Ferrari is aiming for two of every five cars it sells to be fully electric by 2030, as the luxury brand tries to marry the need to reduce emissions with a reputation built on the prowess of its traditional engines.
The targets were among many, including a pledge to lift its dividend and buy back shares, that the company set out at an investor day at its headquarters in the northern Italian city of Maranello.
Under its plan, roughly 40 per cent of its sales will be electric in 2030, another 40 per cent will be hybrid and just 20 per cent will rely on traditional combustion engines. At the moment, just 20 per cent of sales are hybrid and Ferrari does not have an electric-only model.
“I believe ICE [internal combustion engine] has a lot to give,” chief executive Benedetto Vigna told investors. “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 Italian luxury brand wants to become carbon neutral by the end of the decade.
Alongside ambitions to introduce an electric-only model, Ferrari said earnings would increase to between €2.5bn and €2.7bn this year, up from €1.5bn last year. It is also aiming for margins of 38 per cent to 40 per cent, up from 35 per cent last year.
Its payout to investors will climb from 30 per cent of the group’s adjusted net income last year to 35 per cent from this year. The carmaker also intends to buy back roughly €2bn of shares by 2026.
The brand has already said it will launch its first pure electric model in 2025. The car will use technology from Ferrari’s racing team, including its electric engine and its understanding of how to reduce energy loss, Vigna said on Thursday.