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CARS

Italy’s Ferrari to switch to hybrid cars by 2022

Most of the cars made by Ferrari will be hybrid petrol-electric by 2022, the Italian sports car manufacturer said on Tuesday, including its first SUV.

Italy's Ferrari to switch to hybrid cars by 2022
The Ferrari California was one of the Italian company's first hybrid cars. Photo: Philippe Desmazes/AFP

“By 2022, nearly 60 percent of the models we produce will be built around hybrid powertrains,” new CEO Louis Camilleri said at the company's Maranello headquarters.

The company known for its low-slung aerodynamic sports cars will also launch its first SUV, Purosangue, after the end of the current business plan in 2022.

Gas-guzzling Ferraris are faced with more and more anti-emission regulations around the world, as well as increasingly environmentally aware would-be owners.

Ferrari stock tumbled 8 percent in August as investors wondered if the company could stay on track for its profit targets after the death of historic boss Sergio Marchionne.

Announcing the SUV, former Philip Morris boss Camilleri said he initially abhorred the idea.

“It just does not sit well with our brand and all that it represents,” he admitted, but insisted that the new design will “redefine expectations”. 

READ ALSO: Mythical, magic, unique: Ferrari turns 70 in style


Photo: Miguel Medina/AFP
 

ECONOMY

Fiat promises no job cuts in return for state aid: report

Fiat Chrysler has agreed to the conditions laid down for a state-backed €6.3 billion euro loan, including a promise not to relocate or cut jobs, Italy's Sole 24 Ore daily said Sunday.

Fiat promises no job cuts in return for state aid: report
Robots manufactured by Comau are pictured on the assembly line of the Fiat 500 BEV Battery Electric Vehicle. Photo: AFP

The state auditor has approved the guarantee, but it still needs to be signed off on by the economy ministry, the paper said.

The request for state support on such a large loan has proved controversial, particularly with the company's corporate headquarters in Amsterdam.

FCA — which directly employs close to 55,000 people in Italy — has said the loan is essential to help the group's Italy operations and the whole industry to weather the crisis triggered by the coronavirus pandemic.

The company will commit to investing 5.2 billion euro in Italy on new and existing projects, and up to 1.2 billion euro on its 1,400 or so foreign suppliers, said Sole 24 Ore, Italy's financial newspaper.

 

FCA will also pledge not to cut any jobs before 2023.

The loan will be funded by Italy's largest commercial bank Intesa San Paolo and 80 percent guaranteed by export credit agency SACE, the daily said.

The government has said FCA would face sanctions if it failed to stick to the conditions laid down for loan. Sole 24 Ore said the fine for breaking the agreement could be in the region of 500 million euros.

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