Ferrari aims to double profits, embrace hybrid technology and expand its product range by 2022 in an “ambitious” plan to secure the sports car maker’s future.

Sixty per cent of its models will contain hybrid technology by 2022, while the group aims to raise its earnings to €1.8bn-€2bn from €1bn and earnings margins from 30.3 per cent to “more than” 38 per cent.

Higher prices and more lucrative models will drive the increase.

Ferrari will also launch its first vehicle to compete in the luxury utility vehicle segment, although new chief executive Louis Camilleri said he “abhors” hearing the brand’s name in the same sentence as the term “SUV”.

The plan follows the death of Sergio Marchionne, the longtime Fiat chief who spun out the supercar group in a 2015 listing and had been due to lead the business until 2021, before his death in August.

“This is an ambitious plan, but a do-able one,” said Mr Camilleri, who previously caused the shares to slide after saying that the company’s €2bn 2022 target was “aspirational”.

Max Warburton, analyst at Bernstein, said the company’s assumptions about its pricing and earnings show “just how keen super-rich people are to hand money over to Ferrari”.

The company’s strategy includes revenues rising to €5bn from €3.5bn last year, with free cash flow rising from €0.33bn to €1.1bn-€1.25bn by 2022.

All of its sports car range — currently the 488, 488 Spyder and the 812 Superfast — will be hybrid by 2021, while the percentage of its models containing hybrid technology will rise after 2022.

It will continue to produce naturally aspirated V12 engines, which it will combine with hybrid technology in future models.

However, the group stopped short of announcing a pure battery car, something that an increasing number of potential competitors are targeting.

Aston Martin plans to launch two luxury electric vehicles through its Lagonda brand, while Chinese electric car start-up Lucid, which will also target the luxury segment, just raised $1bn from Saudi Arabia’s investment fund.

The Italian supercar business will grow its “gran turismo” lines to about 40 per cent of the cars it sells, as well as launching its utility vehicle, called “Purosangue” or “thoroughbred”, which will give rise to a new family of vehicles.

“We’re not following what’s out there,” said Mr Camilleri, who added he was originally sceptical about the idea but is an evangelist having seen the product plans.

The car will go on sale during 2022.

“It has to be perfect,” he added. “It will contain features that no one has seen before.”

He said the model will help tilt the balance towards China, where buyers demand higher riding vehicles, and where traditional supercars have fared less well because of road quality.

The company’s prices will rise during the plan, both to claw back the costs of added technology such as expensive hybrid systems, but also because it expects the affluence of its customer base to keep on rising.

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