiled a four-year strategic plan at the brand's historic Maranello site in northern Italy.

The plan for 2022 to 2026 will be driven by the launch of new products, including Ferrari's first 100 per cent electric car, which is set to be presented in 2025.

"Ferrari's first all-electric car will be 100 per cent a sports car," commercial director Enrico Galliera told AFP.

"We will develop an electric car that will deliver the same emotions as when you drive a [traditional] Ferrari," he pledged, without revealing any technical details.

The Italian luxury car maker plans to expand the Maranello plant and install a third production line for hybrid and electric vehicles.

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Under the plan, about 60 per cent of its production would be all-electric or hybrid models by 2026, rising to 80 per cent by 2030.

Other coming new products include Ferrari's first SUV, Purosangue (Thoroughbred), which will be unveiled in September, with deliveries from next year.

Including the all-electric car, another 15 new launches are expected between 2023 and 2026, Mr Vigna said.

Ferrari, which celebrates its 75th anniversary this year, broke results records in 2021, delivering 11,155 cars — up 22.3 per cent — and generating revenue of €4.3 billion ($4.5bn), which was up 23.4 per cent.

It said on Thursday that it was setting an ambitious target for revenues. The €6.7bn goal for 2026 is well above this year's estimated revenue of around €4.8bn.

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Mr Vigna did not give many details of the new Purosangue, other than to say it will be a sportscar with a V12 engine, a trademark of the mythical brand.

"I am confident it will exceed all expectations," he said.

He emphasised its exclusivity, saying it would make up on average fewer than 20 per cent of total deliveries.

Under the previous strategic plan unveiled in 2018, Ferrari had also promised the launch of 15 cars — a target Mr Vigna said had been reached.