- By Divanshi Sharma
- Thu, 20 Jun 2024 01:01 PM (IST)
- Source:JND
Ferrari is set to launch its first electric car next year, priced at a minimum of 500,000 euros ($535,000 or Rs 4,46,00,00), according to a Reuters report. This move signals Ferrari's confidence in the ultra-luxury EV market, even as other automakers cut prices due to reducing demand for electric vehicles.
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The planned price for Ferrari’s electric car far exceeds the average sale price of around 350,000 euros for a Ferrari, including extras, in the first quarter of this year. This price also places it well above many other luxury EVs, such as Porsche’s electric Taycan, which starts at around 100,000 euros.
Additionally, Ferrari is preparing to open a new manufacturing plant in Maranello, northern Italy, which will increase the company's production capacity by up to a third. This plant, set to be fully operational within three to four months, will produce petrol, hybrid and electric vehicles, as well as components for hybrids and EVs. The new factory will enable Ferrari to potentially increase its output to around 20,000 vehicles per year. However, the company remains cautious about overproducing and weakening its brand’s exclusivity, which is a key element of its high prices and appeal. Despite the increased production capacity, Ferrari plans to stick to its policy of limiting the production of any model to maintain exclusivity. CEO Benedetto Vigna emphasised that the new plant would provide flexibility and technical capacity beyond Ferrari’s current needs.
Fabio Caldato, a portfolio manager at AcomeA SGR, noted that demand for Ferraris remains high, with waiting lists for some models exceeding two years. He also highlighted the growing number of wealthy potential customers in emerging markets like India and the Middle East.
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In addition to its first electric car, Ferrari is already developing a second EV model. However, this second model is in the early stages of development and Ferrari may not rush to reach the 20,000 vehicle production mark immediately. Despite the upcoming EVs, analysts like Andrea Balloni expect these models to account for only a small portion of Ferrari’s annual sales, as core customers still prefer petrol engines.
