Ferrari Launches New Warranty Schemes for Hybrid Models
Luxury sports car maker Ferrari NV (RACE.US) unveiled two new warranty extension schemes on Monday aimed at owners of its hybrid models. These programs allow for the replacement of high-voltage battery packs (HVB) at specific intervals, intending to maintain the resale value and performance of their electrified vehicles.
Under the new Warranty Extension Hybrid and Power Hybrid programs, Ferrari will replace HVBs in covered cars during their eighth and 16th years. This initiative supplements Ferrari's existing five-year warranty on hybrid powertrain components.
The programs, which are transferable to subsequent owners, aim to uphold the long-term performance and excellence of hybrid Ferraris. Ferrari assures that any future battery replacements will incorporate state-of-the-art technology to maintain original performance levels.
Additionally, the schemes offer extended factory warranties covering the entire vehicle and major powertrain components. They are available in renewable packages spanning two to four years, priced at approximately 7,000 euros ($7,530) annually, according to insider sources. This coverage will extend to Ferrari's upcoming all-electric model scheduled for release next year.
Ferrari, renowned for its iconic petrol engines, entered the hybrid-electric car market in 2019 with models like the SF90 Stradale, 296 GTB, and 296 GTS. The company plans to debut its first fully electric vehicle by the end of 2025, marking a significant evolution in its product lineup.
In related financial news, congressional disclosure revealed that Rep. Tommy Tuberville sold RACE shares on January 19, 2024, with the transaction ranging from $1,000 to $15,000.
