Ferrari has announced plans to stick with petrol cars alongside its push for hybrid and electric vehicles, despite Labour requiring car makers to go greener.
The move was revealed during the shareholder meeting today, with the luxury car boss reaffirming the brand's commitment to "all powertrains".
The pledge comes as the car maker gets ready to unveil its first electric vehicle later this year on October 9, which is estimated to cost at least £420,000.
But ahead of the launch, the car brand has been preparing for years for electrification, starting with Formula One powertrains.
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Ferrari is planning on unveiling its electric car in October
ICONIC AUCTIONEERSFerrari Chairman John Elkann told investors: "Electrification has been a path that we've been pursuing now for decades, starting in Formula One and then from our race cars to our sports cars. We are very excited about unveiling the Ferrari Elettrica (electric)".
The brand is known for its petrol engines, but as countries across the globe focus on reaching net zero, Ferrari has been forced to adapt.
In the UK, the Zero Emission Vehicle mandate has already pushed car manufacturers to unveil more electric vehicles, with brands needing to have at least 28 per cent of new sales electric by this year.
But earlier this month, due to the 25 per cent tariff on cars announced by US President Donald Trump, Labour decided to act.
The Government revealed that it would push forward the ZEV mandate by five years to 2030 while supporting manufacturers along the way.
Under the new measures, car makers who fail to comply with the rules will now face slightly lower penalties of £12,000 per vehicle instead of £15,000.
Other updates include allowing hybrid cars to stay on the roads until 2035 and exempting luxury cars from the mandate altogether.
Chancellor of the Exchequer, Rachel Reeves, said: "The world is changing, but we are determined to deliver for working people, protect their jobs and put more pounds in their pockets. That is why we are backing British business and investing in industries of the future, including our car manufacturers."
But before the announcement was made, Ferrari had already started selling hybrid models in 2019, with the vehicles making up 51 per cent of brand's car sales last year
Elkann explained that Ferrari was committed to "complete control" over elements of its sports cars. Ferrari planned to inaugurate its production plant of EVs in its hometown of Maranello, northern Italy.
The factory, which delivered fewer than 14,000 cars last year, will "eventually allow production capacity to rise to around 20,000," a source told Reuters.
"Now, we can also claim that all our key electric components are developed and handcrafted in Maranello," Elkann said.
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Ferrari to bring out first electric car offering later this yearICONIC AUCTIONEERS CEO Benedetto Vigna added: "Indeed, in line with our strategy, we continue to invest in all three powertrains ... to offer our clients maximum freedom of choice."
The move by Ferrari has also sparked other car brands to begin offering electric vehicles with Lamborghini, a major competitor planning to offer its first EV model by 2028.
