By Michael Elkins
Ferrari (NYSE:RACE) Chairman John Elkann told shareholders Friday that the carmaker has a record order book for its models spanning into next year.
Elkann said the Italian company's two latest models, the 296 GTS plug-in hybrid car and the Purosangue four-seater had boosted its product portfolio, "delivering a record number of orders well into 2024".
Ferrari has promised a total of 15 new models between 2023 and 2026, including its first full-electric car, which Elkann reiterated on Friday is expected in 2025.
Chief Executive Benedetto Vigna last month welcomed the European Union's plans to allow production of cars running on e-fuels beyond a formal 2035 deadline to end ICE car production, saying e-fuels would extend the life of combustion engines.
Vigna returned to that theme during Ferrari's shareholders meeting on Friday.
"ICE still have a lot to give, and thanks to their higher energy efficiency and e-fuels, together with partners, we will develop solutions that will contribute meaningfully to decreased CO2 emissions," he said.
Investors on Friday also approved a top management remuneration package for last year.
Total remuneration for Vigna amounted to around €5 million ($5.5 million) for 2022. The figure includes around €1M in share-based long-term incentives.
Shares of RACE are up 1.07% in pre-market trading on Friday.