Ferrari’s First Electric Vehicle Set to Launch at $530,000

• Ferrari plans to launch its first electric vehicle next year, priced at $530,000, aiming to boost production by a quarter with a new assembly line in Maranello, Italy.
• Despite the high price, Ferrari expects strong demand from wealthy customers, supported by long waiting lists and growing interest from emerging markets.

The first Ferrari electric vehicle is expected to cost  $530,000 according to Reuters sources. Ferrari is planning to start an assembly line to manufacture the car, which will improve production at the group level by a quarter.

The Italian car manufacturer, famous for its powerful petrol engines, is announcing that it’s planning to introduce an electric vehicle in the next year. The estimated price reflects its belief that wealthy drivers will be ready for the new technology, even while competitors in the mass market are cutting the electric vehicles (EV) prices in the face of declining consumer demand.

The cost that doesn’t comprise extras and personalizations which typically cost 15-20 percent to the price, is significantly higher than the median price of about 350,000 euros including additional features, for the Ferrari during the first quarter of the year as well as many other premium EVs.

In a more limited segment the Porsche electric Taycan begins at approximately 100,000 euros.

Ferrari has not responded to requests for information regarding the cost of its initial EV as well as its new facility, which is scheduled to open in the city of Maranello Northern Italy.

The factory or “e-building” – is a daring decision for the company which sold fewer than 14,000 vehicles last year in the hope that it can increase production by a few thousand, the source claimed, under the conditions of anonymity.

Exclusion is the key to the enduring appeal of the brand and as well, its price is high which means that any rise of output is a risk.

In contrast, Ferrari has shown with its Purosangue SUV, released in 2022, that it has the potential to be successful in expanding beyond the typical two-seat sports vehicles and grand tourers.

“There is an increasing demand out there for Ferraris, and they have room to meet part of it without compromising exclusivity,” stated Fabio Caldato who is a portfolio manager for AcomeA SGR, which holds Ferrari shares.

Lists of waiting lists for some models may extend to two years.

“That is not getting any shorter. Being in the waiting list is in itself a status symbol,” Caldato said, and pointing out the increase of potential rich customers from emerging markets such as India as well as those in Middle East.