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Ferrari chooses powerful V12 engine for new Purosangue SUV

Ferrari chooses powerful V12 engine for new Purosangue SUV

MILAN, May 4 (Reuters) – Ferrari’s (RACE.MI) first-ever SUV, the Purosangue (Thoroughbred), will be equipped with the brand’s powerful 12-cylinder engine when launched in the coming months, Chief Executive Benedetto Vigna said Wednesday. .

“We tested several options, it was clear that for the performance and driving experience it could offer, the V12 was the right option for the market,” said Vigna.

He spoke after the company released its first quarter results showing a 12% increase in core profits as demand for its sports cars remained strong despite global political turmoil.

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“The Purosangue is the son of our tradition,” he added.

The choice to power the Purosangue with its most powerful engine marks a break from Ferrari’s recent strategy of focusing on less polluting V8 and V6 hybrid models, as in the case of the recently unveiled 296 GTS.

Vigna, a veteran of the tech industry, took charge of Ferrari last September, with the task of ushering a brand synonymous with roaring combustion engines into the new era of quieter and cleaner electric mobility.

On June 16, he will present his first comprehensive business plan for the company.

The company has already presented four hybrid models and promised a fully electric car by 2025.

Ferrari’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at 423 million euros ($445 million) for the January-March period, aided by cash advances on the Daytona SP3, one of Ferrari’s latest models. .

According to a Reuters poll, the results were in line with analysts’ expectations of EUR 425 million.

“These results were supported by a strong net order intake, which continued solidly in the first three months of the year: today the order book extends well into 2023 and most of our models are sold out,” Vigna said in a statement.

Vigna noted that 2022 was marked by “uncertainties in the geopolitical scenario”, but added that he remained “optimistic about the company’s future prospects”.

Ferrari confirmed its forecast for the year it provided three months ago, including one for an adjusted EBITDA between 1.65 and 1.70 billion euros.

Ferrari shares fell 3.7% at 1340 GMT, with focus now shifting to capital markets day next month. ($1 = 0.9496 euros)

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Reporting by Giulio Piovaccari Editing by Keith Weir

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