Sun. Dec 22nd, 2024

Ferrari’s First EV to Cost Over $500K: Report

Image Via Ferrari
Image Via Ferrari

Italian luxury automaker Ferrari is set to revolutionize its lineup with the introduction of its first electric vehicle, slated to cost over $500,000. According to a report by Reuters, citing a source familiar with the matter, the EV is expected to launch in late 2025, with a starting price of at least $535,000, excluding additional features and customization options that could increase the price by 15-20%.

Ferrari’s move into the electric vehicle market comes amid preparations to open a new plant in Maranello, northern Italy, which will significantly enhance the company’s production capacity. This new facility is projected to boost Ferrari’s output by up to one-third, potentially allowing the automaker to produce around 20,000 units annually, a significant increase from the under 14,000 cars delivered last year.

Image Via Ferrari

The high price tag of the upcoming EV indicates Ferrari’s confidence in the resilience of the luxury market against the backdrop of sluggish demand and falling prices for mass-market electric vehicles. The $535,000 starting price is substantially higher than the average sales price for Ferrari vehicles, which was approximately $376,000 in the first quarter of this year, and also exceeds the prices of rival luxury EVs.

Despite the risks associated with increasing production—such as potentially diluting the exclusivity of the Ferrari brand—there is an evident demand for Ferrari vehicles. The success of the Purosangue SUV, launched in 2022, demonstrated Ferrari’s capability to diversify beyond its traditional two-seat sports cars while maintaining its prestigious status.

“There is an increasing demand out there for Ferraris, and they have room to meet part of it without compromising exclusivity,” stated Fabio Caldato, a portfolio manager at AcomeA SGR, which holds Ferrari shares. He noted that waiting lists for Ferrari vehicles can exceed two years, adding, “being on the waiting list is in itself a status symbol.”

As Ferrari prepares to inaugurate its new plant on Friday, the company remains poised to meet growing demand while continuing to uphold its legacy of exclusivity and luxury. The entry into the EV market marks a significant milestone for Ferrari, blending innovation with tradition in the pursuit of automotive excellence.

Source: Reuters

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