Ferrari will not have its first fully electric car ready until after 2025, said Chief Executive Louis Camilleri. The company announced that battery technology requires more development, pushing back expectations. Ferrari had previously stated that a fully electric vehicle would be available after 2022, with analysts not expecting a version till at least 2023.

3 The Battery

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Camilleri spoke with reporters during a lunch in the Centro Stile at Ferrari’s Maranello factory: “The battery technology is not where it should be yet. There are still significant issues in terms of autonomy, in terms of speed of recharging. So eventually we will come out with one. But it’s post-2025. Not in the short term,” he added. Camilleri stated Ferrari was “certainly” studying a fully electric grand tourer car (GT), but that it would stick to hybrid vehicles for the “current foreseeable future”.

2 Hybrid

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Earlier this year, Ferrari unveiled its first hybrid car in series-production, the SF 90 Stradale. The Italian automaker wants 60 percent of its cars sold by 2022 to be hybrids. Camilleri also stated that the company was looking into alternative technologies for its vehicles, including hydrogen and biofuels. “We are looking at various powertrains and trying to see what would be the most efficient and effective in terms of what our vision is for Ferrari cars in the future,” he said.

1 A Good Year

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Camilleri also discussed the Italian automaker’s fiscal performance in 2019: “We’re about to close another record year, we did pretty well on all the metrics, volume, revenues, income, cash flow. So you’ll see a lot of smiling faces around here.” Last month Ferrari raised its guidance for this year’s core earnings to 1.27 billion euros ($1.4 billion) and said it expects a strong performance in 2020.

Source: Reuters