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Bloomberg
Ferrari NV is considering adding a roomy four-seat “utility vehicle†as part of a major expansion push beyond its traditional supercar niche in a bid to double profit by 2022, people familiar with the matter said.
The final five-year plan under CEO Chief Executive Officer Sergio Marchionne, who’s set to retire in 2021, will target boosting annual deliveries beyond a self-imposed limit of 10,000 cars, which allows the company to operate with less-stringent fuel-economy rules, said the people, who asked not to be identified because the matter is private.
Under the plan, which is likely to be unveiled in early 2018 and could expose the carmaker to stricter environmental regulations, Ferrari will also build more hybrid models to improve its vehicles’ efficiency and woo new wealthy buyers, the people said. A Ferrari spokesman declined to comment.
Since taking charge of Ferrari in 2014, Marchionne has been pushing volume, already blowing past an earlier cap of 7,000 cars. While that approach risks diluting the brand’s exclusive cachet, the 65-year-old flanked delivery growth with exclusive limited-edition models, such as the $2.1 million LaFerrari Aperta convertible. He’s now seeking to dial up that effort to secure Ferrari’s independence as the auto industry grapples with the strains of shifting to electric-powered cars.
Ferrari, which reports second-quarter figures on Wednesday, is on pace to increase adjusted earnings before interest, taxes, depreciation and amortization more than 14 percent this year to at least 1 billion euros ($1.18 billion). The new strategy is likely to include doubling that figure in five years, the people said.
SUV Objections
Among projects being evaluated is a four-seat family car that offers more space than Ferrari’s current two-door GTC4Lusso. The model is internally dubbed the “Ferrari utility vehicle,†following Marchionne’s previous objections to developing an SUV. The big Ferrari would be targeted at Asian customers, particularly in China, and may alone contribute 2,000 vehicles to annual deliveries, the people said.
Ferrari is studying ways to ensure its sporty style with the new car, which the manufacturer will try to market as a new industry segment rather than as another high-end sport utility vehicle, following the likes of Maserati, Bentley and Lamborghini, they said.