Green petrolheads will be thrilled to learn Ferrari is poised to release a hybrid version of its celebrated Enzo model that is expected to cut fuel consumption by up to 40 per cent.

Ferrari’s chairman, Luca di Montezemolo, made the announcement earlier this week, declaring that at the end of the year the company will unveil the new Enzo, “a limited series model and our first ever hybrid car”.

The Italian manufacturer’s first foray into cleaner vehicles has been dubbed the F70 by trade press and is likely to sell at well above the €660,000 ticker price of the limited-edition Enzo.

It is the latest high performance sports brand to enter the hybrid market, after BMW announced it will produce a hybrid in 2014 and Porsche revealed it would start selling a hybrid 918 Spyder sports car alongside its current Cayenne and Panamera hybrid offerings, from early next year.

Media reports suggest the hybrid Enzo will combine two electric motors with a 12-cylinder petrol engine to produce more horsepower than any previous Ferrari, while cutting fuel consumption 40 per cent.

However, the Enzo currently emits almost 550g of CO2 per kilometre, so even a 40 per cent cut will place it well above the European average of 136g/km.

By contrast, Toyota’s latest Japanese release, the Pixis Epoch mini-vehicle, boasts emissions of just 77g/km, according to an update released this week. At a starting price of 795,000 yen (£6,190) and a top of the range four wheel drive coming in at 1,220,000 yen (£9,500), Toyota said the car had been designed for maximum fuel efficiency at a low cost.