Ferrari Has Plans to Make an Electric Supercar

Ferrari NV will make a battery-powered supercar to challenge Tesla Inc. at the high end of the electric-auto market, Chief Executive Officer Sergio Marchionne said.
The race-car maker, spun off from Fiat Chrysler Automobiles NV, has been expanding its lineup to lift sales without losing the exclusivity of a brand associated with Italian design and super-fast roadsters. Marchionne, who heads both companies, also told reporters at the Detroit auto show on Tuesday that Ferrari will introduce its first SUV by late 2019 or 2020.
Sergio Marchionne
Photographer: Daniel Acker/Bloomberg
“If there is an electric supercar to be built then Ferrari will be the first,” Marchionne said. The SUV “will be the fastest SUV in the market.”
A battery-powered Ferrari would give Marchionne a chance to steal sales and attention from Elon Musk, whose Tesla Roadster and Model S defined the luxury electric-car market years ahead of rivals. So far, the 65-year-old Marchionne hasn’t invested as much as some other traditional automakers in electrification or self-driving cars, favoring partnerships with companies like Google’s Waymo while focusing first on strengthening brands.
“We do it because we have to do it,” Marchionne said. While there is work to be done, the new plan for Ferrari being released in March will include hybrid cars, he said, “so going from there to an electric is easy.”
Marchionne will present Ferrari’s latest mid-term strategy early this year, his final one at the helm of the iconic Italian brand. Ferrari is targeting annual sales exceeding a self-imposed 10,000-car limit that until now has enabled it to operate under less-stringent fuel-economy rules, people familiar with the matter said in August.
The goals include doubling operating profit to about 2 billion euros ($2.35 billion) by 2022, the people said then.