Ferrari SUV now inevitable

Ferrari CEO Sergio Marchionne has admitted publicly for the first time that a Ferrari-badged SUV "will probably happen".

He made the comments during a press conference announcing Ferrari's second quarter results, which detailed a 24 per cent growth in profits.

Marchionne was quick to add that, despite an SUV now being inevitable, any large 4x4 would "happen in Ferrari style".

He admitted the reason behind the change of heart was simply the profits associated with large expensive luxury SUVs.

"That space is too big and too inviting and we have a lot of our customers who will be more than willing to drive a Ferrari-branded vehicle that has that kind of utilitarian objective," Marchionne explained.

Announcing that Ferrari's manufacturing plant in Maranello, Italy, had the potential to double the volume of cars it currently makes, Marchionne hinted the all-new SUV would be key to helping the sports car maker double its profits by 2022.

As well as financial rewards, the SUV would help Ferrari rapidly ramp up the number of vehicles it makes.

This year, Ferrari expects to make around 8400 cars and the addition of an SUV could see this number more than double, to a figure far beyond Marchionne's previously self-imposed limit of 10,000 cars per year.

Bur, according to some commentators, any hike in volume would jeopardise the brand's exclusivity.

While Ferrari claims "no decision" had been made, it's thought the SUV is under development to meet demand (and pressure) mostly from wealthy Chinese buyers who are eagerly snapping up the recently-launched Bentley Bentayga and placing orders for the forthcoming Lamborghini Urus.

Despite the new SUV rivals, Marchionne challenged journalists to "shoot me first" if Ferrari creates a direct competitor for the Bentayga or Porsche Cayenne, insisting that any Ferrari SUV would be radically different from those models.

Further justifying the decision to make an SUV, Marchionne, speaking to news agency Reuters, pointed to the recent success of the V8 turbo-powered GTC4LUSSO T as proof buyers were now seeking more useable Ferrari models.

"There are more people that would buy non-extreme versions of Ferrari than those that will buy extreme versions," Marchionne said. He added that non-extreme Ferraris should not be interpreted as compromising on price.

As well as being less extreme in performance than some Ferraris, Marchionne told Reuters that the Prancing Horse's SUV would also trade off-road ability for "Ferrari style" and would not win a reputation for "being able to climb rocks".

The announcement of an SUV saw Ferrari's share prices rally on the stock market.