MILAN (Reuters), – Ferrari (NYSE) revealed Tuesday its new 296 GTS convertible as part of its continuing electrification push.

It is the third of three Ferrari hybrid models to go into series production: the SF 90 Stradale, the SF90 Spider convertible in 2020, and last year’s 296 GTB.

The convertible 296 GTS version is equipped with a retractable top of the 296 GTB luxury car. It sells at around 300,000.

These two cars have most of the same features: a V6 6-cylinder turbo engine with a 122-KW electric motor, for an 830-horsepower total and 25-kilometers of electric-only silence.

Ferrari claimed that the Ferrari F430 can reach speeds of more than 330km/h.

Delivery of the model is expected to begin in Europe by early 2023. The price and delivery date will then be finalized.

Ferrari’s road cars were previously powered by either V8 or V12 engines, but the company is decreasing the number of V12-equipped cars it produces.

In the next months will see the release of the eagerly awaited Purosangue, aka Thoroughbred. This will mark Ferrari’s debut sport utility vehicle (SUV), and it will help the company enter a profitable segment that is dominated by direct competitors like Volkswagen (ETR)’s Lamborghini.

“I believe (the Purosangue),” Chief Executive Benedetto vigna declared last week.

Vigna is a veteran of the tech sector and took over Ferrari in September. His task was to transform a brand that has been associated with powerful combustion engines into an era of electric, silent mobility.

Ferrari is already promising its first fully-electric vehicle in 2025. Vigna stated previously that Vigna would be seeking technology partners.

On June 16, Vigna will unveil his first comprehensive business plan, which includes more details about Ferrari’s electrification strategy.

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