Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Ferrari gives GT bestseller a makeover with new Portofino M

Stock Markets Sep 16, 2020 10:46AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. Ferrari Roma is unveiled during its first world presentation in Rome 2/2
 
RACE
-1.52%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

MILAN (Reuters) - Ferrari (NYSE:RACE) rolled out the Portofino M, a modified version of its top-selling gran tourer, on Wednesday as the Italian sportscar maker pursues a rapid turn over of new models despite the coronavirus crisis.

The new car, the first to be launched since Ferrari (MI:RACE) shut its operations for seven weeks during a COVID-19 lockdown, was launched online, with video presentations outlining its restyling and technical innovations.

The Portofino M convertible grand tourer (GT) features a redesigned powertrain, eight-speed gearbox and a five-position Manettino switch that includes a race mode.

Ferrari, best known for its high performance sportscars, is now aiming to increase sales of GTs, which are designed to be comfortable on longer road trips.

It has said previously that about 40% of total sales could come from GT models by 2022, up from 32%.

Enrico Galliera, Ferrari's chief marketing and commercial officer, told a virtual news conference that deliveries of the Portofino M would start in Europe from the second quarter of next year, with a starting price in Italy of around 206,000 euros ($244,000) - just above the standard Portofino.

After a record five new models last year - including the SF90 Stradale, Ferrari's first hybrid car in series production - the Portofino M is the seventh in a pipeline of 15 models promised in Ferrari's 2018-2022 plan.

"We're planning another launch before the end of the year and the remaining (seven) in the next two years. Despite some delays that occurred to our product development because of the closing down of the factories we're maintaining the plan as originally presented," Galliera said.

The carmaker, controlled by Exor (MI:EXOR), the holding company of Italy's Agnelli family, has also pledged that 60% of its cars sold by 2022 would be hybrid.

A full-electric model, however, is not expected until after 2025, as the battery technology requires more development and the group needs to prepare customers more used to roaring engines than a quiet drive.

($1 = 0.8436 euros)

Ferrari gives GT bestseller a makeover with new Portofino M
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Theavy Tit
Theavy Tit Sep 17, 2020 3:14PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
ខ្ញុំចង់បានឡាននេះ
Kaveh Sun
Kaveh Sun Sep 16, 2020 11:04AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Only 1% has extra 250k to buy one n they already have a similar. This may b some must have toy for them.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email