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Ferrari boss John Elkann embraces the future of electricity

Milan — Ferrari, Sports car Manufacturers, synonymous with roaring petrol engines, welcome the move to electric powertrains and are confident in maintaining their lead in the high-performance market. cars, the chairman said on Monday.

European Union last month with new petrol diesel cars From 2035 as part of combat measures global warming, Brings challenges to automakers with powerful engines as an important selling point.

However, Ferrari Chairman and CEO John Elkann told analysts Monday that the company, known for its “jumping horse” logo, sees technology change as an opportunity.

“I think regulation should be welcomed,” Elkann said, as Ferrari adhered to its key goals for 2021 after reporting slightly higher-than-expected core profits in the second quarter.

“The opportunities set by the electrification, electronics and other technologies that become available allow us to create even clearer and more unique products,” he said.

Elkann, descendant of Italian The Agnelli family, who dominate Ferrari through investment firm Exor, spoke a few weeks before new CEO Benedetto Vigna, a tech veteran, took command in September. 1..

One of Vigna’s jobs could be to build a new partnership in line with Ferrari’s existing partnership with Yasa in the United Kingdom. Daimler, Said Elkann, to support the transition to the electrical era.

“We believe we will benefit a lot from partnerships and collaborative programs within and, and more importantly, outside of our industry,” he said.

Ferrari promised to launch the first all-electric car In 2025.

On Monday, the company reported that Q2 adjusted core profits (EBITDA) tripled to € 386 million ($ 458 million) as shipments recovered from the pandemic. Trade-in Same time last year. This is slightly above the analyst’s average forecast of € 373 million.

Ferrari has raised its industrial free cash flow guidance this year from around € 350 million to around € 450 million, but its forecasts for net sales and adjusted core earnings (EBITDA) have not changed.

The Milan-listed stock fell 3.45% after the result. They closed 1.9%.

Citi analysts said they had good results in the second quarter, but expressed concern that earnings expectations remained unchanged, but profit margins were expected to be squeezed in the second half of the year.

Ferrari boss John Elkann embraces the future of electricity

Source link Ferrari boss John Elkann embraces the future of electricity

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