Ferrari CEO Vigna will reveal the electric future this week
Nine months after taking office, Ferrari CEO Benedetto Vigna is expected to explain this week how the automaker will preserve its premium cachet and prices in a future of electrified cars.
The Italian luxury sports car maker is due to unveil its highly anticipated business plan this Thursday, heading into the new era of cleaner, quieter and electric mobility.
It’s a particular challenge for Ferrari, which has built its brand over decades by perfecting the roaring, super-powerful engines that power its cars and, of course, through motorsport, particularly Formula 1; first love of founder Enzo Ferrari.
Vigna, a technology veteran with 26 years of experience in the semiconductor industry, who started at Ferrari last September, is responsible for marrying innovation and tradition.
“We should expect a clear focus on the technology transition, qualifying the key burning question as how the business will evolve in this new environment, not just in terms of the product portfolio,” said Marco Santino, partner for the automotive practice at Oliver Management Consultants. Wyman.
Ferrari has already presented four hybrid models and promised its first fully electric car in 2025
Ferrari said strategic partnerships will be key to gaining access to new technologies while controlling capital expenditure.
The company is expected to reveal relevant areas for new partnerships, which could develop on the model of an existing tie-up with Britain’s Yasa, now part of Mercedes (MBGn.DE), which provides electric propulsion technology for cars. hybrid models from Ferrari. .
The CEO said earlier this year that Ferrari would rely on partners to develop bio and synthetic fuels which could be an additional green option alongside all-electric technology.
By announcing its first sport utility vehicle (SUV), the Purosangue, for the coming months, Ferrari is also entering a lucrative market segment where rivals such as Lamborghini, part of the Volkswagen Group (VOWG_p.DE), already operate .
“A key medium-term challenge is to maintain the best profitability while supporting a unique effort in the development of new technologies and innovative solutions,” Santino said.
The F1 team – without a title since 2008 – is one area where Vigna could leave a mark
Besides core technology, Vigna has a number of other areas where it could make its mark, analysts say, including data and connectivity, intellectual property, Formula 1 motorsport performance and increased complexity. of manufacturing.
Ferrari’s lineup has grown to nine models, plus limited-edition cars, in recent years, with six-, eight-, 12-cylinder, hybrid and soon to be all-electric engines being produced.
Investors seem to be keeping the faith. Shares of the company have remained almost flat over the past 12 months, against an 18% drop for the European auto index and a 13% drop for the luxury index.
Rival Aston Martin lost nearly 70% over the same period, while shares of Tesla (TSLA.O) were among the few to outperform Ferrari. But Vigna has something to prove.
“There’s a lot to do on the next capital market day to shift the valuation metrics for a company that seems to have been on autopilot for the past few years and may need a transformation strategy,” Jefferies analysts said. (Report by Giulio Piovaccari; Additional reporting by Stefano Bernabei)