Ferrari CEO Sergio Marchionne’s sudden demise in July has caught investors by surprise as they had expected the auto industry icon to remain at the helm until 2021.
The new CEO, Louis Camilleri has been tasked with continuing Marchionne’s ambitious legacy. Given the shift in industry trends and legislation, Camilleri has revised some of his predecessor’s most ambitious mid-term goals and softened profit targets. As part of the plans, the long-awaited hybrid SUV will have to wait for a few more years.
Ferrari now expects earnings before interest, tax, depreciation and amortization to be in a range of $2.1 bn to 2 bn euros in 2022, Camilleri informed investors on Tuesday.
During the investor meeting, the name of forthcoming hybrid SUV was also announced. It will be known as the “Purosangue” or thoroughbred in Italian.
Marchionne had orchestrated Ferrari’s spin-off from parent Fiat Chrysler, positioned it as a luxury brand rather than a carmaker and managed to do what few thought possible: sail through a self-imposed cap of 7,000 cars a year without sacrificing pricing power or its exclusive appeal. Production will be ramped up to 15,000 units in coming years, it is rumoured.
Nearly 60 per cent of the Ferrari models will be built around hybrid powertrains by 2022.
In four year’s time new Ferrari models will be produced using a host of advanced technologies and platforms representing a ‘fundamental shift’ as promised by late CEO Sergio Marchionne.
This aspect has been confirmed by CEO Louis Camilleri. Camilleri reiterated that the shift in technology applications was the only way to meet regulatory requirements “but also to satisfy desires for significantly improved emissions while retaining the driving emotions that render Ferraris simply unique.
The Prancing Horse marque is not new to such applications and has already successfully proven its hybridization technologies with the LaFerrari and FXX K.