Ferrari accelerates its push into electric car market

Company hiring managers with a technology background as new chief executive Benedetto Vigna tries to put the iconic manufacturer on course for electrification

Ferrari has been slow to embrace batteries, with the company slating the debut of its first fully electric vehicle for 2025. 

Ferrari is revamping its organisational structure and hiring managers with a technology background as new chief executive Benedetto Vigna tries to put the iconic manufacturer on course for electrification.

Several divisions including product development, digital and data and compliance will now report directly to Mr Vigna, Ferrari said.

While the carmaker promoted several internal managers, it also hired two executives from Mr Vigna’s former employer STMicroelectronics, suggesting the CEO is turning to trusted allies to aid his turnaround.

“We want to push the boundaries further,” Mr Vigna said. “Our new organisation will enhance our agility.” 

Mr Vigna is attempting to overhaul the company that’s been slow to embrace batteries, with Ferrari slating the debut of its first fully electric vehicle for 2025. 

In contrast, Porsche’s popular Taycan has been on the road since 2019. Still, the manufacturer reported better-than-expected earnings in the third quarter, avoiding the disruption from the semiconductor shortage that hammered output elsewhere.

Mr Vigna joined in September from STMicroelectronics, where he led the chipmaker’s division that supplies key sensors used in Apple’s iPhone and carmakers’ navigation systems.

• Bloomberg