Ferrari plans “utility vehicle” to double profit by 2022

MILAN: Ferrari NV is considering adding a roomy four-seat “utility vehicle” as part of a major expansion push beyond its traditional supercar niche in a bid to double profit by 2022, people familiar with the matter said.

The final five-year plan under CEO Sergio Marchionne, who’s set to retire in 2021, will target boosting annual deliveries beyond a self-imposed limit of 10,000 cars, which allows the company to operate with less-stringent fueleconomy rules, said the people, who asked not to be identified because the matter is private.

Under the plan, which is set to be unveiled in early 2018 and could expose the carmaker to stricter environmental regulations, Ferrari will also build more hybrid models to improve its vehicles’ efficiency and woo new wealthy buyers, the people said.


Among projects being evaluated is a four-seat family car that offers more space than Ferrari’s current two-door GTC4Lusso. The model is internally dubbed the “Ferrari utility vehicle,” following Marchionne’s previous objections to developing an SUV. The big Ferrari would be targeted at Asian customers, particularly in China, and may alone contribute 2,000 vehicles to annual deliveries, the people said.

Ferrari is studying ways to ensure its sporty style with the new car, which the manufacturer will try to market as a new industry segment rather than as another high-end SUV, fol lowing the likes of Maserati, Bent ley and Lamborghini , they sai d .