Two out of five Ferraris sold by 2030 will be fully electric, the luxury brand said as it outlined a strategy to balance new emissions-cutting technologies and protect its long-standing engine prowess.
The Italian luxury brand wants to become carbon neutral by 2030, but will continue to sell traditional engines in the following decade.
By 2026, the company will increase its profits to 2.5 billion euros – 2.7 billion euros, compared to 1.5 billion euros last year, and will increase its margins by 35% the year last at between 38 and 40%, Ferrari said at its Investor Day on Thursday. .
Ferrari will increase dividend payments from 30% of adjusted net profit to 35% from this year and buy back around 2 billion euros of shares by 2026.
About 40% of sales will be electric in 2030, while 40% will be hybrid and 20% will be engine-only models. Currently, 20% of sales are hybrids, while the brand does not have an electric-only model.
“I believe that ICE [internal combustion engine] has a lot to give,” chief executive Benedetto Vigna told investors gathered at the company’s headquarters in Maranello, northern Italy.
“On the one hand, we have to deal with emissions regulations, but above all, we see electrification as a means, as a technology, which can improve the performance of what we do”.
The brand has already announced that it will launch its first purely electric model in 2025, which Vigna says will use technology from Ferrari’s racing team, including its electric motor and knowledge of reducing energy loss.