Sportscar maker Ferrari announced Thursday that it plans to have 80% of vehicles be electric or hybrid by 2030.

Ferrari announced 15 new car launches between 2023 and 2026, with the first fully electric Ferrari planned for 2025. The Italian-based company estimates that by 2026 40% of its vehicles will have combustion engines, while 60% of cars will be electric or hybrid.

By 2030, Ferrari plans to have only 20% of its offering be combustion engine vehicles. Forty percent of the vehicles will be hybrid and the other 40% will be fully electric.

The luxury carmaker estimates that the transition to mostly hybrid and electric models will reduce the average CO2e emissions per car by 50% by 2030. Still, Ferrari plans to "keep design, performance and driving thrills always at the center of the experience behind the wheel."

Ferrari also announced that it will decarbonize all of its facilities by 2030. Currently, just 20% of the company’s offerings are hybrid cars, the first of which the carmaker launched in 2013.

CEO Benedetto Vigna, who joined the company as CEO in 2021, said that the move is partially to comply with emissions regulations.

“Most importantly, we believe we can use the electric engine to enhance the performance of our cars, as we did already with our hybrid Ferrari,” Vigna said at an analyst presentation.

The move comes as many automakers have shifted away from gas-fueled vehicles. Despite the growing popularity of electric vehicles, Tesla CEO and SpaceX founder Elon Musk predicted that many U.S. electric vehicle startups will go bankrupt unless they make significant changes.

A Ferrari worker speaks on the phone next to the Ferrari logo outside the factory, in Maranello, Italy, June 15, 2022.
A Ferrari worker speaks on the phone next to the Ferrari logo outside the factory, in Maranello, Italy, June 15, 2022. Reuters / FLAVIO LO SCALZO
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