Italian luxury carmaker Ferrari is planning to invest EUR2bn in a new technology to develop fuel-efficient high-performance engines by 2017.
This move of the carmaker is aimed at reducing its CO2 emissions amid the pressure on the entire car industry to reduce carbon footprint.
The company has completed an investment of EUR1.4bn on product development in the five years up to 2012, which includes the development of its first hybrid car, LaFerrari.
Ferrari chairman Luca di Montezemolo said that Ferrari will build the world's highest-performance and most efficient engines in the world.
"We want to build cars that have fantastic performance that stay inside the [emission] rules," Montezemolo added.
"This is about - without using electric engines and hybrid all the time - being innovative and reducing fuel consumption and emissions, while keeping the emotional pleasure of driving."
The company also claims that this investment in new engines development will enable it to introduce at least one new model every year along with special edition cars.
Over the last four years, the company reduced fuel consumption in its new models by 35% and CO2 emissions by 25%.
Besides this investment, the carmaker is planning to expand its global footprint with foray into Moroccan market in October 2013 followed by Azerbaijan market by the end of 2013.
