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While many automakers have eagerly embraced electric vehicles, Ferrari has taken a more measured approach. Even luxury brands like Rolls-Royce have introduced their electric models. Although Ferrari is no stranger to electrification, with models like the LaFerrari, SF90, and 296 GTB showcasing hybrid technology, it has yet to unveil a fully electric vehicle. That is set to change next year, as the renowned Italian manufacturer is expected to launch its first electric car, priced at $535,000, according to Reuters.
In the coming months, Ferrari plans to open a new facility in Maranello dedicated to producing this upcoming electric vehicle, as reported by sources from Reuters. In 2023, the factory produced approximately 14,000 cars, but this new plant will increase the annual capacity to around 20,000 vehicles. Given the expansion of model offerings, this increased output will be essential to manage the lengthy, two-year waiting list for buyers. Despite this rise in production, Ferrari maintains that its exclusive brand image will remain intact.
“There is a growing demand for Ferraris, and they can fulfill part of it without sacrificing exclusivity,” said Fabio Caldato, a portfolio manager at AcomeA SGR, a major shareholder in Ferrari.
Notably, reports indicate that Ferrari is also in the early stages of developing a second electric vehicle. The specifics of the first EV remain unknown, making it difficult to speculate on the nature of the second. The company recently debuted its first-ever SUV, the Purosangue, suggesting that an electric vehicle could follow a similar trajectory.
An all-electric supercar would place Ferrari in a unique position within the market, as it would become the only major competitor in its league to offer such a model. While McLaren has released a hybrid, Lamborghini is developing one, and Bugatti is set to launch a hybrid soon, none currently feature pure electric performance coupes. This new electric Ferrari, priced at $535,000, will be among the most expensive in its lineup, with only the SF90 costing more.
Given the high price and the nature of its electric powertrain, this vehicle is expected to be one of Ferrari’s lower-volume offerings. Mediobanca analyst Andrea Balloni predicts that the new EV will constitute just over 10% of annual sales. Ferrari is known for capping production to uphold its exclusivity, and even with the introduction of two new electric models and the new facility, the total output will not exceed 20,000 cars each year..
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