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Ferrari will expand its range of road vehicles, but not too much



FILE PHOTO: John Elkann, chairman of the FCA, can be seen before an event at the Bocconi University in Milan, Italy, on May 27, 2019. REUTERS / Alessandro Garofalo

PEBBLE BEACH, CA. NV ( RACE.MI ) will expand sales of light-duty Grand Touring vehicles, but will not try to outperform Porsche's annual sales volume, said Ferrari Chairman John Elkann to an audience of classic car enthusiasts, which have gathered in this business golf resort on the Pacific coast.

Elkann further affirmed that Fiat Chrysler Automobiles NV ( FCHA.MI ), of which he is chairman, continues to provide opportunities for collaboration with other automakers, but is in a position to remain independent. Fiat Chrysler proposed in May a merger with the French car maker Renault SA, but failed after the intervention of the French government and Elkann withdrew the proposed merger.

Mike Manley, CEO of Fiat Chrysler, sent the same message to Renault and other potential partners earlier this month.

Elkann visited Pebble Beach during the annual Concours d 'Elegance, where wealthy collectors admire and sell some of the rarest vintage cars in the world, and premium manufacturers present exotic new models.

Ferrari is best known for eye-catching high-performance sports cars. Fans of vintage cars like Ferraris, the more subdued GT or Grand Touring include 1960s cars, some with seats for four, the most popular models on auction blocks and enthusiast events. GT vehicles have been designed to be comfortable on longer road trips.

Elkann hinted that Ferrari would introduce a new GT type in November. Ferrari predicted that by 2022, around 40% of its total sales could be achieved with GT vehicles, up from 32% now.

Ferrari has outlined plans to increase sales by 2022 from 3.4 billion euros in 2017 to 5 billion euros (5.54 billion dollars). The company has announced plans to add a model called Purosangue to keep up with a growing inventory of sport utility vehicles with premium sports car brands like the Lamborghini Urus.

The Rival Porsche AG [PSCH.UL] a unit of Volkswagen AG ( VOWG_p.DE ), has expanded its sales to more than 250,000 sports cars and sport utility vehicles per year. Elkann said Ferrari is not aiming for Porsche's sales level.

(1 USD = 0.9018 Euro)

Reporting by Joe White; Editing by Diane Craft

Our Standards: The Thomson Reuters Trust Principles.

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