Ferrari CEO Benedetto Vigna unveils the company’s new long term strategy, in Maranello

MILAN (Reuters) – Luxury sports car maker Ferrari on Monday announced two new warranty extension schemes allowing owners of its hybrid models to have the batteries of their vehicles replaced at given times.

The move aims to help owners preserve the resale value of their Ferraris as batteries, which tend to lose efficiency over time, become central to the value of electrified cars.

As part of its new Warranty Extension Hybrid and Power Hybrid programs Ferrari will replace the high-voltage battery packs (HVB) of the cars covered in their eighth and 16th year of life, the company said in a statement.

Ferrari already offers a five-year warranty on their hybrid powertrain parts.

The two programs, which will transfer to any subsequent owner, are aimed to “preserve the performance and excellence” of hybrid Ferraris over time, the company said.

“In case of future developments in battery technology, the replacement HVB will be a new, state-of-the-art component that will ensure the same performance as the original one,” it said.

The programs, which also offer forms of extended factory warranty on the entire cars and on their major powertrain components, can be purchased in packages renewable for two to four years.

They cost around 7,000 euros ($7,530) a year, a source close to the matter said, adding they will also apply to Ferrari’s new all-electric model due next year.

The Italian automaker, famed for its roaring petrol engines, has been selling hybrid-electric cars since 2019, including the SF90 Stradale and the 296 GTB and 296 GTS. It has promised its first, fully electric vehicle at the end of 2025.

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(Reporting by Giulio Piovaccari; editing by Jason Neely)