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Business

Ferrari unveils modified version of Portofino bestseller

  • The new car, the first to be launched since the Italian sportscar maker temporarily shut down operations during a COVID-19 lockdown.
  • The Portofino M convertible features a redesigned powertrain, eight-speed gearbox and a five-position Manettino switch that includes a race mode.
16 Sep 2020

MILAN: Ferrari presented the Portofino M, a modified version of its top-selling Portofino gran tourer, on Wednesday, continuing a rapid rollout of new models despite the coronavirus pandemic.

The new car, the first to be launched since the Italian sportscar maker temporarily shut down operations during a COVID-19 lockdown, was unveiled online, with video presentations outlining the model's restyling and technical innovations.

The Portofino M convertible features a redesigned powertrain, eight-speed gearbox and a five-position Manettino switch that includes a race mode.

Ferrari, best known for its high performance sports cars, is now aiming to increase sales of easier-driving gran tourers (GTs), designed to be comfortable on longer road trips. It has said previously that about 40% of total sales could come from GT models by 2022, up from 32%.

Enrico Galliera, Ferrari's chief marketing and commercial officer, told a news conference deliveries of the Portofino M would start in Europe from the second quarter of next year, with a starting price of around 206,000 euros ($244,000) - just above the standard Portofino.

In August, Ferrari confirmed plans to release two new models this year despite a seven-week shutdown of plants in Italy due to the COVID-19 pandemic. More new models are expected in 2021.

After a record five new models last year - including the SF90 Stradale, Ferrari's first hybrid car in series production - the Portofino M is the seventh in a pipeline of 15 models promised in Ferrari's 2018-2022 plan.

The carmaker, controlled by Exor, the holding company of Italy's Agnelli family, has also pledged that 60% of its cars sold by 2022 would be hybrid.

A full-electric model, however, is not expected until after 2025, as the battery technology requires more development and the group needs to prepare customers more used to roaring engines than a quiet drive.