(Bloomberg) -- Ferrari NV is aiming to plump up its balance sheet with a new limited-edition, open-top version of the 1 million-euro ($1.1 million) hybrid LaFerrari sports car.
Sold out to collectors before being publicly announced on Tuesday, the LaFerrari spider draws its 963 horsepower from both electric and V12 engines and offers buyers a choice between a soft top or hard top made of carbon fiber.
The convertible lets customers tap into “the joy of al fresco driving even when at the wheel of a supercar,” Ferrari said in a statement.
Though Ferrari wouldn't say exactly how many of the cars it will make or what they will cost, based on the precedent set by the coupe LaFerrari, the convertible could generate more than 500 million euros in revenue. The Italian supercar-maker needs that boost as it seeks to appease investors after a lackluster stock market debut. The stock has traded below its $52 initial public offering price since mid-November.
The Maranello-based company, which moved its corporate registration to the Netherlands after being spun off from Fiat Chrysler Automobiles NV at the beginning of the year, is looking to boost profit via high-margin special editions. Chief Executive Officer Sergio Marchionne promoted the IPO by saying the company had the earnings potential of a luxury-goods maker. In search of growth, he is bringing out limited cars more frequently, planning special editions of each vehicle in the lineup for this September's Paris motor show. Ferrari will also display the LaFerrari spider at the French event.
After taking on debt during the spinoff, the manufacturer faces tough decisions over pouring resources into its cars, maintaining a pricey presence in Formula 1 racing and extending the brand into more high-end products.
To contact the reporter on this story: Tommaso Ebhardt in Milan at tebhardt@bloomberg.net. To contact the editors responsible for this story: Vidya Root at vroot@bloomberg.net, Naomi Kresge, Tom Lavell
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