Ferrari banking on new entry-level Portofino

Ferrari is hoping its new entry-level super car, the Portofino, with a price tag of $234,000, will boost sales targets to 9,000 vehicles this year as much of the industry shifts its focus to electric vehicles.

The Portofino, which made its debut at the Frankfurt International Auto Show, is about expanding the brand to gradually boost profits, a posting on Bloomberg said. Deliveries of new Portofinos will begin in the first quarter next year in Europe and expand to the United States next summer.

The hard-top convertible Portofino will have a 600-horsepower V-8 engine and can reach 62 miles per hour in 3.5 seconds, the posting said.

Ferrari also unveiled the Portofino to customers recently in Portofino, Italy, as part of Ferrari's 70th anniversary celebration.

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