Ferrari Chairman John Elkann said Sunday at the annual Concours d'Elegance event in Pebble Beach, California, that Ferrari will continue to expand its grand touring (GT) lineup but not compete with the annual sales volume of sports car rival Porsche.

Ferrari had strong financial results in the second quarter of 2019, as the company recently announced its SF90 Stradale hybrid vehicle, which could be an attempt to compete with luxury electric vehicle giant Tesla. The SF90 is the fastest Ferrari ever, with 986 horsepower. 

The famed Italian automaker also released the F8 Tributo, which has classic Ferrari features. The company said that sales for the F8 Tributo were higher than expected during the second quarter. 

A new GT-type Ferarri could be unveiled as early as November.

"Five [new Ferrari models or variants] will come in 2019, which is probably the biggest effort,” Ferrari Senior Vice President of Commercial and Marketing Enrico Galliera told Australia's WhichCar in February. "It's the start of the new generation of product.”

Porsche, which has seen a sharp capacity buildup in 2019, set an initial production target of 20,000 vehicles per year. The German automaker's famed 911 model could be eclipsed in delivery by the battery-powered Taycan, as the company, like Ferrari, also attempts to compete with Tesla.

Ferrari's presence at Pebble Beach Concours d’Elegance is not surprising, as the charitable event for luxury car collectors is widely considered to be the most prestigious car show in the world. The event draws thousands of car enthusiasts and collectors to the Central California coast, with tickets running into the hundreds and thousands of dollars. In 2018, a Ferrari 250 GTO sold at RM Sotheby’s for a record $48.4 million.