Full EV ruled out until after current five-year plan

Ferrari has ruled out building an all-electric vehicle before the end of its current 2018-2022 business plan.

According to Automotive News, Sergio Marchionne, CEO of Ferrari, told the company's recent annual general meeting a fully electric model was not currently relevant to the company.

This seemingly contradicts his statement to Bloomberg at the beginning of the year, where he said "if there is an electric supercar to be built, then Ferrari will be the first".

The decision also comes despite Ferrari's 2017 annual report warning "pure electric cars may become the prevalent technology for performance sports cars thereby displacing hybrid models".

The outspoken chief, who is also the head of Fiat Chrysler, admitted to attendees the company does need to add hybrid cars to its range, but it was still debating which model would receive a petrol-electric hybrid drivetrain.

At the time of writing, Ferrari's only production hybrid models have been limited-edition vehicles, such as the LaFerrari. The company's first high volume hybrid is expected to go on sale from 2019.

While this latest news may cheer some purists, Marchionne confirmed last year Ferrari has plans to add a crossover to its range, although unlike Porsche and Lamborghini this model will reportedly be produced in limited numbers.