The Ferrari plan to build an SUV has been the subject of much conjecture in recent weeks, as reports surfaced that the iconic Italian supercar maker is seriously considering a product push beyond its traditional supercar fare in a bid to double profits by 2022.
The final five-year plan under Chief Executive Officer Sergio Marchionne, who's set to retire in 2021, will target boosting annual deliveries beyond a self-imposed limit of 10,000 cars, which allows the company to operate with less-stringent fuel-economy rules, said the people, who asked not to be identified because the matter is private. A Ferrari spokesman declined to comment.
Earlier on Wednesday, Ferrari reported a 24 percent rise in second-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) and a 14 percent increase in quarterly sales, both in line with expectations.
The carmaker's USA stock was up 3.8 per cent at US$109.19 as of 11.54am in NY, putting it on course to close at the highest price there as well. Currently, the only four-seat vehicle offered by Ferrari is the GTC4 Lusso, which is a two-door shooting brake.
The plan could also see Ferrari build more hybrid cats to improve vehicle's efficiency.
The sources said the family auto would be targeted to Asian customers, especially in China and could contribute 2,000 cars to annual deliveries.
Sources cited by the Bloomberg news agency have suggested that the "Ferrari Utility Vehicle" could form part of a new five-year-plan created to boost sales beyond Ferrari's current self-imposed limit of 10,000 cars per year. And while the leaders of Ferrari said they were fiercely opposed not so long ago, the speech has changed radically.
Marchionne said the company was approaching the limit of the number of cars it could produce from its current range and needed to look beyond.
Ferrari this year plans to ship around 8,400 vehicles, getting closer to the 9,000-unit goal it has set for 2019.
"Whatever it is, it will be of the same caliber as anything else we've done". Ferrari can also pay penalties or buy carbon credits and add those costs to the price of its vehicles, Mediobanca analyst Massimo Vecchio said.