The European Union is moving ahead with a plan to phase out new vehicles with internal combustion engines by 2035 but a new deal gives life to supercar makers like Ferrari. Its CEO spoke on the deal and what it means for the future of the prancing horse brand. The future might not be purely electric after all.
Last Saturday, the EU and Germany arrived at a deal allowing new combustion engine cars after 2035. It includes a stipulation that “they fill up exclusively with CO2-neutral fuels” according to German Transport Minister Volker Wissing. Such fuels include e-kerosene, e-methane, or e-methanol.
For Ferrari, it means that the combustion engines that it’s so closely tied to might not have to go away so soon. “The good news for us as a company… is that on top of electric cars, we’ll also be able to go on with our internal combustion engines ones… This decision is very interesting for us because it allows ICEs to go beyond 2036,” said CEO Benedetto Vigna to Reuters.
More: Germany And EU Agree To Protect Internal Combustion Engines After 2035 With E-Fuels
At the same time, Ferrari isn’t going to readjust its business plan just because of the new lease on life that combustion engines might have. It’s already well into a plan surrounding the electrification of its lineup. The SF90 and the 296 GTB already leverage electric motors.
Vigna says that the shift will continue, in part, due to a desire to give customers the freedom of choice. “This does not change… We don’t want to tell clients which car to use. We want to make three kinds of propulsion available for them – hybrid, electric, and ICE – and they will choose.”
Of course, he’s also thoughtful of the financial plans of the company. Changing gears away from electrification could throw a wrench in the system. In fact, the automaker crafted its current strategy and plan with the knowledge that combustion engines could get an extended lease on life.
“The figure I gave (last year) – 4.4 billion euros ($4.7 billion) for capex in the 2022-2026 period – it’s enough for us to go ahead with electrification and also with ICEs which are compatible with e-fuels,” he said. So for now, it sounds like we’ll have melodious Ferrari engines to enjoy for at least another decade and beyond.
