By 2030, nearly half of Ferrari's models will be totally electric, as the Italian luxury automaker attempts to balance the need to cut emissions with its reputation for the superiority of its classic combustion engines.
Currently, just 20% of its vehicles are hybrids, and it does not offer an electric-alone model.
In an effort to become carbon-neutral by the end of the decade, Ferrari has disclosed plans to power 40 percent of its vehicles solely by battery, 40 percent by hybrid, and 20 percent by combustion engine.
During an investor day at its Maranello headquarters in northern Italy, the company made a number of commitments, including boosting its dividend and repurchasing shares.
Benedetto Vigna, chief executive, told investors, "I believe ICE [internal combustion engine] has more to offer."
In addition to plans to deliver electric-only cars beginning in 2025, Ferrari announced this year's earnings would grow to between €2.5 billion and €2.7 billion, up from €1.5 billion last year.
Additionally, the company aims for profits between 38% and 40%, up from 35% last year.
The group's payment to investors would increase from 30% of its adjusted net income last year to 35% beginning this year. The automaker also plans to repurchase nearly €2 billion in shares by 2026, compared to €1.1 billion since 2018.
Vigna announced on Thursday that the brand's first pure electric vehicle will utilize technologies from Ferrari's racing team, including its electric motor and knowledge of how to limit energy loss.
According to Vigna, who joined the company in September after working for chipmaker STMicroelectronics, there is a "misconception that building an electric automobile costs a lot of money."
The famed Italian car builder believes that its racing history and pioneering usage of batteries in hybrid supercars will give them an advantage when developing battery-only vehicles.
"We began this trip 13 years ago," he continued. By 2026, only a quarter of its research and development expenditures will be allocated to engine-only cars, with the remainder allocated to battery systems and hybrid technologies.
The firm will release its first sport utility vehicle, the Purosangue (Italian for "thoroughbred"), later this year, but does not anticipate a substantial increase in sales as a result.
In contrast, competitors such Lamborghini and Bentley have seen sales volume double after introducing high-riding cars to their lineup.
Ferrari will release 15 vehicles by 2026, but the company has not specified how many would be totally electrified.
