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Italian supercar maker Ferrari set to unveil 15 new models

By Sheetal Sukhija, Colorado State News
19 Sep 2018, 23:59 GMT+10

ROME, Italy - The Italian supercar maker announced its plans to unveil 15 new models, in a bid to reassure investors that the company can maintain its recent strong growth.

The company's plans, aimed at shifting to an adjusted core earnings forecast range of 1.8-2.0 billion euros by 2022, come as the company plans to exact mid-term earnings target.

The 15 new models that the brand aims to unveil will include hybrids, a utility vehicle and special editions.

Earlier, the late Ferrari boss Sergio Marchionne - rose sudden death in August jolted shareholders that were expecting him to remain until 2021 - had set the target of doubling the company's earnings to 2 billion.

Unveiling the company's five-year strategy at Ferrari's Maranello headquarters, the sports carmaker's new Chief Executive Louis Camilleri said, This is an ambitious plan, but a doable one based on a concrete, detailed framework."

The plan outlined by the current CEO's team attempted to convince shareholders on how the brand known for its racing pedigree will shift its focus to make a utility vehicle and hybrid cars and boost margins without sacrificing exclusivity.

Camilleri also announced that the company plans to launch its first SUV, Purosangue, at the end of the five-year period.

Following the announcement about the change in forecast, Ferrari's shares closed up 3.9 percent, recovering from earlier losses.

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