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June 16, 2022 07:18 AM

Ferrari says 80% of sales in 2030 will be EVs and hybrids

Ferrari said it would launch 15 new models from 2023-26, with the first full-electric model in 2025.

Reuters
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    Ferrari logo 2022

    MARANELLO, Italy -- Ferrari told investors that full-electric and hybrid models will make up 80 percent of sales by 2030, and vowed to produce "even more unique" cars as it makes the expensive shift to zero-emission models.

    "We believe we can use the electric engine to enhance the performance of our cars," CEO Benedetto Vigna said on Thursday at Ferrari's capital markets day as he unveiled the company's long-awaited new business plan.

    Vigna confirmed the Italian supercar maker's plans to launch its first full-electric vehicle in 2025, and Ferrari said it would launch 15 new models from 2023 to 2026.

    "Everything we do will always focus on being distinctively Ferrari," Chairman John Elkann said in opening remarks. "The opportunity set of electrification and electronics will allow us to make even more unique cars."

    Ferrari expects full-electric cars will make up 5 percent of sales in 2025 and 40 percent in 2030, Vigna said. Hybrid models should rise to 55 percent of sales in 2025 from 20 percent in 2021, before dropping to 40 percent in 2030.

    New assembly line for EVs

    Vigna said Ferrari would develop and build its own electric motors, inverters and battery modules for its electric models on a new assembly line at its plant in Maranello, Italy, while outsourcing non-core components to partners.

    Faced with looming bans on fossil-fuel vehicles in Europe and China, major automakers have committed to spend more than $250 billion through 2025 on the shift to electrification, according to industry estimates.

    Ferrari said it expects to invest 4.4 billion euros ($4.58 billion) by 2026, most of that on product development, while delivering EBITDA (core earnings) of 2.5 billion to 2.7 billion euros by that year. The company expects cumulated free cash flow of 4.6 billion to 4.9 billion euros from 2022 to 2026.

    Like other makers of sports cars, Ferrari's challenge goes beyond just the huge capital investments necessary to develop electric models that can match their high-performance fossil-fuel forebears.

    Ferrari also sells an emotional experience to wealthy customers centered around the throaty roar of a powerful engine.

    Customers and investors both like what Ferrari does today, with a long order book for cars that start from over 200,000 euros.

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