Ferrari prepared years for its first EV, says chairman

MILAN: Ferrari has been preparing for years for electrification, starting with Formula One powertrains, as it nears the launch of its first fully electric (EV) model in October, chairman John Elkann said on Wednesday.

Known globally for its roaring petrol engines, the luxury sportscar maker started selling hybrid models in 2019 and is scheduled to unveil its first EV at a capital markets day on Oct 9.

"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," Elkann said during the company's annual shareholders' meeting.

"We are very excited about unveiling the Ferrari Elettrica (electric)".

In Formula One, hybrid powertrains were first introduced in 2014, while "KERS" systems to recover kinetic energy from vehicles when braking have been in place since 2009.

Elkann said Ferrari was committed to "complete control" over key components of its sports cars.

He said the facility Ferrari inaugurated in June in its hometown of Maranello, the so-called e-building, would give the company increased manufacturing flexibility to develop its future models.

"Now, we can also claim that all our key electric components are developed and handcrafted in Maranello," Elkann said.

CEO Benedetto Vigna reaffirmed during the shareholders' meeting that Ferrari would continue to make petrol, hybrid and fully electric cars.

"Indeed, in line with our strategy, we continue to invest in all three powertrains ... to offer our clients maximum freedom of choice," he said.

Hybrids made up 51% of Ferrari's car sales last year.