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Report: Ferrari’s First Electric Vehicle to Have Price Tag Exceeding $500,000

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Ferrari, known for its high-end luxury sports cars, is set to enter the electric vehicle market with its first EV model, which is expected to cost over $500,000. The Italian automaker is planning to open a new plant in Maranello, Italy, to produce the EV and increase its output by up to one-third. The launch of the EV is scheduled for late 2025, and the hefty price tag indicates Ferrari’s confidence in the luxury market’s resilience to slow demand and decreasing prices for mass-market EVs.

The base price for Ferrari’s first EV is reported to be at least $535,000, with additional features and personalization options potentially increasing the sales price by 15-20%. This price point significantly exceeds the average sales price of Ferrari vehicles in the first quarter of this year and surpasses rival luxury EV offerings. The new plant in Maranello is expected to allow Ferrari to ramp up its production capacity to around 20,000 vehicles annually, up from under 14,000 cars delivered last year, without compromising the brand’s exclusivity.

Despite the potential risk of diluting exclusivity with increased production, Ferrari has successfully expanded its product lineup beyond traditional two-seat sports cars with the launch of the Purosangue SUV in 2022. The luxury automaker’s decision to enter the EV market aligns with the evolving preferences of consumers and reflects the growing demand for high-performance electric vehicles. With waiting lists for Ferrari vehicles stretching over two years, being on the list itself is considered a status symbol by many enthusiasts.

In addition to the new plant for EV production, Ferrari’s facility in Maranello will house an assembly line for gas-powered and hybrid cars, as well as components for hybrid and electric vehicles. The automaker’s commitment to transitioning towards electrification is evident with the launch of the SF90 Stradale in 2019, the company’s first plug-in hybrid sports car. As Ferrari continues to innovate and evolve its product offerings, the introduction of its first EV model marks a significant milestone in the luxury automotive industry.

The planned development of a second EV model is underway, although it is still in the early stages, and Ferrari may decide against increasing total production to 20,000 vehicles annually in the short term. The debut of Ferrari’s EV model signals a strategic shift towards sustainable mobility solutions, reinforcing the company’s commitment to meeting evolving customer expectations and regulatory requirements. With the automotive industry transitioning towards electrification, Ferrari’s entry into the EV market positions the brand for continued success and relevance in a rapidly changing landscape.

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