Ferrari, the renowned Italian luxury sports car manufacturer, is preparing to make a significant leap into the electric vehicle (EV) market with the introduction of its first electric supercar in the fourth quarter of 2025. CEO Benedetto Vigna has expressed great optimism for this new venture, likening its potential impact to that of Ferrari’s iconic combustion-engine models.
In an interview with Bloomberg Television, Vigna outlined Ferrari’s ambitious plans, which include a new state-of-the-art manufacturing facility in Maranello, Italy. This plant will be dedicated to producing hybrid and electric supercars and is set to be showcased in late June. Additionally, Ferrari has established a laboratory focused on lithium battery cell research, demonstrating its commitment to pioneering EV technology.
Ferrari’s forthcoming electric vehicle aims to set itself apart with innovative features, including a reimagined electric motor sound, designed to evoke the brand’s traditional auditory experience. Vigna mentioned that interest in Ferrari’s first EV spans a broad age range, particularly attracting younger enthusiasts.
Despite challenges such as reduced EV demand and diminishing government subsidies in the automotive sector, Ferrari continues to display robust financial health. In May, the company reported an 11% increase in sales for the fiscal first quarter of 2024, amounting to $1.72 billion (1.585 billion euros), surpassing analysts’ forecasts of $1.71 billion (1.572 billion euros). Ferrari’s total shipments remained steady at 3,560 units, and its earnings per share (EPS) of 1.95 euros exceeded the consensus estimate of 1.85 euros.
Looking ahead to fiscal 2024, Ferrari projects net revenues to exceed 6.4 billion euros, slightly under the expected 6.56 billion euros. The company also anticipates an adjusted EPS of at least 7.50 euros, compared to an estimate of 7.77 euros. Ferrari’s stock has shown impressive growth, rising over 43% in the past year. Investors can access this growth through ETFs such as the SPDR DJ Euro STOXX 50 ETF (NYSE:FEZ) and SPDR Portfolio Developed World Ex-US ETF (NYSE:SPDW).
Meanwhile, Tesla Inc (NASDAQ:TSLA), a dominant force in the EV market, reported first-quarter deliveries and production figures of 386,810 and 433,371 units, respectively. These numbers represented a decline both year-over-year and sequentially, and fell short of analyst predictions. With Ferrari’s upcoming electric supercar, the competitive landscape in the EV market is set to become even more dynamic, promising exciting advancements for car enthusiasts and investors alike.
Shawn Henry
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