In 2024, the capital expenditure, including R&D and tooling, related to the development of our electric vehicles amounted to approximately €236 million. Given that we plan to develop our new business plan in 2025, the total expenditure for the next years is under review.

Ferrari's decarbonization strategy is aligned with the trajectory 'well below 2°C' and entails a reduction of at least 90 percent of Scope 1 and 2 (market-based method) absolute CO2eq emissions and a reduction of at least 40 percent of Scope 3 emissions per car, with respect to 2021. The strategy includes launching a full electric Ferrari by 2025 and achieving a well-diversified product portfolio by 2026, composed of 55 percent hybrid, 5 percent full electric, and 40 percent ICE in terms of the number of models. By 2030, an offering composed of 20 percent ICE, 40 percent hybrid, and 40 percent full electric is expected. The strategy reflects the principle of flexibility, as the e-building houses the production of internal combustion engines, hybrid engines, and electric motors, capable of delivering Ferrari’s signature driving thrills. Together with the electrification journey, solutions to reduce the otherwise growing emissions of raw materials mainly related to the battery module and looking into recycled aluminum are being explored. The transition to a climate-neutral economy could be slowed down by locked-in GHG emissions. For Scope 1 and 2, certain processes cannot be converted to electricity yet. For Scope 3 downstream, the locked-in emissions depend on how the market will evolve in the coming years, in particular on the share of BEVs (Battery Electric Vehicle). However, it is important to point out that the higher the share of BEVs, the harder it is to reach the target set for Scope 3 upstream. Plans are being developed to reduce emissions from downstream ICEs, and in particular, various technologies, including alternative fuels, are being evaluated.