Ferrari has record orders “well into” 2024, chairman says

MILAN (Reuters) -Ferrari has a record order book for its models spanning into next year, Chairman John Elkann told the sports car maker’s shareholders on Friday.

Elkann said the Italian company’s two latest models, the 296 GTS plug-in hybrid car and the Purosangue four-seater had boosted its product portfolio, “delivering a record number of orders well into 2024”.

Ferrari (NYSE:) has promised a total of 15 new models between 2023 and 2026, including its first full-electric car, which Elkann reiterated on Friday is expected in 2025.

The company has said that, while pursuing electrification, internal combustion engine (ICE (NYSE:)) cars will still be part of its range for some years.

Chief Executive Benedetto Vigna last month welcomed the European Union’s plans to allow production of cars running on e-fuels beyond a formal 2035 deadline to end ICE car production, saying e-fuels would extend the life of combustion engines.

Vigna returned to the theme during Ferrari’s shareholders meeting on Friday.

“ICE still have a lot to give, and thanks to their higher energy efficiency and e-fuels, together with partners, we will develop solutions that will contribute meaningfully to decreased CO2 emissions,” he said.

Vigna said Ferrari would leverage on “selected partnerships” for its industrial and innovation strategy, while keeping in-house the development and production of core components “such as the electric engine, the battery pack and the inverters”.

Investors in Ferrari, which is controlled by Italy’s Agnelli family through its investment company Exor (OTC:), on Friday also approved a top management remuneration package for last year.

Total remuneration for Vigna amounted to around 5 million euros ($5.5 million) for 2022, his first full year at the helm of the company. The figure includes around one million euros in share-based long-term incentives.

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