Ferrari will launch its first electric vehicle by the end of next year, with an estimated price of no less than 500,000 euros (approximately $535,000). The company is currently building a new factory near its headquarters in Maranello, Northern Italy, dedicated to producing this new electric model. This is expected to increase the company's annual production by at least one-third.
The Italian luxury car manufacturer, known for its high-performance gasoline engines, is now venturing into the electric vehicle sector, demonstrating strong confidence in its affluent customer base. Even as competitors in the general market lower electric vehicle prices amid weak demand, Ferrari insists on maintaining a high-price strategy.
Additionally, the car's price does not include the customizations and additional features that typically add 15%-20% to the cost. In comparison, the average selling price of Ferrari vehicles in the first quarter, including optional extras, was around 350,000 euros, significantly higher than many other luxury electric models.
In more mainstream segments, such as Porsche's electric Taycan, the starting price is around 100,000 euros.
Although Ferrari has not commented on the price of its first electric vehicle or details of the new factory, the establishment of the plant marks a bold move for the company. Last year, Ferrari's production was less than 14,000 units, and the new factory will eventually boost capacity to about 20,000 units.
The brand's exclusivity is the cornerstone of its high prices and prestige, so the increase in production also comes with risks.
