MILAN -- Alfa Romeo plans to revive its 8C supercar and GTV sports car in a bid to reboot the storied Italian sports car maker that has failed to meet ambitious growth targets in the past.
The Fiat Chrysler brand will also launch two news SUVs, drop diesels and focus more on China by introducing long-wheelbase variants as its seeks to increase annual sales to 400,000 by 2022.
"We know our future depends on staying true to our sports car roots," brand boss Tim Kuniskis said at FCA's capital markets day Friday to introduce the company's latest five-year business plan.
Alfa's new 8C will give the brand an "aspirational" supercar while the GTV will be a sports car that is as attainable as well as aspirational, he said.
The 8C revives the supercar Alfa built between 2007 and 2010. The 700-hp car will have a carbon fiber chassis and a twin-turbocharged mid-engine. It will accelerate from 0 to 62 mph in three seconds, Kuniskis said.
The GTV will have a 600-hp engine and seating for four people. It will feature all-wheel drive with torque vectoring.
Alfa’s future models include a compact SUV and a large SUV, expanding the SUV range to three beyond the current Stelvio. Kuniskis said it is important for Alfa to be able to "compete in two key segments where we have no presence today."
Alfa targets a 10 percent profit margin by 2022, swinging from years of losses.
- Download Alfa Romeo's presentation to investors, below.
Alfa will facelift the Giulietta compact hatchback, Giulia sedan and the Stelvio. The Giulia and Stelvio will both get long wheelbase versions for China. The Mito small hatchback, sold only in Europe, will not be replaced. Production will stop by the end of this year, union sources say.
Six out of Alfa's seven-strong 2022 lineup will have a plug-in hybrid version, with an all-electric range of more than 31 miles. Diesel engines will be discontinued.
Alfa Romeo's previous targets were never reached. The 2014-2018 plan targeted 400,000 annual vehicle sales by this year, up from 74,000 in 2013, with 8 new products. So far only two of eight new models have been launched -- the Giulia and Stelvio.
Alfa's sales were about 118,000 units in 2017, according to JATO Dynamics market researchers.