Ferrari Aims To Increase Sales As Focus Shifts To Hybrids And Its Upcoming Crossover

Ferrari has presented its 2017 financial report which gives us a glimpse at what the automaker has in store for the future.

Last year was another record setter for the company as shipments climbed by 384 units which was driven by a 25.1% increase in sales of V12-powered models. This occurred despite the fact that the California T and F12berlinetta were phased out and the F12tdf finished its limited production run.

Ferrari expects the success to continue in 2018 as deliveries of the Portofino will commence in the second quarter and it will eventually be joined by the J50 which was introduced in late 2016. If everything goes according to plan, Ferrari will deliver over 9,000 units this year which would be an increase of over 600 units. Revenues are also expected to climb but capital expenditures will grow as company is focusing on expanding their lineup and adding hybrid models.

By 2022, Ferrari expects its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to nearly double to €2 ($2.4) billion. The automaker also plans to be debt free by 2021.

The report was free of major revelations but Reuters says a Ferrari hybrid will arrive in 2019. The publication also notes the company’s first crossover is expected to be launched by late 2020.

Speaking of the latter, CEO Sergio Marchionne said the crossover will have traditional Ferrari styling and be designed for “the selected few.” However, those fortunate enough to buy the model shouldn’t expect to tackle Moab as the executive confirmed it won’t be “able to climb rocks.”

Marchionne also said Ferrari was open to downsized engines and that its eventual electric vehicle will have “both sound and handling [that] are reflective of Ferrari’s heritage.” He added that current electric vehicles fall “substantially short of that.”