Ferrari is famous worldwide for its luxury vehicles. Now though, it seems that the company might be eyeing new markets. According to reports, the Italian carmaker might start producing a so-called utility vehicle with more room than its classic models.
The new vehicle is expected to be a roomy four-seat car and its aim is to help the company expand its operations, ultimately doubling sales by 2022. This is an interesting shift in the company’s policy that has, for many years, included a conscious limit of 10,000 cars per year (usually far less). Why would any automaker limit itself? This strategy that has worked for the company for many years was to make less cars than what the customers want, hence keeping the brand’s value.
Making more than 10,000 cars a year could expose the company to new potential problems, since it will lose its “small vehicle manufacturer” status, which offers defense from certain US and European emissions and fuel-use regulations.
Back in January 2016, Sergio Marchionne – the company’s CEO who is expected to retire in 2021 – said that the automaker will remain loyal to its values and style. To the idea of boosting demand with a sport utility vehicle, Marchionne responded calmly with: “You have to shoot me first.”
Now though, we see a clear shift, at least in willingness to change.
According to reports – not official statements yet – the new vehicle could be unveiled as early as 2018. Ferrari is also expected to build more hybrid models to improve efficiency and to appeal new type of buyers.
Today, Ferrari is scheduled to report second-quarter figures. What will the data suggest and how will the market react?