Ferrari to expand sales of easier-driving grand touring cars, Latest Business News - The New Paper

Ferrari to expand sales of easier-driving grand touring cars

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PEBBLE BEACH, CALIFORNIA Italian premium sports car maker Ferrari NV will expand sales of easier-driving grand touring cars, but will not try to chase rival Porsche's annual sales volume, Ferrari Chairman John Elkann told an audience of classic car enthusiasts gathered at Pebble Beach, the storied golf resort on the Pacific coast.

Mr Elkann also reiterated that Fiat Chrysler Automobiles NV, of which he is chairman, remains open to opportunities to combine with other automakers, but is positioned to remain independent. Fiat Chrysler in May proposed a merger with French automaker Renault SA, but the deal fell apart after the French government intervened and Mr Elkann withdrew the proposed merger.

Fiat Chrysler Chief Executive Mike Manley sent the same message to Renault and other would-be partners earlier this month.

Mr Elkann hinted Ferrari will unveil a new GT type car in November. Ferrari has said previously that about 40 per cent of its total sales could come from GT cars by 2022, up from 32 per cent now.

Ferrari has outlined plans to expand revenue to 5 billion euros (S$7.7 billion) by 2022 from 3.4 billion euros in 2017.

The company has said it plans to add a model called the Purosangue to compete with a growing stable of sport utility vehicles wearing premium sports car brands, such as the Lamborghini Urus.

Rival Porsche AG, a unit of Volkswagen AG, has expanded its sales to more than 250,000 sports cars and sport utility vehicles annually. Mr Elkann said Ferrari is not aiming for Porsche's level of sales. - REUTERS