Italian performance car manufacturer Ferrari has told investors that electric and hybrid models should make up 80% of its sales by 2030 and it will lean on partners to make the 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.

Ferrari’s challenge goes beyond just investing in electric models to deliver high performance. And standing out in the multitude of EVs coming to market that can all accelerate quickly could be tough.

Ferrari 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.

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% of sales in 2025 and 40% in 2030. Hybrid models should rise to 55% of sales in 2025 from 20% in 2021, before dropping to 40% in 2030.

Source: Reuters