Ferrari has become the latest automaker to announce a Le Mans Hypercar (LMH) program.

The company didn’t say much about their effort, but confirmed the program was greenlighted following careful study and analysis.

Development is already underway as the automaker has spent the past few weeks working on the car’s design as well as running simulations. If everything goes according to plan, Ferrari will enter the new top class of the FIA World Endurance Championship in 2023.

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This will be a big moment for Ferrari as 2023 marks the 50th anniversary of their last official participation in the World Sports Car Championship. Ferrari went on to say they “proactively helped to establish” the FIA World Endurance Championship and aren’t a stranger to the 24 Hours of Le Mans as they have racked up 36 victories over the years.

In a statement, Ferrari President John Elkann said “In over 70 years of racing, on tracks all over the world, we led our closed-wheel cars to victory by exploring cutting-edge technological solutions: innovations that arise from the track and make every road car produced in Maranello extraordinary. With the new Le Mans Hypercar program, Ferrari once again asserts its sporting commitment and determination to be a protagonist in the major global motorsport events.”

While Ferrari didn’t go into many specifics, they confirmed drivers and the name of the car will be revealed in future announcements.

Regardless, they’ll be competing against Scuderia Cameron Glickenhaus, Peugeot and Toyota. Aston Martin was supposed to be part of that group, but they pulled out last year.