Ferrari’s debut into the electric vehicle market is set to make waves with a starting price of at least 500,000 euros ($535,000), according to a source familiar with the matter, highlighting the luxury automaker’s confidence in catering to affluent drivers amid a competitive landscape.
The Italian marque, renowned for its powerful gasoline engines, has announced plans to unveil its electric car by late next year. The substantial price tag, excluding additional features and personalization costs typically amounting to 15-20%, surpasses the average sale price of approximately 350,000 euros for a Ferrari in the first quarter of this year, as well as many of its luxury electric vehicle competitors.
Ferrari declined to comment on the specific pricing of its first EV or details regarding its new plant, which is slated to open in Maranello, Italy, this Friday.
The establishment of the new facility marks a significant expansion for Ferrari, which delivered fewer than 14,000 cars last year. The plant is expected to increase production capacity by up to a third, reaching around 20,000 vehicles, the source revealed on condition of anonymity.
Maintaining exclusivity is crucial for Ferrari’s brand allure and high price points, making any production increase a calculated risk. Nonetheless, the success of the Purosangue SUV launch in 2022 demonstrated Ferrari’s ability to expand beyond its traditional sports car and grand tourer offerings.
“There’s growing demand for Ferraris, and they have the capability to meet some of it without compromising exclusivity,” noted Fabio Caldato, portfolio manager at AcomeA SGR, a Ferrari shareholder. “Being on the waiting list itself is a status symbol.”
Caldato highlighted emerging markets like India and the Middle East as potential sources of new wealthy customers, bolstering Ferrari’s growth prospects.
The new Maranello factory will add another assembly line, producing petrol, hybrid cars, and the new electric vehicle, along with components for hybrids and EVs. It is expected to be fully operational within three to four months, providing Ferrari with enhanced flexibility and technical capacity.
CEO Benedetto Vigna assured shareholders in April that the state-of-the-art plant would exceed Ferrari’s production needs for years to come, emphasizing the company’s commitment to maintaining model-specific output limits, despite potential increases in sales.
In contrast, rival Lamborghini plans to introduce its first EV model in 2028, with CEO Stephan Winkelmann prioritizing product excellence over timing.
Analysts, such as Mediobanca’s Andrea Balloni, anticipate Ferrari’s new EV will occupy a niche market segment, representing slightly over 10% of annual sales. Balloni expects the high price tag to safeguard profit margins, compensating for the development costs associated with fully electric technology and increased external part sourcing.
“The core Ferrari customer base continues to favor petrol models,” Balloni added, underscoring the brand’s strategic approach to diversifying its offerings while preserving its luxury appeal.
