Ferrari’s first electric car to cost over $500,000, source says

According to a Reuters source, the cost of Ferrari’s inaugural electric vehicle will start at 500,000 euros ($535,000), significantly surpassing the average sale price of approximately 350,000 euros for a Ferrari in Q1-2024, as well as rival luxury electric vehicles.
Ferrari’s entry into the electric vehicle market has been highly anticipated, and recent reports suggest that its first electric car will come with a hefty price tag of over $500,000. This move marks a significant step for Ferrari, known for its high-performance gasoline-powered vehicles. As the automotive industry shifts towards electric mobility, Ferrari aims to blend its iconic design and engineering prowess with cutting-edge electric technology.
Porsche Taycan and Ferrari’s EV Plans
Porsche’s electric Taycan enters a less exclusive market with a starting price of around 100,000 euros. Meanwhile, Ferrari has yet to comment on the pricing of its inaugural electric vehicle, which will be unveiled this week at the inauguration of its new Maranello plant.
The new facility dubbed the “e-building,” represents a significant expansion for Ferrari, aiming to increase production capacity from under 14,000 to around 20,000 vehicles annually. Despite the move towards higher output, Ferrari remains committed to maintaining its exclusive appeal, a cornerstone of its brand identity and pricing strategy.
The company’s expansion beyond traditional sports cars and grand tourers, exemplified by the Purosangue SUV launched in 2022, reflects its strategy to meet increasing demand without compromising exclusivity. According to Fabio Caldato of AcomeA SGR, Ferrari’s waiting lists for specific models remain prestigious status symbols, with growing interest from affluent markets like India and the Middle East.
Ferrari’s new Maranello factory will produce its first electric vehicle, as well as petrol and hybrid cars and components for hybrids and EVs. Plans for a second electric model are underway, with CEO Benedetto Vigna emphasizing the plant’s state-of-the-art capabilities and flexibility.
In contrast, rival Lamborghini aims to debut its first EV in 2028, prioritizing product perfection over speed to market. Analyst Andrea Balloni anticipates Ferrari’s new EV will maintain a high price point, safeguarding profit margins amid the transition to fully electric technology and increased reliance on external parts. He estimates the EV will constitute a niche segment, representing slightly over 10% of Ferrari’s annual sales, as the core clientele continues to favor traditional petrol-powered models.
Ferrari’s Production Expansion and Brand Exclusivity
Once operational, a new plant will boost Ferrari’s production capacity to around 20,000 vehicles, up from under 14,000 delivered last year.
The prospect of increased production poses risks to Ferrari’s exclusive brand image. However, the success of the 2022 Purosangue SUV demonstrates Ferrari’s ability to diversify beyond its traditional two-seat sports cars.
“There is increasing demand for Ferraris, and they can meet some of it without compromising exclusivity,” said Fabio Caldato, a portfolio manager at AcomeA SGR, which holds Ferrari shares, in a statement to Reuters.
Waiting lists for certain Ferrari models can exceed two years. Caldato notes that “being on the waiting list is itself a status symbol” and anticipates no decline in demand.
Ferrari Expands Production Capacity Amidst Pursuit of Exclusivity
Ferrari is set to inaugurate its new plant this Friday in Maranello, Italy. The company aims to increase production capacity to around 20,000 vehicles annually, up from under 14,000 delivered last year.
While scaling up production could potentially dilute Ferrari’s exclusive brand image, the luxury automaker has successfully diversified previously with its 2022 launch of the Purosangue SUV, signaling its ability to expand beyond traditional two-seat sports cars.
“There is a growing demand for Ferraris, and they can satisfy some of it without compromising exclusivity,” stated Fabio Caldato, a portfolio manager at AcomeA SGR, which holds Ferrari shares, in comments to Reuters.
Waiting lists for select Ferrari models extend beyond two years, highlighting their enduring status as coveted items.
Ferrari’s new Maranello factory will house additional assembly lines for gasoline-powered and hybrid vehicles and components for hybrids and electric vehicles (EVs). Reuters reported the plant is expected to achieve full operational status within three to four months. Discussions are also underway regarding a second EV model, although Ferrari may initially refrain from increasing overall production to 20,000 vehicles annually.
The upcoming Ferrari EV follows the 2019 launch of the SF90 Stradale, the brand’s first plug-in hybrid sports car, integrating an internal combustion engine with two electric motors.
Frequently Asked Question
What is the estimated cost of Ferrari’s first electric car?
According to Reuters, a reliable source says Ferrari’s inaugural electric vehicle is expected to start at over $500,000.
When will Ferrari launch its first electric car?
Ferrari plans to introduce its first electric car late next year, marking a significant shift for the luxury automaker renowned for its high-performance petrol engines.
Where will Ferrari manufacture its electric vehicles?
Ferrari’s electric car production will be centered at a new plant in Maranello, Italy, and it is scheduled to commence operations shortly.
How does Ferrari’s electric car pricing compare to that of its other models?
The reported starting price for Ferrari’s electric car significantly exceeds the average sale price of around €350,000 for its models in the first quarter of 2024, highlighting its positioning in the luxury electric vehicle market.
What are the implications of Ferrari’s move into electric vehicles?
Ferrari’s venture into electric vehicles underscores its confidence in catering to affluent drivers’ evolving preferences amid increasing competition and a changing automotive landscape focused on sustainability and innovation.
Conclusion
Ferrari’s decision to launch its first electric car with a starting price exceeding $500,000 represents a bold step into the luxury electric vehicle market. Set to debut next year and produced at a new facility in Maranello, Italy, this move reflects Ferrari’s adaptation to evolving consumer demands and environmental considerations. Despite potential risks to its exclusivity, Ferrari’s expansion into electric vehicles underscores its commitment to innovation while maintaining its prestigious brand identity in the automotive industry.