Sergio Marchionne, CEO of Fiat Chrysler Automobiles and boss of Italian supercar marque Ferrari, has confirmed the Prancing Horse will indeed produce a 'utility vehicle', though it will be produced in limited numbers.

In a press conference at the New York Stock Exchange this week, Marchionne said the company is "dead serious" about what it calls an "FUV" model - short for 'Ferrari Utility Vehicle'.

The new sports crossover will be the sole four-door offering in the company's line-up, though it will be produced in limited numbers to ensure it stays exclusive.

"We need to learn how to master this whole new relationship between exclusivity and scarcity of product, then we’re going to balance this desire to grow with a widening of the product portfolio," Marchionne said.

That's a different approach to companies like Bentley and Porsche, who are using SUVs like the Bentayga and Cayenne to significantly increase sales volume. Lamborghini is set to do the same with its upcoming Urus.

According to Bloomberg, Ferrari will take around 30 months to decide on the final details to do with the FUV's production - but its coming, at least, now appears confirmed.

In addition to the big news from the Prancing Horse, Marchionne played down rumours that FCA SUV subsidiary Jeep would be staying under the umbrella, following reports that China's Great Wall Motor Co. could be purchasing the iconic American brand.

"It’s incorrect to assume that FCA’s future hinges on doing a deal," he said.

Above: Ferrari GTC4 Lusso

FCA's boss did add, however, that the company would be more profitable if it combined with another automaker, though according to Bloomberg's report Marchionne said there hasn't been any offers from a partner that meets his criteria.

It's been an interesting ride over the past 12 months, with Marchionne completely backflipping on his stance regarding a Ferrari SUV. Originally the company's boss said you'd "have to shoot [him]" before such a vehicle could happen, before more recently saying it would "probably happen".

Now that the FUV has been confirmed, it's likely that it will feature a hybrid powertrain, going by recent reports that Ferrari will only sell hybrids from 2019 onwards.