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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Exor N.V.    EXO   NL0012059018

EXOR N.V.

(EXO)
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Exor N : Ferrari lifts the lid on convertible version of SF90 Stradale hybrid

11/12/2020 | 09:26am EST
Luxury carmaker Ferrari unveils its new model, the second to be launched this year

MILAN (Reuters) - Ferrari unveiled the SF90 Spider on Thursday, a convertible version of its SF90 Stradale hybrid and part of the Italian luxury carmaker's drive to make 60% of sales from hybrid technology by 2022.

The new car will feature the same specifications as the 4WD SF90 Stradale released last year, with a 780 horse power 8-cylinder combustion engine integrated with two front-mounted electric motors adding an extra 220 horse power, plus a retractable hard top.

One hundred kilos heavier than the Stradale, the Spider will cost 473,000 euros (424,649.53 pounds) in Italy, outpricing the 430,000 euro Stradale at the top of Ferrari's price range for series-production cars.

First deliveries are expected in the second quarter of next year, in Europe.

"We consider the SF90 our range supercar," Chief Commercial and Marketing Officer Enrico Galliera said during a web presentation.

"We don't see any competitors on the market at the moment," he said, adding the SF90 would also attract owners of powerful V12 sport cars.

As well as a top speed of 340 km per hour, the plug-in hybrid SF90 can deliver 25 kilometres of silent electric-only power, allowing drivers to leave home quietly and pass through city centres without producing emissions.

So far, the COVID-19 pandemic has not delayed Ferrari's ambitious plans to roll out new models, with the SF90 Spider coming two months after the Portofino M, a makeover of Ferrari's top selling grand tourer (GT).

It keeps a pledge to unveil two new cars this year, after a record five in 2019, including SF90 Stradale, Ferrari's first hybrid in series-production.

The SF90 Spider is the eighth new model out of the 15 Ferrari promised in its 2018-2022 plan.

The carmaker, controlled by Exor, the holding company of Italy's Agnelli family, has pledged that 60% of vehicle sales will be hybrid by 2022.

A fully-electric Ferrari car, 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.

"For the time being we don't consider electric technology suitable for Ferrari's needs, it will be for sure in the future, but not now," Galliera said

In an earnings call on Nov. 3, Camilleri said he didn't see Ferrari ever being a 100% electric carmaker. "And certainly not in my lifetime will it reach even 50%," he added.

(Reporting by Giulio Piovaccari; Editing by Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EXOR N.V. -0.96% 66.18 Delayed Quote.0.91%
FERRARI N.V. 0.17% 210.43 Delayed Quote.-8.32%
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Financials
Sales 2020 156 B 190 B 190 B
Net income 2020 973 M 1 181 M 1 181 M
Net Debt 2020 3 132 M 3 802 M 3 802 M
P/E ratio 2020 16,4x
Yield 2020 0,65%
Capitalization 15 294 M 18 538 M 18 567 M
EV / Sales 2020 0,12x
EV / Sales 2021 10,9x
Nbr of Employees 268 979
Free-Float 43,1%
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Technical analysis trends EXOR N.V.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 5
Average target price 67,58 €
Last Close Price 66,18 €
Spread / Highest target 14,8%
Spread / Average Target 2,12%
Spread / Lowest Target -9,49%
EPS Revisions
Managers and Directors
NameTitle
John Jacob Philip Elkann Chairman & Chief Executive Officer
Enrico Vellano Chief Financial Officer
Andrea Agnelli Non-Executive Director
António Mota De Sousa Horta-Osório Independent Non-Executive Director
Laurence Debroux Independent Non-Executive Director
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