Ferrari is preparing the landmark launch of its first fully electric car in October, the luxury sports car maker said on Tuesday, while targeting an increase of at least 5% in revenues and core earnings this year.

Italian luxury carmaker Ferrari on Tuesday reported that its net profit increased in the fourth quarter compared with the same period of the previous year, primarily due to growth in revenue. Ferrari reported earnings of €386 million ($399 million) for the fourth quarter,

Ferrari Chairman John Elkann stated as early as 2021 that the automaker would launch its first electric vehicle in 2025. Ferrari CEO Benedetto Vigna has now confirmed the vehicle will debut on Oct. 9 during the company’s scheduled capital markets day presentation. He also revealed the EV will be one of six new Ferraris arriving in 2025.

Luxury sports carmaker Ferrari will present its first fully-electric vehicle (EV) at its capital markets day scheduled on Oct. 9, Chief Executive Benedetto Vigna said on Tuesday.