Ferrari's first electric car to cost around ₹4.5 crore
What's the story
Ferrari, the renowned luxury car manufacturer, is gearing up to launch its first fully electric vehicle (EV) with a starting price of at least €500,000 (around ₹4.5 crore).
This pricing strategy is a testament to Ferrari's confidence in its wealthy customer base accepting the new model.
The company plans to reveal this electric car in late 2025, and is getting ready for the launch by setting up a new production facility in Maranello, Italy.
Expansion plans
New facility to boost production capacity
The new Maranello factory, set to open this month, will build electric motors, battery packs, and power inverters.
It aims to boost Ferrari's production capacity by up to a third, enabling the company to produce around 20,000 vehicles annually.
This is a significant rise from the fewer than 14,000 cars Ferrari delivered in 2023.
CEO Benedetto Vigna assured that the new car will offer drivers a "unique" experience, akin to Ferrari's traditional combustion engine-powered models.
Future strategy
Ferrari's ambitious plans for electric and hybrid cars
Ferrari is strategically placing itself to capture a significant portion of the high-performance electric supercar market.
The company forecasts that 60% of its models will be a mix of fully electric and hybrid by 2026.
The quoted price for Ferrari's EV does not include additional features and customizations which can add 15-20% or more to the cost.
Market forecast
Analysts' predictions for Ferrari's new EV
Analysts predict that due to its high cost and slowdown in EV sales, especially luxury EVs, Ferrari's new EV will account for just over 10% of its annual sales.
However, this tag will help preserve Ferrari's profit margins amid costly development of new electric technology, and increasing dependence on parts sourced from other brands.
The factory is tipped to be fully operational within three to four months.
Ferrari is also developing a second EV which is in early stages.