STORY: Ferrari has vowed to produce 'even more unique' cars as it speeds towards electrification.

The luxury automaker said Thursday (June 16) that electric and hybrid models should make up 80% of sales by 2030.

The Italian company also said it believed an electric engine could enhance the performance of its cars.

Ferrari faces challenges in its move towards electrification, and not just the huge costs of research and development.

Its wealthy customers are often drawn towards the roar of its powerful combustion engines.

But company chairman John Elkann brushed off fears the brand could lose its appeal.

He argued electrification would allow Ferrari to make even more desirable cars.

The firm confirmed Thursday it would unveil its first electric model in 2025.

It expects fully electric cars to make up 5% of sales that year, and 40% in 2030.

Ferrari also said it would develop and build its own electric motors, inverters and battery models at its plant in Maranello, Italy.

Global automakers have sped towards EV development in recent years, and committed more than $250 billion towards the move.

They've got little choice, with upcoming bans on fossil fuel vehicles in Europe and China.