Ferrari profits triple, but EV challenge looms

Ferrari says second-quarter profits tripled compared to this time last year.

They jumped to almost $460 million dollars, ahead of analyst forecasts.

But the supercar maker kept its targets for the year unchanged.

Now a new CEO will start work in September.

And tech industry veteran Benedetto Vigna has one big challenge in his in-box.

He has to steer a company known for its roaring engines, into the electrified era.

That task looks even more challenging after the EU proposed an effective ban on sales of new combustion-engined vehicles from 2035.

For now, Ferrari already produces some hybrid models.

But it's promised to deliver its first electric car by 2025.

Shares in the firm fell sharply after the results.

But by early afternoon they had recovered to trade less than 1% down.