MARANELLO, Italy – Ferrari goes back to his roots.
The new CEO of the company, Louis Camilleri, unveiled a new business plan on Tuesday that reinvents iconic models and embeds them with Formula 1 technology.
The fast-growing Ferrari hybrid powertrain range for electric petrol and the confirmation of plans to introduce a utility vehicle that focuses on the brand's performance levels, Camilleri set his ambitions for a successor in July after the death of former president Director and Chairman Sergio Marchionne.
"Our goals are ambitious, but they are based on a carefully constructed model pipeline, our enviable pricing power and appropriate investment levels," Camilleri told investors.
According to a five-year plan, Ferrari plans to launch 15 unprecedented new models, and by 2022 it targets sales of around 5 billion euros ($ 5.8 billion), compared to 3.4 billion euros last year. Camilleri refused to set production forecasts after the 9,000 units this year, but made it clear that the automaker was focused on a growing group of rich customers for growth, especially in China.
The plan also predicts profit margins of 38 percent – reaching the levels of super luxury producer Hermes, a long-cherished goalkeeper Marchionne, who suddenly died in July before he could outline his plans for Ferrari.
In his first outing with the financial community during an income interview, Camilleri caused some temporary jitters when he said that the target of his predecessor Ferrari earned 2 billion euros in earnings before interest, taxes and depreciation & # 39; ambitious & # 39; goods. Camilleri now focuses on so-called EBITDA from between 1.8 billion euros to 2 billion euros.
After a short fall, the share price of the Ferrari share dropped by 0.2 percent (113.15 euro).
"I do not want anyone to think that because there is a new CEO, he has few balls," Camilleri said. "This is an ambitious plan, but it is an executable plan and it is based on a concrete framework."
The new plan from Ferrari provides models aimed at new buyers, namely the utility vehicle called Purosangue or Thoroughbred, to ensure doubters engaged in brand dilution, and vehicles intended to reward loyal buyers, especially the Icona series. that will revive for a long time but beloved models from the past. There are also plans for a supercar at one end of the performance scale and to develop a V-6 engine on the other.
The first in the Icona series, the open cockpit Monza SP1 and SP2 sports cars, will be based on the classic open-top "barchetta" racing model from the 40s and 50s with the revolution formula Formula 1 technology. Ferrari bills it as the most powerful road car in the history of the company.
Ferrari also said that less than 500 of the Monza SP sports cars are produced and sold only to eligible Ferrari customers, whose preferences determine the mix of models with one and two seats. The prizes will be announced next month at the Paris auto show.
According to Nicola Boari, head of product marketing, Monza SP sports cars are "probably the best and most pure driving experience for Formula 1" and the engine was "the most powerful ever in Ferrari's history". The engine has 810 hp and is capable of reaching 100 kilometers per hour (62 mph) in 2.9 seconds and 200 kilometers per hour in 7.9 seconds.
The Icona series remains an exclusive part of the company, representing less than 5 percent of shipments, while other special one-off series in the tradition of the brand's first hybrid LaFerrari will include another 5 percent of sales. Traditional sports cars will account for more than half of sales, and the more low-threshold and versatile Gran Turismo segment, including the Purosangue, will be 40 percent.
The Purosangue is expected to be particularly attractive to the Chinese market, but will only be launched in the last year of the plan, so that the expected returns will not be clear during the current planning cycle.
While Camilleri, like Marchionne before him, missed the label of the utility vehicle for the Purosangue, he was detested to define it further.
"It's one you've never seen before, so do not try to give it acronyms," he said. "The name itself should give you some confidence in what this can do."
Ferrari plans to have 60 percent of its car's hybrid engines by 2022, which would pave the way for a company with more than 10,000 units for small car manufacturers with interruptions in emissions.
Hybridization, said Camilleri, gives Ferrari the opportunity to use the price lever.
Ferrari offers a glimpse of Ferrari's broader plans to expand its luxury profile. Buyers of the Monza SP series will receive a race overall from the Italian luxury brand Loro Piana, which will also help drivers to protect against the elements. Berluti, manufacturer of leather goods, makes a leather-covered helmet combi booth and riding shoes for the Monza pilots.
Marchionne had long expressed the desire to turn Ferrari into a luxury product company that went beyond cars – also in an effort to capture higher margins. Camilleri said that the plans for this transition were not yet ripe, but that the collaborations of Loro Piana and Berluti give a hint to the future strategy.
"I am increasingly convinced that a lot of value can be generated from this branch of the company," said Camilleri. "There is indeed a lot of value from the Ferrari name, but not enough gets us as owner of the Ferrari brand."
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