Ferrari eyes utility vehicle market

Ferrari eyes utility vehicle market

Ferrari eyes utility vehicle market

This propsed five-year plan would be the last under Ferrari CEO Sergio Marchionne, who is set to retire in 2021.

The plan could also see Ferrari build more hybrid cats to improve vehicle's efficiency.

But, of course, there's a caveat - it won't be an SUV, says Marchionne.

Despite extensive speculation about Ferrari's SUV plans, Marchionne makes it clear in the interview that the company's board has not made any formal decisions whether to build an SUV.

Ferarri's new five-year plan is said to likely be unveiled in 2018.

Ferrari NV (RACE) shares gained in Tuesday morning trading on reports that it was considering a push into utility vehicles.

Marchionne is popular known for publicly rejecting the idea of a Ferrari SUV previously. Currently, the only four-seat vehicle offered by Ferrari is the GTC4 Lusso, which is a two-door shooting brake.

The sources said the family vehicle would be targeted to Asian customers, especially in China and could contribute 2,000 cars to annual deliveries. And while the leaders of Ferrari said they were fiercely opposed not so long ago, the speech has changed radically.

Ferrari was spun off from FCA's portfolio of brands in 2015, which means it's technically not an FCA brand as Marchionne alluded to with its potential Formula E entrance.

Ferrari's current customer base, he added, is packed with clients who would "more than willing" to drive a Ferrari with a crossover's utility and versatility, according to Bloomberg. Part of the plan includes taking the company beyond their self-imposed 10,000 vehicles per year limit, which allowed Ferrari to operate with less strict fuel-economy rules. Pushing beyond the 10,000 auto limit would mean it would lost its "small vehicle manufacturer" status, which protects it from some US and European fuel-use and emissions rules. Ferrari can also pay penalties or buy carbon credits and add those costs to the price of its vehicles, Mediobanca analyst Massimo Vecchio said. The carmaker's executives have had meetings with investors in the past weeks to prepare them for the new strategy, the people said.

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