Ferrari Sees Electric Vehicles as ‘Opportunity’, Not a Threat: CEO

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Some analysts have determined that the onset of Tesla’s Model S Plaid along with upcoming gas car bans may threaten luxury brands, but in recent weeks, one luxury automaker executive has announced that he isn’t threatened by the move towards electric vehicles (EVs).

Ferrari Chairman and acting CEO John Elkann said on Monday that the company sees electrification and the European Union’s proposed 2035 new gas car sales ban as an opportunity, rather than a barrier to the company, according to Reuters.

Referring to the 2035 target, Elkann said, “We see the regulation as welcome.” Elkann continued, “The opportunity set by electrification, electronics and other technologies that are coming available will allow us to make even more distinct and unique products. We believe that within the industry and more importantly, outside of our industry, we are going to benefit much from partnerships and joint programs.”

The news comes just a few weeks before Elkann passes the throne to one alumnus from the technology industry, Benedetto Vigna, set to happen on September 1.

Ferrari recently began partnering with the UK’s Yasa, owned by Daimler, in order to help accelerate the company’s move to electrification.

Last year, Ferrari also announced that it had no plans to introduce an all-electric lineup, as stated by former CEO Louis Camilleri.

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