Science & Technology
Ferrari says going electric means ‘even more unique’ cars
Electric and hybrid models should make up 80% of Ferrari’s (RACE.MI) sales by 2030, the luxury carmaker told investors on Thursday, vowing to produce “even more unique” cars as it leans on partners to make the costly shift to zero-emission driving.
“Everything we do will always focus on being distinctively Ferrari,” chairman John Elkann said as the company unveiled its new business plan. Electrification “will allow us to make even more unique cars.”
To reduce investments, Ferrari will use suppliers for components or software that are not crucial, such as an operating system, Chief Executive Benedetto Vigna said.
Like other sports carmakers, Ferrari’s challenge goes beyond just investing in electric models to deliver high performance – today’s electric vehicle (EV) batteries cannot match combustion engine sports cars’ sustained power.
Like its rivals, Ferrari also sells an emotional experience to wealthy customers centred on the throaty roar of its powerful engines. As it goes electric, Ferrari must ensure its high-net worth customers and investors are along for the ride.
Standing out in the multitude of EVs coming to market that can all accelerate quickly could be tough for the Italian carmaker, whose cars start at around 210,000 euros ($219,282.00).
In the meantime, Ferrari will unveil its first ever sport-utility vehicle – powered by its gas-guzzling trademark 12-cylinder engine – this September.
Vigna confirmed Ferrari will launch its first electric model in 2025, one of 15 new models between 2023 and 2026.
Ferrari expects fully-electric cars will make up 5% of sales in 2025 and 40% in 2030. Hybrid models should rise to 55% of sales in 2025 from 20% in 2021, before dropping to 40% in 2030.
Vigna said Ferrari would develop its own electric motors, inverters and battery modules on a new assembly line at its plant in Maranello, Italy, while outsourcing non-core components.
To save money Ferrari will not develop an operating system for EVs. In contrast, other automakers, including Tesla (TSLA.O) and Mercedes (MBGn.DE), say proprietary operating systems to run cars, manage wireless upgrades and collect data on driver habits and preferences are crucial.
“I will never build a Ferrari operating system, I would be foolish,” Vigna told investors. “You have to focus on the areas where you can be the best.”
Ferrari is working with four partners in Europe and Asia on battery components to research the next generation of high energy density solid state batteries.
Ferrari said it will invest 4.4 billion euros by 2026, while delivering core earnings of 2.5-2.7 billion euros by that year. Ferrari’s current guidance for 2022 is for adjusted core earnings of 1.65-1.70 billion euros.
The carmaker expects cumulated free cash flow of 4.6-4.9 billion euros from 2022 to 2026.
In a client note Kepler Cheuvreux analyst Thomas Besson said Ferrari’s financial forecasts sent a “clear bullish signal,” yet noted executives avoided questions about production volumes.
“But the direction is clear,” Besson wrote. “Electrification is required but will not change the DNA of the company and its products.”
Science & Technology
Ethiopian volcano erupts for first time in nearly 12,000 years
Ash from the eruption drifted across the region, spreading over Yemen, Oman, India, and parts of Pakistan.
The Hayli Gubbi volcano in Ethiopia’s Afar region has erupted for the first time in almost 12,000 years, sending massive ash plumes soaring up to 14 kilometres into the atmosphere, according to the Toulouse Volcanic Ash Advisory Centre.
The eruption began on Sunday and lasted several hours. Hayli Gubbi, located around 800 kilometres northeast of Addis Ababa near the Eritrean border, sits within the geologically active Rift Valley, where two major tectonic plates meet. The volcano rises roughly 500 metres above the surrounding landscape.
Ash from the eruption drifted across the region, spreading over Yemen, Oman, India, and parts of Pakistan. Satellite imagery and social-media videos captured a towering column of white smoke billowing into the sky.
The Smithsonian Institution’s Global Volcanism Program notes that Hayli Gubbi has no recorded eruptions during the Holocene, the period dating back about 12,000 years to the end of the last Ice Age.
Volcanologist Simon Carn of Michigan Technological University also confirmed on Bluesky that the volcano had “no record of Holocene eruptions.”
Science & Technology
Cloudflare outage easing after millions of internet users affected
A global outage at web-infrastructure firm Cloudflare began to ease on Tuesday afternoon after preventing people from accessing major internet platforms, including X and ChatGPT.
Cloudflare, whose network handles around a fifth of web traffic, said it started to investigate the internal service degradation around 6:40 a.m. ET. It has deployed a fix but some customers might still be impacted as it recovers service.
The incident marked the latest hit to major online services. An outage of Amazon’s cloud service last month caused global turmoil as thousands of popular websites and apps, including Snapchat, were inaccessible due to the disruption.
Cloudflare – whose shares were down about 5% in premarket trading – runs one of the world’s largest networks that helps websites and apps load faster and stay online by protecting them from traffic surges and cyberattacks.
The latest outage prevented users from accessing platforms such as Canva, X, and ChatGPT, prompting users to log outage reports with Downdetector.
Downdetector tracks outages by collating status reports from a number of sources. “We saw a spike in unusual traffic to one of Cloudflare’s services beginning at 11:20 UTC. That caused some traffic passing through Cloudflare’s network to experience errors,” the company said in an emailed statement.
“We are all hands on deck to make sure all traffic is served without errors.”
X and ChatGPT-creator OpenAI did not immediately respond to requests for comment. – REUTERS
Science & Technology
China sends its youngest astronaut to ‘Heavenly Palace’ space station
China’s Shenzhou-21 space rocket and its crew including the youngest member of its astronaut corps blasted off on Friday atop a Long March-2F rocket from the Jiuquan Satellite Launch Centre in northwest China, Chinese state media reported.
It was the seventh mission to the permanently inhabited Chinese space station since it was completed in 2022, Reuters reported.
Missions on China’s Shenzhou-21 spacecraft involve trios of astronauts on six-month stays in space, with veteran astronauts increasingly replaced by younger faces. First-timers Zhang Hongzhang, 39, and Wu Fei, 32 – China’s youngest astronaut to be sent to space – were picked to participate in the programme in 2020.
Commander Zhang Lu, 48, flew on the 2022 Shenzhou-15 mission.
FIRST SMALL MAMMALS ON SPACE STATION
The Shenzhou-21 astronauts will take over from the Shenzhou-20 crew who had lived and worked on board Tiangong, or “Heavenly Palace”, for more than six months. The Shenzhou-20 astronauts will return to Earth in the coming days.
The Shenzhou-21 crew were also joined by four black mice, the first small mammals to be taken to the Chinese space station. The mice will be used in experiments on reproduction in low Earth orbit.
Biannual launches have become the norm for the Shenzhou programme, which has in the past year reached new milestones with the deployment of Chinese astronauts born in the 1990s, a world-record spacewalk, and plans to train and send the first foreign astronaut, from Pakistan, to Tiangong next year.
The rapid advances have raised alarm bells in Washington, which is now racing to put a U.S. astronaut on the moon again before China does.
Both countries are also competing in nascent institution-building efforts, with the U.S.-led Artemis Accords on lunar exploration matched up against the Chinese and Russian-led International Lunar Research Station.
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