Italy based manufacturer of luxury sports car Ferrari NV (BIT: RACE) has unveiled its new business plan and promised to produce even more unique electric cars as it wants to preserve its uniqueness as it shifts to electric models.
“Everything we do will always focus on being distinctively Ferrari. The opportunity set of electrification and electronics will allow us to make even more unique cars,” said Ferrari’s chairman, John Elkann.
The company’s chief executive officer, Benedetto Vigna, confirmed that they are planning to launch their first electric model in 2025. The company also expects fully-electric cars to make up to 5% its total sales in 2025 and 40% in 2030.
Additionally, the CEO said they will develop and build their own electric motors, inverters and batteries modules for its electric models.
This comes at a time when western countries and some in Asia have are considering banning combustion engine vehicles. Citing industry estimates, leading automakers have committed to spend over $250 billion by 2025 to phase out combustion engines.