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And while the leaders of Ferrari said they were fiercely opposed not so long ago, the speech has changed radically.

Ferrari CEO Sergio Marchionne, however, confirmed Ferrari's intention of exploring the SUV and crossover market at an investor call held on 3 August.

Marchionne has repeatedly ruled out following rivals such as Volkswagen-owned Lamborghini into sport-utility vehicles (SUV).

Rumors of Ferrari considering some sort of "utility vehicle" picked up steam last month, and now, the company's Chairman has said they're true.

Ferrari has flirted with the idea of entering the increasingly-popular Formula E series, but it looks like Fiat-Chrysler will run a different brand in the motorsport.

The group has released several quarters of record earnings, helped by the launch of a number of special edition models.

The manager, who is set to leave the company in 2021, said if the carmaker ever made a utility vehicle it would be "Ferrari style" for "the selected few" and not to compete with the likes of Porsche. He claimed that Ferrari has been able to "redefine and define segments of the auto space" in the past, the report adds.

Those models, like the current US$1.5 million LaFerrari, will be equipped with an electric motor to improve performance and add horsepower, the people said. Whatever the motivation, Ferrari is determined to disrupt the SUV market.

Details of the five-year plan are set to be revealed next year as Marchionne sums up his final goals before an aimed retirement in 2021.

Designed for everyday use, the GTC4Lusso T V8 engine, located under version V12, makes a good start.

"We see volume expansion as the most positive and exciting thread to the bull case", Evercore ISI analyst George Galliers said in a note.

Of course, there is no way to confirm the rumour now but what do you think of Ferrari jumping on the SUV train as well?

Milan-listed shares in the company extended their losses after the release, with the stock down 2.7 percent by 0931 GMT.


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