Ferrari chief executive Louis Camilleri is under pressure to achieve the lofty targets set by Sergio Marchionne before his death, Autonews reports.
Camilleri took the top position at Ferrari in July after Marchionne fell ill following surgery. The industry veteran would later die a few days later. Shortly afterwards, shares in Ferrari fell by more than 8 per cent when Camilleri said Marchionne’s financial targets were “aspirational,” suggesting that they may not be achievable.
Marchionne pledged to double core earnings to 2 billion euros ($2.3 billion) by 2022 and introduce the Italian automaker’s first SUV.
“Investors want to hear whether Ferrari confirms the 2-billion-euro figure, which was already seen as ambitious and now somewhat put in question by the new CEO and how they plan to expand the portfolio, including an SUV,” general manager at investment fund Investitori, Emanuele Vizzini said.
Ferrari’s value has doubled since it was taken public in 2015 under Marchionne’s leadership and is in very strong health, easing pressure on Camilleri. However, the company does have some challenges ahead, especially as emissions rules tighten around the world, forcing Ferrari to adopt hybrid and electric technologies throughout its range.
Additionally, many Ferrari enthusiasts remain on the fence about the marque’s promised SUV. Some are doubtful that such a vehicle will prove a raging success while others assert that it will likely follow in the footsteps of the Lamborghini Urus, Rolls-Royce Cullinan, and Bentley Bentayga and be well-received by wealthy customers.
However, the Ferrari SUV turns out, Camilleri will be under constant scrutiny to ensure the car manufacturer and lifestyle brand takes no backwards steps.