Back to performance roots

Photo: The Canadian Press

Ferrari is going back to its roots.

The company's new CEO Louis Camilleri unveiled Tuesday a new business plan that revives iconic models and embeds them with Formula 1 technology.

Significantly expanding Ferrari's electric-gasoline hybrid powertrain offering and affirming plans to introduce a utility vehicle that hews to the brand's performance levels, Camilleri laid out his ambitions for a he only took charge of in July following the death of long-time CEO and chairman Sergio Marchionne.

"Our objectives are ambitious, but they are based on a meticulously constructed model pipeline, our enviable pricing power and appropriate investment levels," Camilleri told investors.

Under a five-year plan, Ferrari is planning to launch an unprecedented 15 new models, and is targeting revenues of around 5 billion euros ($5.8 billion) by 2022, up from 3.4 billion euros last year. Camilleri refused to set production forecasts beyond this year's 9,000 units but made clear the automaker was targeting an expanding pool of wealthy customers for growth, especially in China.

The plan also forecasts profit margins of 38 per cent — reaching the levels of super luxury producer Hermes, a long-held goal Marchionne, who died suddenly in July before he could outline his plans for Ferrari.