Ferrari presents the new industrial plan to investors and does so with many ambitious innovations: among these the two new sports cars stand out, a special and limited series of a new segment named “Icon” and inspired by the symbols of the 50s that made the Cavallino legend, and the first Maranello-branded SUV dedicated to Sergio Marchionne. It will be called Thoroughbred, it will be a hybrid vehicle and it won't be the only one, because the turn towards electric was one of the wishes of the CEO who died in July, who had made it a workhorse even in the latest FCA plan. In all, 15 new vehicles will be launched between now and 2022, a record in itself, and 60% of these will be hybrid engines.
THE NEW FINANCIAL TARGETS
“The 2018-2022 industrial plan is not only aimed at obtaining superior results in the medium term, but at continuing to realize the founder's dream. We are investing with a view to the next 10-20 years, as well as the next 5", said the new CEO Louis Camilleri, who will have the difficult task of completing Marchionne's work, capable of doubling Ferrari's profit in just four years. The ambition now is to bring turnover to nearly 5 billion over the next four years: a scenario that has so far not convinced the markets, given that after Marchionne's farewell, the Maranello stock has lost a lot of ground, despite the record profits of the first half and which is now, after an initial slide, traveling in positive territory.
Perhaps because Ferrari has partially revised its 2018 targets: 9 deliveries confirmed and net turnover at 3,4 billion, the house is aiming for a greater reduction in debt to 350 million instead of 400, and will invest 650 million instead of the 550 announced . Estimates to 2022 are slightly lower than previously announced. Ferrari expects an adjusted EBITDA between 2022 and 1,8 billion euros by 2 from the 2 billion initially estimated. Net revenues will be below €5 billion, adjusted EBIT above €1,2 billion, adjusted diluted EPS of €4,7 with free cash flow between €1,10 and €1,25 billion of Euro. Ferrari will arrive at the end of 2020 without any net industrial debt, specified the chief financial officer Antonio Picca Piccon during the presentation.
THE MONZA SP1 AND SP2 SUPERCARS
It starts again from Marchionne also in the commercial choices: the two new supercars, Monza SP 1 and SP 2 (single-seater and two-seater respectively), which will be produced in less than 500 specimens and will have higher prices than in the past (in general, the policy of the new plan is to increase prices), were strongly desired by the Italian-Canadian manager, who saw historical models in a competition of beauty for luxury cars in 2016. Despite the contrary opinion of some technicians, because barchetta-type cars, without covers and windshields, cannot be approved in all countries, Marchionne insisted and now the two jewels of the limited series Icon have been disclosed and they will be equipped with the most powerful engine ever to leave the gates of Maranello: a V12 with 810 horsepower. Translated it means that it allows you to reach 100 km per hour in 2.9 seconds. The best weight/power ratio is then guaranteed by the extensive use of carbon fibre, the same used on Formula 1 circuits. The price is still top secret, but it will be top of the range: Equita's analysts forecast a range of cost between 1,5 and 2 million euros.
THE HYBRIDS AND THE "5-DOOR" ARE COMING
In addition to Icon there will be three other segments: Gran Turismo, Sport Car and Special Series. And then, as mentioned, the great novelty of the SUV, an absolute first for the Cavallino and still in the sign of Marchionne, to whom the president John Elkann dedicated a thought at the opening of the Capital Market Day: "Anyone who knew him has a memory special: Sergio played a fundamental role in making this future possible and we will always be grateful to him for that". Purosangue will arrive at the end of the plan, in 2022, and will be a “unique vehicle that will redefine the expectations of the category, features that have never been seen before. It will be elegant, powerful, versatile, spacious, equipped with connectivity and infotainment”. The V8 hybrid engine will therefore not be the only novelty: the first car in Ferrari history with high wheels and five doors ("Ferrari will never make a four-door model", said Enzo Ferrari, and in fact the few sedans made so far had yes 4 seats but only 3 doors) it will be a 4.0 vehicle, for a wider market but that none the less it will have its own style and will have to differentiate itself from what are all the other SUV models on the market. “For me – Camilleri pointed out during the Capital Markets Day – it is impossible to bring the SUV to Ferrari. I don't want to offend anyone but the word suv is not good".
Updated at 14:04 on September 18, 2018
