Ferrari’s first EV will cost €500,000

A source familiar with the matter told Reuters that Ferrari’s first electric car will cost at least €500,000. The luxury automaker is preparing to open a plant to make the model, which could boost group production by up to a third in the long run.

The exclusive Italian brand has said it will launch an electric car late next year, and the planned price shows its confidence that ultra-wealthy drivers are ready for it. This comes even as many more mass-market rivals are cutting electric vehicle (EV) prices amid faltering demand and/or slowing down their transition to EV-only production.

Highly exclusive

The price tag, which doesn’t include features and personal touches that typically add 15-20%, is well above the average sale price of around €350,000 for a Ferrari in the first quarter of this year. Of course, it’s also seriously higher than the prices of the most direct competitors.
Ferrari did not respond to a request for comment about the price of its first EV or its new plant, which is due to be inaugurated in Maranello, northern Italy, on Friday. The e-building factory is a bold move for the company, which delivered fewer than 14,000 cars last year, as it will eventually allow production capacity to rise to around 20,000.
That could undermine Ferrari’s image of exclusivity, which is the prime support for its high prices. Two years ago, the company followed the example of some of its direct competitors, like Lamborghini, and began also selling a sporty SUV, the Purosangue, which seems to have been a success.
“There is an increasing demand out there for Ferraris, and they have room to meet part of it without compromising exclusivity,” said Fabio Caldato, a portfolio manager at AcomeA SGR, which holds Ferrari shares, to Reuters.
Waiting lists for some models can top two years. “That is not getting any shorter. Being on the waiting list in itself is a status symbol,” Caldato said, noting an increase in potential wealthy customers in emerging markets, such as India and the Middle East.

Hybrid factory

The new factory in Maranello will give Ferrari an additional vehicle assembly line. It will make gasoline and hybrid cars, as well as the new EV, plus components for hybrids and EVs. Normally, it will be fully operational in three to four months.
Sources say a second EV model is also under development. They add that the process is at an early stage and that the company might not want to increase overall production to 20,000 vehicles per year, at least not in the short term.
CEO Benedetto Vigna told Ferrari shareholders in April that the “state-of-the-art plant will assure us of flexibility and technical capacity in excess of our needs for years to come”. Any rise in output would come with a model increase. Ferrari would stick to its policy of keeping output for any model within a certain limit, however successful.

Lack of sound

According to Reuters, Mediobanca analyst Andrea Balloni said he expected Ferrari’s new EV would have a high price tag to help preserve margins, compensating for the development of the new fully-electric technology and the larger number of parts sourced externally.
“I expect the new EV to be a niche model, accounting for just over 10% of annual sales,” Balloni said, adding that the core Ferrari client still preferred gasoline models. A key factor here is the engine sound, or the lack of it in an electric car, and how to compensate for this.
Meanwhile, direct competitor Lamborghini has confirmed that it plans to sell its first electric car only in 2028. Stephan Winkelmann, Lamborghini’s CEO, has always said that it was more important to have the right product rather than to be the first.

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