Two in five Ferraris sold by 2030 will be fully electric, the luxury brand said as it outlined a strategy aimed at balancing new emissions-reducing technologies and protecting its longstanding engine prowess.
The Italian luxury brand wants to become carbon neutral by 2030, but will continue to sell traditional engines into the following decade.
By 2026, the company will increase earnings to €2.5bn-€2.7bn, up from €1.5bn last year, and raise margins from 35 per cent last year to between 38 per cent and 40 per cent, Ferrari said in its investor day on Thursday.
Ferrari will raise dividend payments from 30 per cent of adjusted net income to 35 per cent from this year, and will buy back about €2bn of shares by 2026.
About 40 per cent of sales will be electric in 2030, while another 40 per cent will be hybrid, and 20 per cent will be engine-only models. Currently, 20 per cent of sales are hybrid, while the brand has no electric-only model.
“I believe ICE [internal combustion engine] has a lot to give,” chief executive Benedetto Vigna told investors gathered at the company’s headquarters in Maranello in northern Italy.
“On one side, we have to cope with emissions regulations, but most importantly we see electrification as a way, as a technology, that can enhance the performance of what we do”.
The brand has already said it will launch its first pure electric model in 2025, which Vigna said will use technology from Ferrari’s racing team, including its electric engine and its knowledge of how to reduce energy loss.