Ferrari recently shared details about its first electric car that will cost more than €500,000. On Thursday, June 19, 2024, the company made the announcement during Capital Markets Day at its headquarters in Maranello, Italy.
Ferrari’s battery-electric supercar will be launched in 2025. This car will set the standard for all future electric vehicles of the company. CEO Benedetto Vigna revealed that by 2026, 60% of Ferrari’s sales will be from hybrid and fully electric models. This figure is expected to reach 80% by the end of the decade.
Currently, Ferrari has four hybrid models. The most prominent of these is the 1,000-horsepower, €513,000 SF90 Stradale plug-in hybrid, which launched in 2019. The model is based on the company’s experience in Formula 1 racing.
The motor and battery modules for Ferrari’s future electric vehicles will be built in Maranello. The company will make this transition while maintaining its quality and exclusive brand identity. Ferrari is the last of luxury brands such as Bugatti, Bentley, Lamborghini, Rolls-Royce, Aston Martin and McLaren to introduce electric vehicles.
All these brands are planning to go fully electric by the end of the decade. However, they will have to maintain their brand exclusivity while making the transition from big engines to battery power. For Ferrari, the main attraction will not be range but fast acceleration and environmental benefits. The company has promised that its electric vehicle will be unique in terms of weight, sound, engine power density and emotional experience.
Ferrari’s strategy has always been based on exclusivity. “At Ferrari, we always deliver one car less than the market demands. I can assure you that this will never change,” Vigna said.
The company will use strategic partnerships to develop its electric vehicles. This will give them access to high technology and will not affect their financial position. Given the cost involved in making electric vehicles, Ferrari will use these partnerships. Big manufacturers such as Ford and Volkswagen are investing billions of dollars to strengthen their battery-electric lineups.
At the same time, many new EV manufacturers are struggling with financial problems. For example, Electric Last Mile Solutions recently filed for bankruptcy and Faraday Future has warned that it does not have enough funds to produce its upcoming models.
In addition, Ferrari has also announced the launch of its first SUV, the V12-powered Purosangue. The SUV will launch in September and will be available in dealerships early next year. Its starting price will be around €300,000. The SUV segment is sure to be profitable due to consumer demand and high margins. The Lamborghini Urus SUV, which quickly became the brand’s bestseller, is the best example of this. Maserati, which belongs to Ferrari’s parent company Stellantis, has its first SUV that now accounts for 60% of its lineup.
However, Ferrari has said that it will keep the Purosangue to less than 20% of its sales. This is to maintain its exclusivity.
This electric vehicle launch from Ferrari is an important step in the company’s history. By adopting new technologies and sustainability goals, the company is committed to giving its customers the same unique driving experience and exclusivity that has been its hallmark for the last 75 years. With a strategic approach and a clear future vision, Ferrari is set to become the leader in the luxury EV market.
