Yesterday we got another glimpse into Ferrari’s future clean energy plans with its second-quarter earnings release. Although anticipation is building for Ferrari’s EV rollout, the company is keeping the details under wraps.
Ferrari ($RACE) is best known for its legendary supercars. When you see a cherry red Ferrari pass by, there is no mistaking it, but can the company keep up with the auto industry rapidly transitioning to EV?
Many automakers are targeting 25 to 50% EV sales by 2025, yet Ferrari is sticking to its timeline for its fully electric release that year.
At the same time, the company is committing to releasing 15 new models between 2023 to 2026, and only one to be fully electric. So far, Ferrari has remained true to its roots. It has dipped its toes into the “electrification” market with four hybrid models:
- SF90 Stradale
- SF90 Spider
- 296 GTB &
- 296 GTS
But, the company sees an opportunity with EVs to use Ferrari’s unique image in addressing customer needs.
Ferrari SF90 Stradale plug-in hybrid
Ferrari’s Q2 EV update, plans to go carbon neutral
On Ferrari’s second-quarter earnings call, CEO Benedetto Vigna says the company is in a good position to make the transition. In addition, he adds:
We will unveil our first full electric model in 2025, a true Ferrari that will enrich our product range. It will contain several unique features and it will be a sport car as every Ferrari that offers a true Ferrari driving experience.
So far, this is all we know of Ferrari’s EV plans. The company is keeping the details, if any, to themselves. The company plans for EVs to make up 5% of total models in 2026. And then by 2030, the company expects fully electric vehicles to make up 40% of its fleet.
At the same time, the automaker says it has taken further steps towards its goal of carbon neutrality by 2030. For example, the company installed (with Bloom Energy) a 1-megawatt solid oxide fuel cell plant at Ferrari’s Maranello facilities.
The plant supplies 5% of Ferrari’s energy required for production. Meanwhile, the plant also reduces fuel consumption and toxic emissions.
Lastly, Ferrari is beginning to install solar panels on its facilities to reduce carbon emissions further and achieve energy independence. Once installed, the solar panels will produce 1.7 gigawatt-hour per year.
Keyword: Ferrari is going carbon neutral, but remains vague on EV rollout