During its Capital Markets Day event, Ferrari announced its plan to launch its debut electric vehicle by 2025 in order to achieve carbon neutrality by 2030. CEO Benedetto Vigna stated that the forthcoming battery-electric supercar will pave the way for Ferrari’s future electric models. The automaker aims to have 60% of its sales come from hybrid and fully electric models by 2026, with an anticipated increase to 80% by the end of the decade.
Ferrari has already introduced four hybrid models, including the SF90 Stradale plug-in hybrid, which boasts 1,000 horsepower and a price tag of $513,000. Launched in 2019, the SF90 Stradale drew on Ferrari’s expertise in Formula 1 racing.
The electric motors and battery modules for Ferrari’s upcoming EVs will be manufactured in Maranello. In the world of ultra-luxury cars, Ferrari is one of the last brands to announce plans for an EV. Bugatti, Bentley, Lamborghini, Rolls-Royce, Aston Martin, and McLaren all plan to transition to fully electric vehicles by the end of the decade.
As ultra-luxury car brands shift from big combustion engines to battery packs, they are confronted with the common challenge of preserving their brand’s exclusivity. The question arises: how will they attract customers? Range won’t be the answer, and most ultra-luxury brands are expected to emphasize the EV’s superior acceleration and environmental benefits in their marketing messages.
Ferrari, on the other hand, claims that its EV will distinguish itself through its weight, sound, engine power density, and emotional experience. The 75-year-old carmaker has vowed to maintain its tradition of exclusivity.
During Ferrari’s Capital Markets Day, CEO Benedetto Vigna stated, “At Ferrari we always deliver one car less than the market demands. I can assure you that this will never change.” To develop its EVs, Ferrari plans to form strategic partnerships that provide access to technology while still maintaining profitability.
As a low-volume automaker, it is difficult for Ferrari to justify spending the $1 billion to $2 billion needed to build a battery-electric model from scratch. In contrast, large manufacturers like Ford and Volkswagen are investing tens of billions of dollars in their battery-electric lineups. Meanwhile, several EV manufacturers that went public by merging with SPACs, and have yet to generate revenue, are struggling to find funding.
On Monday, Electric Last Mile Solutions announced that it is declaring bankruptcy after attempting to launch a commercial EV. Meanwhile, Faraday Future has warned that it currently lacks the funds to produce the mass-market sedan following its FF 91 sports car.
Ferrari has announced that it will unveil its first-ever SUV, the V12-powered Purosangue, in September. The SUV is set to arrive at dealerships in early 2024 with a starting price of around $300,000. The SUV segment is highly profitable due to growing consumer demand and high margins, as evidenced by the Lamborghini Urus SUV, which became the brand’s bestseller shortly after its release. Maserati’s first-ever SUV accounts for 60% of its lineup.
Despite the lucrative nature of the SUV market, Ferrari intends to limit the Purosangue to less than 20% of its sales mix while maintaining its longstanding philosophy of exclusivity.
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Ferrari is popular due to its long-standing reputation for producing high-performance and high-quality sports cars that are synonymous with speed, power, and luxury. The brand’s rich history in motorsports, particularly in Formula One racing, has contributed to its iconic status and desirability. Additionally, Ferrari’s commitment to maintaining exclusivity by producing limited quantities of its vehicles has helped create a perception of prestige and exclusivity among its customers, making it a highly sought-after brand among car enthusiasts and collectors alike.
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