Sergio Marchionne, CEO of the Italian luxury sports car manufacturer Ferrari, has announced that the brand is set to build its first ever SUV.
At the new York Stock exchange during the week, Marchionne spoke to journalists about the company. He said that they would take 30 months to study and look at production, and said that the new Ferrari may be called an "FUV", or a "Ferrari Utility Vehicle".
Many have speculated over the development of Ferrari's car to be similar to Porsche's introduction of the Cayenne, which brought profit to the manufacturer. This falls in line with competitors Lamborghini and Aston Martin and their development of luxury SUVs Urus and DXB concept, respectively.
The closet model that Ferrari has to an SUV is currently the FF model, which has four seats and a four wheel drive. The brand is also looking into a way of keeping the SUV model limited in production for its clientele.
In a recent interview, Marchionne stated: “We’re dead serious about this. We need to learn how to master this whole new relationship between exclusivity and scarcity of product, then we’re going to balance this desire to grow with a widening of the product portfolio."
This raises an important point. Contrary to other luxury manufacturers such as Bentley and Porsche, companies that have used the SUVs as a strategy to balloon global production and sales, Marchionne indicated Ferrari's SUV strategy would still be based on that of exclusivity; maintaining that it is important to have more orders than production availability.
That said, the FUV would mark a significant change in Ferrari's philosophy. Whether the four door vehicle will prove to the the beginning of a fresh product category for the brand largely remains to be seen.