Ferrari Might Finally Sell an Expensive SUV in Bid to Double Profits by 2022

Ferrari is looking to boost profit.

Author:: Lisa Botter
Publish date:: Aug 1, 2017 6:12 AM EDT

Ferrari NV (RACE) - Get Report shares gained in Tuesday morning trading on reports that it was considering a push into utility vehicles.

Shares in the sports car maker were up 2.36% in Italy at 11:39 CET, changing hands at €91.15 and extending a 31.7% gain in the past three months. Ferrari's New York listing was a top gainer in premarket trading, up 2% and set open at $107.30.

The Stoxx Europe 600 Automobiles & Parts index was up 0.42% on the day. The index has gained 13.89% over the past year.

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Ferrari is said to be considering the addition of a four-seat "utility vehicle", according to reports from Bloomberg, in a bid to double profit by 2022.

The sources said the family car would be targeted to Asian customers, especially in China and could contribute 2,000 cars to annual deliveries. The new car is expected to be sold from 2021.

The supercar maker's CEO Sergio Marchionne is said to be finalizing a five-year plan, unnamed sources told Bloomberg, which would see it target deliveries beyond its self-imposed limit of 10,000 cars. Pushing beyond the 10,000 car limit would mean it would lost its "small vehicle manufacturer" status, which protects it from some U.S. and European fuel-use and emissions rules.

The plan could also see Ferrari build more hybrid cats to improve vehicle's efficiency.

The company reports earnings on Wednesday, with analysts expecting an increase in earnings of 14% to at least €1 billion ($1.18 billion).

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