- Ferrari’s first electric car will launch late next year, starting at over $535,000.
- The base price excludes additional features and customizations, which typically add 15-20% more.
- Ferrari’s successful launch of the Purosangue SUV in 2022 demonstrates its ability to broaden appeal while maintaining its exclusive image.
- Ferrari CEO Benedetto Vigna assured shareholders of the new plant’s long-term capacity and flexibility.
Ferrari is entering the electric vehicle market with a splash, launching its first electric car late next year with a starting price of over $535,000.
Known for their powerful gas engines, this move marks a big change for the iconic Italian brand.
Sources say this price doesn’t include extra features and customizations, which usually add another 15-20% to the cost. This makes Ferrari’s EV much pricier than the average Ferrari, which sells for around $378,000, and more expensive than many luxury EVs like Porsche’s Taycan, starting at $107,000.
Despite the high price, Ferrari believes its wealthy customers will be eager to switch to electric. To support this new venture, Ferrari is opening a new manufacturing plant in Maranello, northern Italy, on Friday.
This plant, called the “e-building,” is expected to boost Ferrari’s production by up to a third, increasing output from 14,000 cars last year to around 20,000.
The new plant will start full operations in three to four months and will produce gas, hybrid, and electric cars. Ferrari’s expansion is a calculated risk, as exclusivity is key to its brand’s appeal and pricing strategy.
Fabio Caldato, a portfolio manager at AcomeA SGR, which owns Ferrari shares, believes the brand can expand without losing its exclusive image. He points to the success of Ferrari’s Purosangue SUV, launched in 2022, as proof of this ability.
“There is increasing demand for Ferraris, and they can meet some of it without compromising exclusivity,” Caldato says. He also notes a growing number of wealthy customers in emerging markets like India and the Middle East, where waiting lists for some models can be over two years.
Ferrari is also developing a second electric vehicle, though it’s still early in the process. Ferrari CEO Benedetto Vigna assured shareholders that the new plant will provide “flexibility and technical capacity” for years to come.
Ferrari plans to keep production limits for each model, ensuring exclusivity even as it ventures into the electric vehicle market. Rival Lamborghini plans to release its first EV in 2028, focusing on perfecting the product rather than being first.
Analyst Andrea Balloni expects Ferrari’s new EV to make up just over 10% of annual sales, with its high price helping to cover the costs of new technology and more externally sourced parts. “The core Ferrari client still prefers gas models,” Balloni notes, suggesting the shift to electric will be gradual.
