Ferrari, one of the industry’s premiere exotic car manufacturers, is planning to build a battery-powered supercar to compete with Tesla at the high-end of the market.

In a recent interview with Bloomberg, Ferrari Chairman and CEO Sergio Marchionne praised Tesla and Elon Musk for what they’ve done for the industry but said that it’s now “doable by all of us.” If there is an electric supercar to be built, he added, then Ferrari will be the first.

Indeed, after being skeptical of technological advancements related to alternative power and autonomy, Marchionne said he believes the time is right for a shift in the auto industry. The executive, who plans to retire in April 2019, estimates that by 2025, fewer than half the cars sold will be powered by traditional combustion-based engines.

Tesla in November announced a new version of its Roadster that it promises will be the fastest production car ever. The car will allegedly do 0-60 mph in just 1.9 seconds, hit 100 mph in 4.2 seconds and smash the quarter mile in just 8.9 seconds en route to a top speed of more than 250 mph.

If Tesla can deliver on those numbers, the Roadster could have no equal for a long time.

Marchionne also said Ferrari will introduce its first SUV – the fastest on the market – by late 2019 or early 2020.

Unfortunately, details on Ferrari’s first electrified vehicle aren’t yet known – and likely won’t be shared anytime soon. In the interim, we have to turn to homebrew projects like this 1987 Ferrari 308 to get an idea of what an all-electric Ferrari looks like in the flesh.