Ferrari (NYSE:RACE) “No plans to develop all-electric cars”

Ferrari (NYSE:RACE) “No plans to develop all-electric cars”

Ferrari (NYSE:RACE) “No plans to develop all-electric cars”


Frankfurt Auto Show: Ferrari (NYSE:RACE), and Volkswagen’s (OTCMKT:VLKAY) Lamborghini are working on hybrid versions of their Supercars, but have no plans for now to develop wholly electric models, executives at the 2 companies said at the Frankfurt car show earlier this week.

Michael Leiters, CTO (chief technology officer) at Ferrari, said he could not imagine a fully electric Ferrari sportscar given the current limitations of the technology.

“There is a need for more time, more innovation to get the same performance, and, what’s even more challenging, to get the same driving pleasure that we have today,” he said. “Just think of the sound and things like that which are essential for us. For us the first step is hybridization.”

The comments were echoed by Stefano Domenicali, the CEO Lamborghini, who said his company would put energy into developing hybrids, but also seek to fully exploit the potential of its V10 and V12 naturally aspirated engines.

“I don’t see electric to be an immediate development in the super sportscar segment, but hybridisation for sure will come, in the next five years for sure,” he said.

Lamborghini is preparing for the official launch of its first SUV, the Urus, on 4 December. Shipments of the new model are expected to start during the Summer of Y 2018.

Tuesday, Ferrari launched the Ferrari Portofino, its new entry level model that will replace the California-T, and will be sold in the US for about $202,000. its largest market

Named after a picturesque village on the Italian Riviera, the convertible Portofino is powered by a turbocharged 8-cylinder GT engine and can reach maximum speeds of over 190mph.

Ferrari plans to start deliveries of the car in Europe at the end of Q-1 of Y 2018, and in other markets by the Summer, said Chief Marketing and Commercial Officer Enrico Galliera.

The initial reaction to the Portofino augurs  well for sales, he added.

“The reception to the car even before its official launch exceeded our expectations. Almost all the dealers have strong order books for the car already,” he added.

Mr. Galliera reiterated Ferrari would never make an SUV like the one developed by Porsche or Maserati “because these are not vehicles that represent the sportiness of our cars”.

He also ruled out a self-driving Ferrari.

But Mr. Galliera also referred to comments made recently by Ferrari’s Chairman/CEo, Sergio Marchionne, who said the company was working on an entirely novel vehicle, I have dubbed it the FUV

“It won’t be like anything that’s on the market today so it would be wrong to give it a label,” Mr. Galliera said.

Symbol Last Trade Date Change Open High Low Volume
NYSE:RACE 109.23 14 September 2017 0.43 109.32 109.43 108.42 550,900
HeffX-LTN Analysis for RACE: Overall Short Intermediate Long
Neutral (0.23) Neutral (0.11) Neutral (0.16) Bullish (0.42)

Have a terrific weekend.

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