Two years ago, Sergio Marchionne dubbed the notion of a Ferrari that can run without the aggressive growl of its 12-cylinder engines “obscene.”
Today, it’s a reality.
Mr Marchionne, Ferrari’s chief executive officer, says the supercar manufacturer has been quietly - very quietly - testing a petrol-electric hybrid car “you could run silently” at a track near its headquarters in the northern Italian town of Maranello.
A video posted on YouTube last month shows a car at the Ferrari track making no sound as it accelerates from a full stop. While Ferrari has no plans to produce a full-electric car before 2022, the company is developing vehicles that will show “the full power of electrification,” Mr Marchionne said.
Next year, Ferrari will start offering the technology in a sports car, its first model that can run entirely on battery power for any significant distance. The hybrid engine will soon be an option on all new models, and from 2020 the car maker will use it as the sole drivetrain for its first 4x4, which Mr Marchionne says will be the fastest 4x4 on the market.
Mr Marchionne, long a sceptic about electric cars, is embracing hybrid technology as the shift away from combustion engines picks up speed. In his final five-year business plan for the supercar maker before he retires, to be presented in September, Mr Marchionne will set a goal of doubling profits to €2 billion (Dh9.01bn) by 2022 - and new models with unconventional engines will play a big role in reaching that target.
Analysts expect Ferrari to boost annual production to almost 15,000 cars, from 9,000 last year. The expansion will focus on attracting wealthy customers who might not buy a screaming sports car that can top 200 miles per hour but would pay more than $300,000 for a distinctive luxury ride they can take to the office or on a weekend trip to the countryside.
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McLaren pours cold water on idea of all-electric models
The UAE's fastest, largest and most luxurious SUVs
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Ferrari’s growing interest in electric motors mirrors the strategies of many of its high-performance rivals. Porsche next year plans to introduce its first all-electric sports car, a coupe called the Mission E. Aston Martin will start selling an electric version of the Rapide in 2019. And Bentley in March introduced a hybrid version of its Bentayga 4x4 and says that by 2025 all its vehicles will offer some sort of electric drivetrain.
Since 2013, Ferrari has built about 700 LaFerraris, a supercar costing as much as $2.1 million that combines a pair of electric motors with a 12-cylinder petrol engine to boost acceleration (and in a pinch can travel a few hundred meters on batteries alone). The technology, developed for Formula One racing, delivers 963 horsepower - more than any previous Ferrari model - while cutting fuel consumption by as much as 40 percent.
Mr Marchionne says the expansion beyond powerful sports cars isn’t a departure for Ferrari. The company currently sells the GT4 Lusso, a hatchback with a functional rear seat, and Mr Marchionne says he aims to expand his offerings of cars designed more for comfort than performance. Under founder Enzo Ferrari in the 1950s and 1960s, the company produced a series of so-called Grand Touring models like the 1962 Ferrari 250 GTO that fetched more than $38m at auction in 2014.
“Those are phenomenal cars,” Mr Marchionne said at the Geneva International Motor Show in March. “In the last 15 years we focused a lot more on the performance of sports cars. We need to rekindle our interest in the other side.”
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Honeymoonish
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press
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Paltan
Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
Rating: 2/5
'C'mon C'mon'
Director:Mike Mills
Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman
Rating: 4/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
Company profile
Name: GiftBag.ae
Based: Dubai
Founded: 2011
Number of employees: 4
Sector: E-commerce
Funding: Self-funded to date
Notable cricketers and political careers
- India: Kirti Azad, Navjot Sidhu and Gautam Gambhir (rumoured)
- Pakistan: Imran Khan and Shahid Afridi (rumoured)
- Sri Lanka: Arjuna Ranatunga, Sanath Jayasuriya, Tillakaratne Dilshan (rumoured)
- Bangladesh (Mashrafe Mortaza)
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
Fight card
1. Featherweight 66kg: Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg: Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg:Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg: Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg: Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg: Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg: Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg: Mostafa Radi (PAL) v Ahmed Abdelraouf of Egypt (EGY)
9. Featherweight 66kg: Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg: Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
World Cup warm up matches
May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff
May 25 England v Australia, Southampton; India v New Zealand, The Oval
May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff
May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval
May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff
More from Neighbourhood Watch:
FIGHT CARD
From 5.30pm in the following order:
Featherweight
Marcelo Pontes (BRA) v Azouz Anwar (EGY)
Catchweight 90kg
Moustafa Rashid Nada (KSA) v Imad Al Howayeck (LEB)
Welterweight
Mohammed Al Khatib (JOR) v Gimbat Ismailov (RUS)
Flyweight (women)
Lucie Bertaud (FRA) v Kelig Pinson (BEL)
Lightweight
Alexandru Chitoran (BEL) v Regelo Enumerables Jr (PHI)
Catchweight 100kg
Mohamed Ali (EGY) v Marc Vleiger (NED)
Featherweight
James Bishop (AUS) v Mark Valerio (PHI)
Welterweight
Gerson Carvalho (BRA) v Abdelghani Saber (EGY)
Middleweight
Bakhtiyar Abbasov (AZE) v Igor Litoshik (BLR)
Bantamweight:
Fabio Mello (BRA) v Mark Alcoba (PHI)
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magemedsultanov (RUS)
Bantamweight
Trent Girdham (AUS) v Jayson Margallo (PHI)
Lightweight
Usman Nurmagomedov (RUS) v Roman Golovinov (UKR)
Middleweight
Tarek Suleiman (SYR) v Steve Kennedy (AUS)
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
UAE currency: the story behind the money in your pockets
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Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
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UAE currency: the story behind the money in your pockets