CEO Benedetto Vigna said: “We have tested several options, it was clear that the V-12, for the performance and driving experience it could provide, was the right option for the market.”
He was speaking on Wednesday after the company presented its first quarter results which showed a 12 percent rise in its core earnings as demand for its sports cars remained strong despite global political turmoil.
The choice to power the Purosangue with its most powerful engine marks a break from Ferrari’s recent strategy which had focused on less polluting V-8 and V-6 hybrid models, such as in the case of the recently unveiled 296 GTS.
Asked whether the Purosangue will get other powertrains in the future, Vigna did not comment.
The Purosangue will compete with the Lamborghini Urus and the Bentley Bentayga. It will be unveiled later this year and production will begin before the end of the year. Deliveries will start next year.
The SUV is the last of 15 models included in Ferrari’s 2018-2022 product plan. Ferrari has already presented four hybrid models and promised a full-electric car for 2025.
Ferrari gave no hint of the price positioning of the Purosangue, nor sales targets. “We will keep in mind our need to preserve exclusivity,” Vigna said. “We don’t fear cannibalization of other GT models in our range, as there are different Ferraris for different customers and moments,” he said.
Ferrari delivered 3,251 cars in the quarter, up 17 percent year-on-year. Full-year sales for 2021 were a record 11,155 units.
Vigna said the production capacity of Ferrari’s plant in Maranello Italy is 15,000 to 16,000 units. Ferrari has no plans to invest to raise it, he said, again mentioning the need to preserve exclusivity.
Ferrari’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came at 423 million euros ($445 million) in the January-March period.
The result was helped by the collection of advance orders for the Daytona SP3, one of Ferrari latest models.
“These results were sustained by a strong net order intake, which continued firmly over the first three months of the year. Today the order book already covers well into 2023 and most of our models are sold out,” Vigna said.
Ferrari confirmed its forecast for the year it provided three months ago, including one for an adjusted EBITDA of between 1.65 billion and 1.70 billion euros.
Reuters and Bloomberg contributed to this report