The Ferrari EV will be produced at the brand’s new E-building located on its Maranello campus.
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Ferrari’s inaugural electric vehicle is expected to have a starting price of no less than 500,000 euros ($535,000), according to a source familiar with the situation who spoke to Reuters. This announcement comes as the prestigious automaker prepares to inaugurate a facility dedicated to the production of this model, which has the potential to increase overall production by as much as one-third. Renowned for its powerful gasoline engines, the Italian marque has indicated that it plans to unveil its electric car by the end of next year. The anticipated pricing reflects its belief that affluent consumers are prepared to embrace this new offering, despite mass-market competitors reducing their electric vehicle prices in response to declining demand.
The price, which does not account for additional features and personalizations that generally contribute an extra 15-20 percent, significantly exceeds the average sale price of approximately 350,000 euros, inclusive of extras, for a Ferrari during the first quarter of this year, as well as for many competing luxury electric vehicles. In a more accessible market segment, the starting price for Porsche’s electric Taycan is around 100,000 euros. Ferrari has not provided a response regarding the pricing of its inaugural electric vehicle or the new manufacturing facility set to be inaugurated in its hometown of Maranello, northern Italy, on Friday. This factory, referred to as the e-building, represents a significant strategic initiative for the company, which sold fewer than 14,000 vehicles last year. It is expected to eventually enhance production capacity to approximately 20,000 units, according to a source who requested anonymity. The brand’s exclusivity is a key factor in its prestige and elevated pricing, meaning that any increase in production carries inherent risks.
Ferrari has demonstrated its capability to succeed beyond its conventional two-seat sports cars and grand tourers with the introduction of its Purosangue SUV in 2022. Fabio Caldato, a portfolio manager at AcomeA SGR, which holds shares in Ferrari, remarked, “There is a growing demand for Ferraris, and the company has the capacity to satisfy a portion of this demand without sacrificing exclusivity.” For certain models, waiting lists can extend beyond two years. Caldato further noted, “This duration is not decreasing. Being on the waiting list itself serves as a status symbol,” highlighting the rise in potential affluent customers from emerging markets, including India and the Middle East.
SECOND EV MODEL..
The newly established factory in Maranello will provide Ferrari with an additional assembly line for vehicles, enabling the production of petrol and hybrid cars, as well as the new electric vehicle (EV), along with components for hybrids and EVs. According to sources, the facility is expected to be fully operational within three to four months. Furthermore, a second EV model is currently in the early stages of development, although the company may not aim to increase its overall production to 20,000 vehicles annually in the near future. In April, CEO Benedetto Vigna informed Ferrari shareholders that the “state-of-the-art plant will ensure flexibility and technical capabilities that exceed our requirements for many years ahead.” Any potential increase in production would be accompanied by the introduction of new models, as Ferrari intends to maintain its policy of limiting output for each model, regardless of its success, as noted by the source. In contrast, rival Lamborghini is set to launch its first EV model in 2028. CEO Stephan Winkelmann emphasized to Reuters that prioritizing the right product is more crucial than being the first to market.
Mediobanca analyst Andrea Balloni anticipates that Ferrari’s new EV will carry a premium price to maintain profit margins, offsetting the costs associated with developing fully electric technology and the increased reliance on externally sourced components. “I expect the new EV to be a niche offering, representing just over 10% of annual sales,” Balloni remarked, noting that the primary Ferrari clientele still favors petrol models.
Built In-House…
The vehicle will be manufactured at Ferrari’s expansive E-building, situated just north of its Maranello headquarters. This facility encompasses approximately 450,000 square feet and is equipped with state-of-the-art technology. In a discussion with TopGear, Vigna articulated Ferrari’s rationale for the new structure, stating, “The fully electric Ferrari necessitates new technologies, components, and processes, which we aim to design, engineer, and craft here in Maranello.” While the debut of an electric Ferrari may come as a surprise, the company has a history of embracing innovation. It was among the first to implement KERS during the 2009 Formula 1 season, followed by the launch of the hybrid LaFerrari four years later, and more recently, the plug-in hybrid SF90 Stradale, demonstrating the brand’s commitment to progress.
Executives in Maranello have maintained a high level of confidentiality regarding specifics of the vehicle, indicating that further information on aspects such as powertrain configuration and performance will not be available until late next year. Vigna mentioned that Ferrari finalizes vehicle pricing just prior to their market release; however, it is anticipated that the new model may be priced around $500,000. Recently, Reuters reported that Ferrari’s inaugural electric vehicle is expected to have a starting price of at least $535,000, leaving us to await further developments.
