Ferrari postpones financial targets despite record orders

Ferrari already eased its target in September 2018, when Louis Camilleri was settling in as the successor to long-time leader Sergio Marchionne. Elkann has been CEO on an interim basis since Camilleri, 66, abruptly resigned in December.

Elkann, the Agnelli family scion and head of holding company Exor, said last month that Ferrari was making good progress in its search for a permanent CEO who will have the “technological capabilities” to lead the lead the company forward.

The next CEO of Ferrari will inherit a company that has been reluctant to abandon the internal combustion engine. A month before Camilleri resigned for unspecified personal reasons, he told analysts he didn’t see Ferrari ever shifting to 100 percent EVs and ruled out the company moving to 50 percent electric in his lifetime.

Elkann said during last month’s annual general meeting that Ferrari will unveil its first full-electric model in 2025.

Reuters and Bloomberg contributed to this report

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