Ferrari CEO Sergio Marchionne has confirmed that the company is planning to expand by venturing into the utility vehicle business, and they also plan to increase the range of hybrid sports cars.
The new strategy from Ferrari will be unveiled in 2018, and Marchionne told Bloomberg that the company will present a five-year plan that goes from 2018-2022.
"It will probably happen but it will happen in Ferrari's style," Marchionne said in a conference call. "That space is too big and too inviting and we have a lot of our customers who will be more than willing to drive a Ferrari-branded vehicle that has that king of utilitarian objective."
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Marchionne said he believes the plan has the potential to double production for Ferrari. They are considering adding a spacious four-seat utility vehicle to double the company's profit by 2022.
Other luxury cars such as BMW, Porsche and Bentley have SUVs, but Marchionne said "you have to shoot me first" before Ferrari creates anything that mimics what those companies have done with utility vehicles.
Marchionne is expected to retire from his position in the next few years, and this plan could be his final big idea for the company. Ferrari had a successful second quarter, and this proposal could potentially see a drastic increase in profits for the company in the future.
(h/t Bloomberg)