Rewrites with launch date for new electric car

By Giulio Piovaccari and Keith Weir

MILAN, Feb 4 (Reuters) - Ferrari RACE.MI is preparing the landmark launch of its first fully electric car in October, the luxury sports car maker said on Tuesday, while targeting an increase of at least 5% in revenues and core earnings this year.

Breaking its tradition for roaring petrol engines, Ferrari's much-awaited EV will be showcased at a capital markets day on Oct. 9, at the company's Maranello base in Italy, CEO Benedetto Vigna said.

That's at the very beginning of the fourth quarter, the period Ferrari has repeatedly flagged for the launch.

Vigna declined to provide details about the model, beyond saying it would be launched "in a unique and innovative way".

The EV will be one of six new models the company plans to roll out this year, Vigna said, adding its plans would not be affected by the policies of the Trump administration in the United States or by the risk of a trade war.

Ferrari started offering its wealthy clients hybrid models in 2019. Hybrids made up 51% of its car sales last year.

The Italian company on Tuesday forecast its earnings before interest, taxes, depreciation and amortisation (EBITDA) would increase to at least 2.68 billion euros ($2.77 billion) in 2025, from 2.56 billion euros in 2024.

Milan-listed shares in the company were up 7.6% at 1600 GMT.

'ROBUST GROWTH'

Demand for personal touches on cars, a strong product mix and pricing power drove a 12% increase in 2024 EBITDA.

"On these solid foundations, we expect further robust growth in 2025," Vigna said, adding this would allow Ferrari to meet one year in advance the high-end of most of its profitability targets set for 2026.

Ferrari buyers often add individual touches to their cars at extra cost, mainly relating to paint, livery and use of carbon.

They amounted to around 20% of total revenues last year, versus 19% in 2023, CFO Antonio Picca Piccon said, adding the company saw a similar level in 2025.

An increase in deliveries to U.S. clients also supported the 2024 result. But there are no plans to accelerate shipments there to try to get ahead of possible tariffs, Vigna said.

Ferrari, which last year delivered 13,752 cars, 89 more than in 2023, currently sets a cap of 10% on deliveries to China.

Vigna said China, where EVs are highly popular, could provide an opportunity for the new EV model, also due to lower taxes there than on petrol vehicles.

Any planned change to Ferrari's sales cap policy in China would be communicated at the capital markets day in October.

($1 = 0.9687 euros)

(Reporting by Giulio Piovaccari and Keith Weir. Editing by Kirsten Donovan and Mark Potter)

((giulio.piovaccari@thomsonreuters.com))