Ferrari plans to significantly expand its factory in northern Italy as part of the electrification strategy it will unveil during a highly anticipated briefing next week, according to people familiar with the matter.
The automaker has snapped up space near its Maranello plant and started clearing the way for a third production line that will be dedicated to making electrified vehicles, said the people, who asked not to be identified because the information is private.
The expansion will also likely include a new battery R&D center, they said.
Ferrari will highlight the project during its June 16 capital markets day, when CEO Benedetto Vigna is expected to shed light on the automaker's EV strategy and lay out his business plan for the next four years.
The former STMicroelectronics executive was hired as Ferrari CEO in to accelerate the shift away from the 12-cylinder engines and four-figure horsepower the automaker is known for.