Ferrari’s first EV won’t come cheap

Ferrari’s first electric car will probably cost at least half a million euros, an insider told Reuters recently. Currently, the Italian automaker is about to open a plant that will produce the model. The unnamed EV could boost group production by up to one-third.

Ferrari has confirmed that it will launch an electric car late next year. Having a sticker price in mind suggests confidence that some of its customers are ready for it. That’s despite falling prices and slowing demand in the mass EV market. It evidently makes a special sound that’s fit for a Ferrari.

The suggested price is before any personalisation. It’s comfortably above the average sale price of around 350,000 euros for an ICE power Ferrari. It is also more expensive than rival luxury EVs. Porsche’s electric Taycan, admittedly not an exact rival, kicks off at around the 100,000 euro mark.

Ferrari elected not to comment on the reported pricing of its first EV, or on the new plant due to open in Maranello any day now.

The factory, which is known as the e-building, is a brave move for a company that delivered just under 14,000 cars last year. Adding the EV will mean production capacity of around 20,000 units per annum, according to the insider.

While any increase in output comes with risks, Ferrari has shown with its Purosangue SUV that it can be successful expanding into new areas. It has traditionally made two-seat sports cars and grand tourers primarily.

One commentator said that there is an increasing demand globally for Ferraris. Waiting lists for some models are beyond two years. Growing numbers of wealthy individuals are coming from emerging markets like India and the Middle East. Evidently even being on the waiting list is considered enviable. 

The new factory will make petrol and hybrid cars as well as the new EV, along with components for all three. It should come online within a few months. The insider also suggested a second electric model is under development, though won’t enter production until close to 2030. 

Ferrari CEO, Benedetto Vigna, told shareholders recently that the new plant will ensure flexibility and technical capacity surplus to needs for years to come. The company will maintain its policy of keeping output for any model strictly limited, however successful, to maintain demand.

Lamborghini plans to sell a rival EV in 2028. Boss, Stephan Winkelmann, said he felt it was more important to have the right model than to be first into production.

Part of the reason Ferrari’s new EV will be so expensive is to help preserve margins, and also to offset EV development costs. Moreover, Ferrari will have to source many parts externally. 

The EV model will be niche, accounting for under 10 per cent of annual sales. Traditional Ferrari clients still prefer petrol power.