Piaggio chief executive Alberto Galassi just announced that plans are finally in place for a new Ferrari jet based on the Avanti turboprop plane (above) at the European Business Aviation Conference and Exhibition (EBACE) in Geneva. Piaggio, which is partly owned by Ferrari and is licensed to use its prancing horse logo, says its shareholders in Abu Dhabi and India are backing the project but declined to release many details. "I promise you one thing, this [will be] a beautiful airplane," Galassi said. "You would not expect anything more from Italian style and Ferrari."
They're not taking orders yet, however. "Who wants to hear about a new airplane, take orders and then wait 10 years for delivery?" Galassi asked. "You don't see Ferrari announcing a new model and then spending years developing it. Ferrari designs the car, builds it and then launches it. I want us to be close to first flight and with the latest technology before we tell people about it." He also joked, "It costs the same to design an ugly aircraft as it does a beautiful one, so we have the beautiful one."[via JamesList]