Ferrari’s first electric car will be priced at a minimum of €500,000 ($535,000), according to a source familiar with the matter. This high price reflects Ferrari’s confidence that affluent drivers are ready to embrace electric vehicles (EVs), even as mainstream manufacturers reduce EV prices amid weakening demand. This initial price does not include additional features and customizations, which typically add 15-20% to the cost. This puts the electric Ferrari well above the brand’s average sale price of around €350,000 in the first quarter of this year, and far higher than many rival luxury EVs. For comparison, Porsche’s electric Taycan starts at about €100,000.
Ferrari has not commented on the price of its first EV or the new plant, which is scheduled to open in Maranello, northern Italy. The new factory, referred to as the e-building, represents a significant step for Ferrari, which delivered fewer than 14,000 cars last year. The new plant is expected to eventually increase production capacity to around 20,000 vehicles annually, although the company remains cautious about expanding production too quickly to maintain its exclusivity and brand cachet.
The successful launch of the Purosangue SUV in 2022 demonstrated Ferrari’s ability to expand beyond its traditional two-seat sports cars and grand tourers. Portfolio manager Fabio Caldato of AcomeA SGR, a Ferrari shareholder, noted that there is growing demand for Ferraris, and the company has room to meet some of this demand without compromising its exclusivity. Waiting lists for some models can exceed two years, adding to the brand’s allure and status.
Ferrari’s new factory will feature an additional vehicle assembly line and will produce petrol, hybrid, and electric cars, as well as components for these vehicles. The plant is expected to be fully operational within three to four months. Another electric vehicle model is also in development, though it is still in the early stages, and the company may not increase overall production to 20,000 vehicles per year in the short term.
CEO Benedetto Vigna assured shareholders that the new plant would provide Ferrari with the flexibility and technical capacity to meet its needs for years to come. Ferrari plans to maintain its policy of limiting production for each model, regardless of its success, to preserve exclusivity.
Rival Lamborghini plans to release its first EV in 2028. Lamborghini CEO Stephan Winkelmann emphasized the importance of having the right product over being first to market. Mediobanca analyst Andrea Balloni expects Ferrari’s new EV to be a niche model, accounting for just over 10% of annual sales, as the core Ferrari clientele still prefers petrol engines. He also anticipates a high price tag to maintain margins and offset the costs of developing new electric technology and sourcing more parts externally.
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