Ferrari’s first electric car set to debut at over half a million dollars

Ferrari is set to make a bold move into the electric vehicle (EV) market with its first all-electric car, which will come with a starting price of over $500,000. A source close to the luxury automaker revealed this exclusive news to Reuters, highlighting Ferrari’s confidence in appealing to ultra-wealthy drivers even as many mass-market brands cut EV prices due to sluggish demand.

Scheduled for release late next year, Ferrari’s electric model shows the company’s shift from its roaring petrol engines to an electrified future. The initial price doesn’t account for additional features and personalized options, which typically add 15-20% to the final cost.

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This places the new EV well above Ferrari’s average sale price of around 350,000 euros in the first quarter of this year, and significantly higher than many rival luxury EVs. For instance, Porsche’s electric Taycan starts at around 100,000 euros.

Despite repeated requests, Ferrari declined to comment on the pricing details of its first EV or the new plant in Maranello, northern Italy, which is set to open on Friday. This state-of-the-art facility, referred to as the “e-building,” will boost Ferrari’s production capacity from under 14,000 cars last year to potentially 20,000 cars annually.

“There is an increasing demand out there for Ferraris, and they have room to meet part of it without compromising exclusivity,” said Fabio Caldato, portfolio manager at AcomeA SGR and a Ferrari shareholder. “Waiting lists for some models can top two years, and being on the waiting list is a status symbol in itself,” he added, noting the rising number of potential wealthy customers in markets like India and the Middle East.

The new Maranello factory will support the production of petrol, hybrid, and electric cars, along with components for hybrids and EVs. Expected to be fully operational in three to four months, this facility will provide Ferrari with the flexibility and technical capacity needed for future expansion. CEO Benedetto Vigna emphasized this point to shareholders in April, stating, “The state-of-the-art plant will assure us of flexibility and technical capacity in excess of our needs for years to come.”

In addition to the upcoming electric model, Ferrari is already working on a second EV, though it is in the early stages of development. The company remains committed to limiting the output of any model to maintain exclusivity. Mediobanca analyst Andrea Balloni predicts that Ferrari’s new EV will carry a high price tag to preserve margins and offset the costs associated with developing new electric technology and sourcing external parts. “I expect the new EV to be a niche model, accounting for just over 10% of annual sales,” Balloni noted, adding that core Ferrari clients still prefer petrol models.

While Ferrari pushes ahead with its electric ambitions, its rival Lamborghini plans to introduce its first EV in 2028. Lamborghini CEO Stephan Winkelmann told Reuters, “It is more important to have the right product than to be first.”