It will blow the competition away.
The 1st electric Ferrari (NYSE:RACE), which is expected in Y 2025, will use new technology to ensure it can deliver on the brand’s heritage, commercial boss Enrico Galliera said.
The iconic Italian firm has yet to confirm any plans or a timeline for its 1st EV, although leaked patents earlier this year hint that it is working on a 4WD 2-seater with a motor mounted on each wheel.
Mr. Galliera ruled out an electric Ferrari for at least 5 yrs and is adamant that this plan would not be accelerated by the arrival of new luxury super-EV makers like Pininfarina.
“There are some competitors entering the market with new technology that we will look at, but will that be a problem to Ferrari? I think not, because of the specific niche Ferrari targets,” Mr. Galliera told the media.
“And will that trigger interest in that market for Ferrari? No. We firmly believe that battery technology is not yet developed enough to meet the needs of a supercar. In the next 5 years, we do not believe the technology will be able to meet the needs of a Ferrari.”
Mr. Galliera said the timeline for a EV is dependent on technical developments.
He said: “As soon as electrified technology is developed, that will allow us to produce a car that fits with our position. Then why not? But the Key is the technology: we will not just make a Ferrari that’s electric for the sake of it.
“If we bring in new technology, then we need to bring something new to the market. That’s how Ferrari has always worked with new technology. The evolution of new technology is 100% in the DNA of Ferrari.”
Mr. Galliera added that the new SF90 Stradale plug-in hybrid has shown that Ferrari buyers are open to electrified technology, saying: “We have clients who love using EV mode early in the morning to leave the house silently, then can use the engine and hear the Ferrari sound on the road.”
Engine noise has long been a Key part of Ferrari’s ‘emotional’ offering. When asked how the firm will deal with this for an EV, Galliera said: “That is a very interesting question. We are working hard on this, but I will not say if we have yet found the solution or not.
“But when the time comes for Ferrari to do, it will have an answer, and I promise you it will be an elegant answer.”
Our overall technical outlook is Bullish to Very Bullish in here
Ferrari finished Friday at 159.39, +2.58 in NY.
The Maranello Outfit’s shares were raised to Buy from Hold at HSBC.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I have called it at it at 200+/share long term, adjusting it to 200/share short term (after the virus) and siding with BAML to 230 long term for now. The stock is not considered defensive in the sector.
Have a healthy week, Keep the Faith!