Ferrari's First EV Sports Car Set to Debut at $500,000; Second Model Under Development

Ferrari is poised to launch its first electric sports car next year, priced at $500,000, as the luxury automaker gears up to meet the demand of ultra-wealthy buyers.

Ferrari's First Electric Sports Car Priced at $500,000

As the luxury carmaker gets ready to launch a factory that will produce the model—and may increase group production by as much as a third—a source familiar with the situation informed Reuters that the price of Ferrari's first electric car will be at least 500,000 euros ($535,000).

Even though mass-market competitors are cutting EV pricing due to weakening demand, the Italian brand, known for its powerful petrol engines, has announced that it will launch an electric car late next year. The projected price reflects the company's conviction that ultra-wealthy drivers are prepared for the introduction.

Not considering optional additions and amenities, which can add another 15-20% to the final cost, the price is significantly higher than the average selling price of a Ferrari in Q1 this year, which was roughly 350,000 euros, and far higher than the asking rates of many competing premium electric vehicles.

Regarding the cost of its debut electric vehicle, Ferrari remained silent when contacted for comment.

New Maranello Plant to Boost Ferrari's Production Capacity

Following that, Ferrari will inaugurate its new plant in Maranello, northern Italy, the company's hometown.

The source, who wished to remain anonymous, added that the factory, also known as an e-building, is a daring move by the company, which delivered less than 14,000 cars last year.

Per US News, the new Maranello plant will add another assembly line for Ferrari vehicles. It will produce new electric, gasoline, and hybrid cars and parts for them.

According to the source, it will completely operate in three to four months.

Second Electric Model in Early Development Stages

The insider also mentioned that the company is working on a second electric vehicle type. However, it is still in the early stages of development and may not be ready to commit to increasing annual output to 20,000 vehicles just yet.

Benedetto Vigna, CEO of Ferrari, assured Ferrari shareholders in April that the "state of the art plant will assure us of flexibility and technical capacity in excess of our needs for years to come" with this announcement.

Mediobanca analyst Andrea Balloni expects Ferrari's new EV to be expensive in terms of protecting margins due to the development of fully electric technology and the higher quantity of externally sourced parts.

Balloni stated, "I expect the new EV to be a niche model, accounting for just over 10% of annual sales," emphasizing that the core Ferrari client still favored petrol cars.

Photo: Imon Nidharia/Unsplash