Back in August, Ferrari CEO Sergio Marchionne hinted that the Maranello brand may well build an SUV of some sort after all, despite having earlier ruled out the move. And now the 65-year-old has all but confirmed the latest speculation.

According to Bloomberg, Marchionne said that Ferrari was past merely considering building a utility vehicle, adding that it would take around 30 months to decide on production. He said that the vehicle would be limited to ensure exclusivity.

“We’re dead serious about this,” Marchionne told reporters, describing the model in question as an “FUV” (Ferrari Utility Vehicle) rather than SUV. Reports from July, of course, suggested Ferrari was working on project F16X, a high-riding crossover being developed alongside the next-generation GTC4Lusso.

“We need to learn how to master this whole new relationship between exclusivity and scarcity of product, then we’re going to balance this desire to grow with a widening of the product portfolio,” he explained, according to Bloomberg.

Marchionne, who is also Fiat Chrysler Automobiles CEO, went on to add that the group would not consider selling Jeep as a separate entity, shooting down reports that he was on the verge of an agreement with Great Wall Motors.