Ferrari accelerates move into hybrid cars

Reuters - Ferrari presented a luxury car with a difference on Wednesday (May 29) a hybrid model that can cruise silently through city streets on electric power as well as hitting a top speed of 340 km per hour. Fitted with a 1,000 horsepower engine developed from Formula One, the new 4WD SF90 Stradale hybrid sports car was proudly displayed at the company's historic base in Maranello, near Modena, in northern Italy. As well as offering the traditional thrill of high speed and performance, the new car permits 25 km of electric-only power, allowing drivers to pass through city centres free of noise or dirty emissions. Ferrari has already made one hybrid model, the limited series LaFerrari but the SF90 Stradale will be its first to be more widely produced. The unveiling comes in the same week that former Ferrari parent Fiat Chrysler pitched a merger deal with French peer Renault in part to catch up in electric vehicles. Ferrari was spun off in 2014 and listed in 2015. The two companies share the same top shareholder, the Agnelli family's Exor holding. Hybrid power units where introduced in Formula 1 in 2014, helping to facilitate the technological transfer to Ferrari road cars. About 2,000 selected customers from all over the world have been invited to Ferrari on Thursday and Friday to view and reserve the new car, which will be delivered within 12 months. Its price will be announced this week. Ferrari said last year it planned 15 new models, including hybrids, a utility vehicle and special editions, in its drive to hit mid-term earnings target.