Here's How Ferrari Will Double Its Profits To $2.5 Billion By 2022

Industry News

Two types of models are necessary for the task. Take a guess what they'll be.

Ferrari is unquestionably at the top of its game right now and it has no intention of ever coming down from that high perch. It also wants to continue making lots of money. In fact, it wants to double its current earnings, according to a Reuters report. The Italian supercar company wants to increase its profits to $2.5 billion by no later than 2022. To accomplish, not only will its upcoming first-ever SUV, due in late 2020, be vital, but also hybrids. Beginning in 2019, Ferrari hybrids will be a part of its lineup.

We don’t know at the moment which specific models will be receiving hybridization, but we do expect for the SUV’s output to be aided by hybrid tech. Eventually, Ferrari’s entire lineup will utilize hybrid power, as the LaFerrari served as a test bed for the technology. But will hybrids and an SUV be enough to double Ferrari’s earnings? CEO Sergio Marchionne is especially bullish on the matter. “We are absolutely convinced that these numbers are doable,” he said. “The house is firing on all cylinders, we are in a good place.” Not surprisingly and possibly thanks to this announcement, Ferrari shares closed 7.5 percent higher last Thursday.

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The Ferrari SUV Won't Be A Real SUV And That's A Good Thing
The Ferrari SUV Won't Be A Real SUV And That's A Good Thing

What’s particularly startling about Ferrari’s financial goals is that no other automaker will likely do the same over the next five years, according to one industry analyst. More specifically, Ferrari financial forecast says it will achieve “an average annual core earnings growth of 14.1 percent, or 17.9 percent, if it achieves the target a year early.” For 2018, Ferrari forecasts an adjusted growth of 1.1 billion euros, or $1.37 billion and shipments above 9,000 vehicles. Last year it delivered 8,398 new vehicles. Looking further into the future, Marchionne has not yet denied an all-electric supercar, but Ferrari will only launch when it knows it has all of the required technical know-how.

“Whenever Ferrari does express itself in a fully electric vehicle, it will do so by making sure that both sound and handling are reflective of Ferrari’s heritage,” Marchionne said. Other high-performance EVs already on the market, Marchionne believes, fall “substantially short of that.”

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