Ferrari’s first electric car reportedly to cost whopping $500K: ‘Increasing demand out there’

Ferrari’s first electric car will cost at least 500,000 euros ($535,000), a source familiar with the matter told Reuters, as the luxury automaker prepares to open a plant that will make the model – and could boost group production by up to a third.

The Italian brand, famed for its roaring petrol engines, has said it will launch an electric car late next year, and the planned price shows its confidence that ultra-wealthy drivers are ready for it, even as mass-market rivals are slashing electrical vehicle (EV) prices amid faltering demand.

The price tag, which doesn’t include features and personal touches that typically add 15-20%, is well above the average sale price of around 350,000 euros, including extras, for a Ferrari in the first quarter of this year, and many rival luxury EVs.

business, cars, tech, automotive companies, electric cars, ferrari, ferrari’s first electric car reportedly to cost whopping $500k:  ‘increasing demand out there’
5

Ferrari has said it will launch an electric car late next year, and the planned price shows its confidence that ultra-wealthy drivers are ready for it. AFP via Getty Images

In a less exclusive segment, Porsche’s electric Taycan starts at around 100,000 euros ($107,000).

Ferrari did not respond to a request for comment about the price of its first EV, or its new plant which is due to be inaugurated in its hometown of Maranello, northern Italy, on Friday.

The factory – or e-building – is a bold move for the company, which delivered fewer than 14,000 cars last year, as it will eventually allow production capacity to rise to around 20,000, the source said, speaking on condition of anonymity.

Exclusivity underpins the cachet of the brand, and also its high prices, and so any increase in output comes with risks.

However, Ferrari has shown with its Purosangue SUV, launched in 2022, that it can achieve success expanding beyond its traditional two-seat sports cars and grand tourers.

business, cars, tech, automotive companies, electric cars, ferrari, ferrari’s first electric car reportedly to cost whopping $500k:  ‘increasing demand out there’
5

Ferrari has shown with its Purosangue SUV, launched in 2022, that it can achieve success expanding beyond its traditional two-seat sports cars and grand tourers. HANDOUT via REUTERS

“There is an increasing demand out there for Ferraris, and they have room to meet part of it without compromising exclusivity,” said Fabio Caldato, a portfolio manager at AcomeA SGR, which holds Ferrari shares.

Waiting lists for some models can top two years.

“That is not getting any shorter. Being in the waiting list is in itself a status symbol,” Caldato said, noting an increase in potential wealthy customers in emerging markets, such as India and the Middle East.

business, cars, tech, automotive companies, electric cars, ferrari, ferrari’s first electric car reportedly to cost whopping $500k:  ‘increasing demand out there’
5

Waiting lists for some models can top two years. A Ferrari SF90 Stradale hybrid sports car, above. REUTERS

Second EV model

The new factory in Maranello will give Ferrari an additional vehicle assembly line, and will make petrol and hybrid cars as well as the new EV, plus components for hybrids and EVs.

It will be fully operational in three to four months, the source said.

A second EV model is also under development, the source said, adding the process was at an early stage, and that the company might not want to increase overall production to 20,000 vehicles per year, at least in the short term.

business, cars, tech, automotive companies, electric cars, ferrari, ferrari’s first electric car reportedly to cost whopping $500k:  ‘increasing demand out there’
5

A second EV model is also under development, the source said, adding the process was at an early stage. REUTERS

CEO Benedetto Vigna told 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.”

Any rise in output would come with an increase in models, as Ferrari would stick to its policy of keeping output for any model within a certain limit, however successful, the source said.

Rival Lamborghini plans to start selling its first EV model in 2028. Its CEO, Stephan Winkelmann, told Reuters it was more important to have the right product than to be first.

business, cars, tech, automotive companies, electric cars, ferrari, ferrari’s first electric car reportedly to cost whopping $500k:  ‘increasing demand out there’
5

CEO Benedetto Vigna told 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.” REUTERS

Mediobanca analyst Andrea Balloni said he expected Ferrari’s new EV would have a high price tag to help preserve margins, compensating for the development of the new fully-electric technology and the larger number of parts sourced externally.

“I expect the new EV to be a niche model, accounting for just over 10% of annual sales,” Balloni said, adding the core Ferrari client still preferred petrol models.

OTHER NEWS

43 minutes ago

Liverpool lining up 45m machine whod be their best DM since Fabinho

43 minutes ago

'Minions 3' set for June 2027 release

43 minutes ago

Inside North Korean summer camp where kids get drunk on rice vodka and perform 'weird rituals'

43 minutes ago

City loses SCA appeal in land invasions case

43 minutes ago

World number one irrelevant as Ireland’s Andy Farrell basks in Springbok victory

43 minutes ago

Kate Mall: First ASEAN-themed lifestyle, retail destination in Qatar holds Family Day event

43 minutes ago

Egypt denies rumours of Suez Canal sale for $1 trillion

43 minutes ago

Tesla Model 3 Performance Owner Tries Hyundai Ioniq 5 N

43 minutes ago

Amazon Prime Day deals are almost here. Should you take advantage of them?

43 minutes ago

Novak Djokovic is 37 and had knee surgery last month but faces Carlos Alcaraz in the Wimbledon final

43 minutes ago

Foord sits out Matildas' pre-Games loss to Canada

43 minutes ago

Vladimir Putin humiliation after Ukrainian anglers knock out drone with a fish

43 minutes ago

Listen to Roger Glover’s isolated bassline on Deep Purple’s Highway Star

43 minutes ago

Erasmus reflects on Springboks' loss: 'We can't make excuses for our first half'

43 minutes ago

The mysterious art of the casting director: ‘When you see the truth in front of you, it’s the right person’

43 minutes ago

Lakers’ Rookie Dazzles In Game One Of Las Vegas Summer League

43 minutes ago

Video: Trump supporter claims he saw a man with a RIFLE hiding on the roof just outside Trump rally and warned cops just minutes before ex-president was shot - as picture appears to show dead gunman

43 minutes ago

Singer JJ Lin pondered leaving showbiz due to negative comments online

43 minutes ago

Why Roku's Business Could Look Drastically Different in 5 Years

43 minutes ago

The tiny island that's the best place in UK to see the northern lights

43 minutes ago

Liverpool transfer boost as midfield target deemed 'no longer a priority' by Juventus

43 minutes ago

Your Love and Relationship Horoscope for July 14th, 2024

43 minutes ago

The 10 greatest, most clutch penalty takers of all time: Ronaldo, Messi, Toney…

43 minutes ago

Macron demands would-be successors put ambitions aside for sake of France

43 minutes ago

Dana White in 'complete shock' and 'sick to stomach' after Donald Trump shooting

43 minutes ago

Nothing justifies an assassination bid - but did Trump play a part in changing the rules of engagement?

43 minutes ago

AI supercharges data center energy use – straining the grid and slowing sustainability efforts

43 minutes ago

Scientists discover game-changing method to recycle solar panels using less energy: 'Paving the way to a circular economy'

43 minutes ago

Number of on-street electric car chargers installed by councils fell by more than 80 per cent last year, official figures show

43 minutes ago

Elon Musk “Fully Endorses Donald Trump For President”; Says Secret Service Must Resign

43 minutes ago

Venice nets $2.2 million in day-tripper tax pilot. Opponents say it failed to deter visitors

43 minutes ago

From pineapples to perfection: The fascinating history of Wimbledon’s trophies

43 minutes ago

Ranking every Barcelona shirt sponsor since 2010 from worst to best

43 minutes ago

How much did the Ambani wedding cost?

43 minutes ago

Money for nothing: is universal basic income about to transform society?

43 minutes ago

People are only just realising where the term 'gaslighting' really comes from

43 minutes ago

With £20k, here’s how I’d target a £15,919 passive income every year

43 minutes ago

WNBA Fan's Angle of Caitlin Clark's Unbelievable Shot vs. Mercury Goes Viral

43 minutes ago

Pakistani filmmaker Aasim Abbasi on ghost love story 'Barzakh'

43 minutes ago

Steam Users Have 2 Free Games to Claim Right Now

ALONGWALKER VIETNAM: Kênh khám phá trải nghiệm của giới trẻ, thế giới du lịch ALONGWALKER INDONESIA: Saluran untuk mengeksplorasi pengalaman para pemuda global