Ferrari CEO Sees Benefit From European Union's Decision On Combustion Engines: Report

Ferrari NV RACE Chief Executive Officer Benedetto Vigna has reportedly welcomed plans to exempt cars that operate on e-fuels from the European Union's planned 2035 phase-out of new combustion engine vehicles.
The CEO said the EU's decision would give Ferrari "greater freedom on the production scheme," reported Reuters.
The automaker, known for its powerful petrol engines, is catching up through plug-in hybrid cars and plans to produce fully electric vehicles from 2025.
Ferrari's range will constitute 80% fully electric and hybrid models by 2030, with 20% of internal combustion engines.
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The report further noted that the European Union and Germany had reached a deal permitting new cars powered by combustion engines (ICE) to be sold beyond the 2035 deadline, or 2036 for so-called small-volume manufacturers like Ferrari, if they run on carbon-neutral e-fuels.
Price Action: RACE shares are trading higher by 0.17% at $265.72 on the last check Monday.
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