Ferrari's First Electric Vehicle to Debut in Late 2025 with a Hefty Price Tag

shawn By On 22/06/2024 at 10:20

In Electric Cars

Ferrari is set to enter the electric vehicle market with the launch of its first EV in late 2025.

Ferrari first electric vehicle

The iconic automaker will not be relying on competitive pricing to attract buyers to its electric motors.

According to a source familiar with the matter, Reuters reported on Wednesday that Ferrari's inaugural EV will start at a staggering 500,000 euros (approximately $535,000). This price point significantly surpasses that of Ferrari's current most expensive models, such as the SF90 Stradale supercar and the Purosangue SUV, which are not subject to strict production limits.

In the first quarter of 2024, the average transaction price for a Ferrari was 350,000 euros. This figure includes the cost of additional options, which typically add 15-20% to the final price tag.

What to Expect from Ferrari's First EV

While Ferrari has not disclosed specific details about its EV, rumors suggest it could be a grand touring model or even an SUV, marking a departure from the automaker's traditional supercars. Reuters' source indicates that Ferrari has at least two EVs in development, with the second likely being another SUV-like model.

Ferrari has been actively working on EV technology, with patents surfacing over the years. One recent patent details a three-motor powertrain designed to produce an emotional sound, a key selling point of Ferrari's gas-powered vehicles.

In line with its approach to gas powertrains, Ferrari plans to develop its electric motors, inverters, and batteries, aiming for industry-leading weight and power density figures. While the automaker will collaborate with partners for advanced battery technology, such as solid-state batteries, it remains committed to in-house innovation.

A New Era for Ferrari's Manufacturing

Ferrari's EVs will be produced at a new facility within its Maranello headquarters in Italy. The plant, set to be inaugurated on Friday, will also supply parts for plug-in hybrid models, including motors, inverters, and batteries. Volume production of EVs is scheduled to begin in early 2026. The new facility is expected to increase Ferrari's annual production capacity to around 20,000 vehicles, up from the current 14,000.

As Ferrari gears up for its electric future, the high price of its first EV underscores the brand's commitment to exclusivity and performance, ensuring that even in the electric age, owning a Ferrari remains a prestigious and coveted experience.

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