Ferrari Reaffirms Commitment to Petrol Engines Amidst Electrification Push
Despite increasing pressure from government regulations and the global shift towards electric mobility, Ferrari has declared its intention to continue producing petrol-powered vehicles alongside its expanding range of hybrid and electric models.
This announcement came during a recent shareholder meeting where Ferrari’s leadership reaffirmed the brand’s dedication to “all powertrains.” The news arrives as Ferrari prepares to unveil its first fully electric vehicle on October 9th, an exclusive model estimated to carry a price tag of at least £420,000.
While embracing electrification, Ferrari’s journey began years ago with advancements in Formula One powertrains, demonstrating the company’s long-term commitment to innovation. As stated by Chairman John Elkann:
“Electrification has been a path that we’ve been pursuing now for decades, starting in Formula One and then from our race cars to our sports cars. We are very excited about unveiling the Ferrari Elettrica (electric).”
The move comes as countries worldwide strive toward net-zero emissions targets, prompting significant changes within the automotive industry.
UK Regulatory Landscape:
- The UK’s Zero Emission Vehicle (ZEV) mandate requires car manufacturers to have at least 28% of new sales be electric by this year.
- Recent adjustments, influenced by tariffs on cars announced previously, have pushed the ZEV mandate forward to 2030 while providing support for manufacturers.
- Penalties for non-compliance will now be £12,000 per vehicle, reduced from an earlier figure of £15,000.
- Hybrid vehicles are permitted on roads until 2035 and luxury cars have been exempted from the mandate altogether.
Chancellor of the Exchequer Rachel Reeves commented: “The world is changing, but we are determined to deliver for working people, protect their jobs and put more pounds in their pockets. That is why we are backing British business and investing in industries of the future, including our car manufacturers.”
Ferrari has already been actively transitioning towards hybrid technology, introducing its first hybrid models in 2019. These vehicles now account for 51% of Ferrari’s sales.
The company intends to maintain “complete control” over key aspects of its sports cars and will inaugurate a new electric vehicle production plant in Maranello, Italy – its hometown. This factory is expected to increase production capacity from fewer than 14,000 vehicles last year to approximately 20,000.
“Now, we can also claim that all our key electric components are developed and handcrafted in Maranello,” Elkann emphasized.
CEO Benedetto Vigna added: “Indeed, in line with our strategy, we continue to invest in all three powertrains … to offer our clients maximum freedom of choice.”
Ferrari’s strategic decision has spurred action among competitors. Lamborghini, for instance, is reportedly planning the launch of its first electric vehicle by 2028.