Ferrari Stocks Surge as CEO Says Company Has No Plans To Go Electric
The new Ferrari Monza drove revenue beyond Wall Street’s expectations.
Ferrari’s future is looking bright and combustion-based. The Italian marque’s shares recently jumped 7 percent, while core business revenue rose 2.6 percent thanks to the arrival of two roofless special-edition roadsters.
The Street reports that the stock price surge came after Ferrari exceeded Wall Street analyst’s third-quarter earnings expectations. The revenue growth was driven by deliveries of the single-seater Monza SP1 and dual-seat SP2, both of which are powered by Maranello’s potent 800-hp 6.5-liter V12.
While Ferrari’s most powerful road car yet is the hybrid SF90 Stradale, CEO Louis Camilleri said that the company will never make electric cars exclusively. The 65-year-old exec added that doesn’t believe that even half of the Prancing Horse fleet will be 50 percent electric “in his lifetime.”
“There should be cost savings with EVs longer-term, but they won’t be extravagant,” he said in a statement obtained by the New York Post. “We will get larger improvements from focusing on other parts of our business, including Formula 1.”
Indeed, F1’s oldest and most successful team is all but certain to finish somewhere in the middle of the pack in both the Driver’s and Constructor’s Championships by season’s end. But with more deliveries of the the SF90 Stradale and the V8-powered Roma super coupe on track to begin in late 2020, Ferrari’s road cars will likely remain a cash cow.