Ferrari says going electric means 'even more unique' cars

MARANELLO, Italy: Electric and hybrid models should make up 80 per cent of Ferrari's sales by 2030, the luxury carmaker told investors on Thursday (Jun 16), vowing to produce "even more unique" cars as it leans on partners to make the costly shift to zero-emission driving.

"Everything we do will always focus on being distinctively Ferrari," chairman John Elkann said as the company unveiled its new business plan. Electrification "will allow us to make even more unique cars."

To reduce investments, Ferrari will use suppliers for components or software that are not crucial, such as an operating system, Chief Executive Benedetto Vigna said.

Like other sports carmakers, Ferrari's challenge goes beyond just investing in electric models to deliver high performance - today's electric vehicle (EV) batteries cannot match combustion engine sports cars' sustained power.

Like its rivals, Ferrari also sells an emotional experience to wealthy customers centred on the throaty roar of its powerful engines. As it goes electric, Ferrari must ensure its high-net worth customers and investors are along for the ride.

Standing out in the multitude of EVs coming to market that can all accelerate quickly could be tough for the Italian carmaker, whose cars start at around 210,000 euros ($219,282.00).

In the meantime, Ferrari will unveil its first ever sport-utility vehicle - powered by its gas-guzzling trademark 12-cylinder engine - this September.

Vigna confirmed Ferrari will launch its first electric model in 2025, one of 15 new models between 2023 and 2026.

Ferrari expects fully-electric cars will make up 5 per cent of sales in 2025 and 40 per cent in 2030. Hybrid models should rise to 55 per cent of sales in 2025 from 20 per cent in 2021, before