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Report: Ferrari considering SUV model to help double profits

Report: Ferrari considering SUV model to help double profits image

Jose Altoveros / Ferrari | August 02, 2017 12:28

Upcoming Ferrari plan to include a 'four-seat utility vehicle'

The last time the words Ferrari and SUV were put together, it was met with rejection from the Italian automaker. However, it seems as though Ferrari has had a change of mind, and is set to include a 'four-seat utility vehicle' as part of their bid to double profit by 2022.

This propsed five-year plan would be the last under Ferrari CEO Sergio Marchionne, who is set to retire in 2021. 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. Given that more stringent environmental regulations would occur under the new plan, Ferrari also plans to add more hybrid models in their lineups. 

Ever since Sergio Marchionne took charge of Ferrari in 2014, he has been slowly increasing the volume of vehicles per year, already passing the 7,000 car limit. The increased number of vehicles combined with exclusive models such as the LaFerrari Aperta and the F12tdf has led to the company's rising profits in previous years.

Marchionne is popular known for publicly rejecting the idea of a Ferrari SUV previously. However given the increasing demand of SUVs in China, it is becoming harder for manufacturers, including Ferrari, to ignore. Currently, the only four-seat vehicle offered by Ferrari is the GTC4 Lusso, which is a two-door shooting brake.

The Italian automaker is also said to already studying ways on how to style their upcoming SUV, or as they call it 'Ferarri Utility Vehicle'. Furthermore, Ferrari says that it will market the FUV as a new industry segment rather than just another high-end SUV like those of Bentley, Maserati and most recently, Lamborghini.

Ferarri's new five-year plan is said to likely be unveiled in 2018. As for the Ferrari Utility Vehicle, it is said to sold beginning 2021. However, do note that no final decision has been made. 

Source: Bloomberg