Ferrari hopes to double profits by 2022 with release of its first SUV

Article by Christian A., on August 3, 2017

Fans of Ferrari should prepare themselves for the eventuality that their favorite brand will be releasing in a few years an SUV, or at the very least a “utility vehicle.”

Development of this model is underway which the brand is calling, as of now, the F16X. Bloomberg reports that this new model is projected to make its official debut in 2021, given that it is expected to play a significant role in the plan to at least double company profits by the year 2022.

This will be part of a business plan spanning five years presented by CEO Sergio Marchionne. The overall goal is to increase the yearly deliveries to above 10,000 units, the current limit. Though the actual plan will still be officially fully disclosed by 2018, there is the expectation that given the stricter environmental guidelines, more hybrid models will likely be released. In the same report by Bloomberg, Ferrari believes it can attract new wealthy customers through hybrid models. Indeed, each model to be sold beginning 2019 will come with a hybrid version.

Those familiar with Ferrari will likely be surprised considering that back in 2016, CEO Marchionne himself said that he would rather be shot that have Ferrari create an SUV. This could have changed considering that other brands are making the move. Rolls-Royce for example is excited to present the Cullinan, expected to be unveiled later in the year.

Should Ferrari decide to proceed and manufacture the F16X, it will have the same platform as that of the model that the brand plans to replace the GTC4Lusso with. A model that is said to debut sometime in 2020. Though the all-wheel-drive setup will still be there, a crossover version will be fitted with a V8 engine and matched with a hybrid setup. Price is expected to be in the range of $353,920 (€300,000). In the Chinese market alone, Ferrari is hoping to sell a total of 2,000 units.

It was back in early July of this year when rumors started that Ferrari was planning to add a crossover to its product range. U.K.-based Car Magazine was even the first to broach the idea that the model was being developed under the name F16X with plans to debut it by 2012. While this may initially appear to be a hybrid and high-riding version of the current GTC4Lusso T, this planned model will also serve to be a pioneer as it will be the first in the brand to have a five-door layout.

Car Magazine even went on to say that it will have no B-pillars and its suicide doors ensure a wide entrance. As mentioned earlier, this rumor did not really get the needed traction as most people clearly remembered the statement that CEO Marchionne made. Former Chairman Luca di Montezemolo said the same back in 2014.

Source: Bloomberg.com

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Topics: ferrari, suv, profit, sales

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