Ferrari’s first electric vehicle will cost at least 500,000 euros (USD 535,000). The luxury carmaker is getting ready to open a plant that will produce the model, which could increase group production by up to a third.
While mass-market competitors are slashing prices on electric vehicles (EV) amid faltering demand, the Italian brand, known for its thunderous petrol engines, has stated it will launch an electric car late in 2025. The planned price demonstrates the brand’s confidence that ultra-wealthy drivers are ready for it.
The price tag, which excludes features and customisations that add an additional 15–25% to the final cost, is significantly higher than the average sale price of a Ferrari in the first quarter of 2024, which was about 350,000 euros including extras, as well as many competing luxury EVs.
Porsche’s electric Taycan, is priced starting at about 100,000 euros, in a less exclusive class.
The price of Ferrari’s first electric vehicle (EV) and the new plant, which is scheduled to open in its hometown of Maranello, northern Italy, were not addressed by the company.
With the ability to eventually increase production capacity to about 20,000 cars, the factory, also known as the “e-building,” is a bold move for the company, which in 2023 delivered fewer than 14,000 cars, according to the US News.
Risks accompany any increase in output because the brand’s exclusivity is what drives both its cachet and high prices.
Ferrari has demonstrated that it can succeed in markets outside of the two-seat sports cars and grand tourers that it has traditionally produced, with the 2022 launch of the Purosangue SUV.
“There is an increasing demand out there for Ferraris, and they have room to meet part of it without compromising exclusivity,” Fabio Caldato, a portfolio manager at AcomeA SGR, which holds Ferrari shares, said.
Another Big Change From Ferrari
The automaker will stop offering its own satellite navigation system on its future models, as per the reports. Upcoming Ferrari models, including the new Purosangue & 12Cilindri, will not feature an in-car navigation system. Customers can instead use the feature on their smartphones, with Emanuele Carando, Head of Product Marketing, Ferrari, stating that such devices offer the ‘most user-friendly” system, which is also regularly updated, making the in-car dedicated system mostly redundant. Carando further stated that since Ferrari owners don’t use their cars every day, it doesn’t make sense to keep a system they rarely use.
Carando commented, “We did this because we think the phone, and the fantastic mirroring of the phone, is the most user-friendly possibility, and [the] most updated system. Our cars are not used on an everyday basis, and we don’t want our clients to learn every time [they drive their Ferrari] what kind of system they have to use. They have [their] phone, they have their Apple and Google Maps [or] whatever. So [they are] the most useful things they can use on every car.”