According to Chairman John Elkann, Ferrari has a record number of orders for its models that will be filled through the following year.

Elkann claimed that the 296 GTS plug-in hybrid vehicle and the Purosangue four-seater had expanded the Italian company’s product line and “delivered a record number of orders well into 2024.”

Between 2023 and 2026, Ferrari (NYSE:RACE) has committed to releasing a total of 15 new models, including its first fully electric vehicle, which Elkann underlined on Friday is anticipated in 2025.

While pursuing electrification, the company has said that internal combustion engine (NYSE:ICE) cars will still be part of its range for some years.

Earlier this month, Chief Executive Benedetto Vigna hailed the European Union’s decision to extend the manufacture of electric vehicles until the official 2035 cutoff date, claiming that e-fuels would prolong the life of combustion engines.

During Ferrari’s shareholders meeting on Friday, Vigna mentioned the subject again.

“ICE still have a lot to offer, and because of their improved energy efficiency and e-fuels, together with partners, we will develop solutions that will significantly lower CO2 emissions,” he said.

For its industrial and innovation strategy, Ferrari, according to Vigna, would rely on “selected partnerships,” but would continue to research and produce key parts “such as the electric engine, the battery pack, and the inverters” internally.

Investors of Ferrari, owned by the Italian Agnelli family through its investment firm Exor (OTC:EXXRF), approved senior management compensation for the previous year on Friday.

For 2022, his first full year in charge of the company, Vigna’s total compensation was close to 5 million euros ($5.5 million). The amount comprises around one million euros in long-term share-based incentives.