Ferrari halves its electric car target

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Ferrari has halved its electric car production target, stressing the continued need for the internal combustion engine to overcome “uncertain times”.

The Italian luxury carmaker said on Thursday that it now aims to make 20 percent of its models fully electric by 2030, down from 40 percent. goal Announced three years ago.

Ferrari It revealed its low-key electric car ambitions as it revealed the core technologies behind its first-ever car Electric sports car Which she said would come with a “spacious” space, high-performance batteries, and an electric motor with a distinctive sound.

“As a market leader, we need to ensure we can offer our customers the same driving pleasure when they use an ICE, hybrid or electric car,” CEO Benedetto Vigna told the Financial Times.

Under its revised plans, 40 percent of its cars will still be powered by the internal combustion engine by the end of the decade, with a further 40 percent powered by hybrid technology.

In the first half of the year, 53 percent of its total shipments were gasoline models, while the rest were hybrid models.

“In a time of uncertainty, there is only one thing that can help you and that is agility,” Vigna said. “There’s no other recipe.”

Investors were eagerly awaiting the launch Electric Ferrariwhich will be delivered from late next year, with rival luxury carmakers such as Aston Martin delaying the launch of their own battery models.

The chassis of the new electric model, which will be made of recycled aluminum, will have an ultra-short wheelbase, while the battery will have an energy density of about 195 watt-hours per kilogram, according to the company.

Vigna acknowledged some limitations to current electric vehicle and battery technology, as he explained the company’s decision not to make its first electric model a supercar.

“You can’t build a Ferrari supercar with today’s electric technology,” he said.

European automakers have He called on Brussels to ease the ban From 2035 on the sale of combustion-engined vehicles, the industry faces higher US tariffs and an influx of affordable electric and hybrid cars from Chinese competitors.

Ferrari enjoyed a 40 percent EBITDA margin on the back of an increase in buyers adding expensive features to their luxury cars. So called Customization It now accounts for about 20 percent of its annual revenue, although analysts have warned that residual values ​​for highly customizable models have declined.

The group has also managed to consistently raise prices for later models and was the first to announce plans in March to increase prices for some of its models to counter US tariffs.

Vigna warned that investors should not expect a “continuous drift” in higher prices over the next five years even as the company makes plans to launch an average of four new cars a year.

“We need to maintain the rarity of what we do. We want to offer models that are limited in size but have a wider range of models,” he said. “Brand strength is not an armor that exists and lasts forever.”