Ferrari to Launch First Electric Vehicle in 2025 with Price Expected to Exceed 500,000 Euros
A source familiar with the matter informed Reuters that Ferrari is set to introduce its first electric vehicle in 2025, with a price tag expected to be above 500,000 euros (approximately 535,000 US dollars).
The luxury car manufacturer is gearing up to commence production of electric vehicles this Friday, June 21 in Maranello, northern Italy.
The Italian brand, renowned for its roaring gasoline engines, announced plans to unveil an electric car by the end of 2025, expressing confidence in attracting super-rich drivers to purchase the new vehicle.
In the first quarter of 2024, Ferrari’s average selling price for fuel-powered cars was around 350,000 euros (including surcharges). Electric vehicles not only surpass traditional fuel-powered cars in pricing but also exceed many competitors in the luxury electric vehicle market. For instance, Porsche’s Taycan electric car starts at approximately 100,000 euros.
Ferrari has yet to comment on the pricing of its first electric car or the new factory setup, which is set to be completed in Maranello this Friday.
According to a source who wished to remain anonymous, the move towards an electric car factory represents a bold step for Ferrari. This comes as the company delivered fewer than 14,000 cars last year, with its ultimate production capacity set at around 20,000 vehicles.
Ferrari’s launch of the Purosangue SUV in 2022 surpassed sales of its traditional two-seater sports cars and luxury touring cars.
Fabio Caldato, the investment portfolio manager at AcomeA SGR holding Ferrari shares, mentioned, “Demand for Ferrari in the market continues to grow, leaving room for them to fulfill some demand without compromising exclusivity.”
This also implies that certain models may entail a waiting period of up to two years for consumers.
“The wait time will not shorten. Being on the waiting list itself is a symbol of status,” Caldato pointed out, noting the increasing number of potential affluent customers in emerging markets like India and the Middle East.
The new factory in Maranello will provide Ferrari with an additional automobile assembly line, catering to the production of gasoline-powered cars, hybrid vehicles, and the new electric cars, including components for hybrid and electric vehicles.
Sources suggest that it will be fully operational within three to four months. Meanwhile, a second electric vehicle model is in early development stages. Ferrari intends to uphold its policy of limiting the production volume of any model, regardless of its success.