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Ferrari to offer all-electric model after 2025

The head of Ferrari NV said the automaker will not have an all-electric car model ready until after 2025, Reuters reported Dec. 12.

Ferrari CEO Louis Camilleri told reporters at one of the automaker's factories in Italy that the company needs time to further develop the battery technology, the report said.

In August, the CEO said Ferrari would offer a fully electric vehicle after 2022.

Camilleri said Dec. 12 that there are "significant issues" with electrification in terms of recharging speed and autonomy, according to Reuters.

"So eventually we will come out with one," Camilleri reportedly said. "But it's post-2025. Not in the short term."

In November, during Ferrari's third-quarter 2019 earnings call, the CEO said the company was considering making EV components in-house rather than buying them.