Despite electric vehicle (EV) manufacturers facing immense pressure globally and trying to boost flagging sales by dropping their prices, Ferrari is planning to put an eye-watering price tag upwards of €500,000 ($535,000) for its first electric car, expected to be launched late next year.
Italian sports car maker will inaugurate its new manufacturing plant – called e-Building – in its hometown of Maranello, Italy, on Friday, 21 June. Italian President Sergio Mattarella is scheduled to be present during the ceremony. The new plant is expected to take Ferrari’s annual output from a total of 14,000 cars to 20,000.
Reuters, quoting a source close to the company, said Ferrari’s new EV will cost at least €500,000, and typically adds up to another 15-20 percent for features and personal touches. The average sale price currently for a Ferrari is around €350,000, including extras.
Tesla, the market leader in EVs, has repeatedly slashed its prices this year, while American EV maker Fisker filed for bankruptcy earlier this week.
The report added that the planned price shows Ferrari’s confidence that ultra-wealthy drivers are ready for it. Ferrari did not confirm the report.
The success of its Purosangue SUV model, launched in 2022, has shown the brand’s attraction beyond its traditional two-seat sports cars and grand tourers.
Earlier this year in April, CEO Benedetto Vigna told investors during the company’s annual general meeting (AGM) that the new facility will give the company the capacity to expand its offer of electrified cars in coming years. Ferrari will also make petrol and hybrid cars at the new factory.
“This state-of-the-art plant will assure us of flexibility and technical capacity in excess of our needs for years to come,” Vigna had said then. “Here, we will handcraft the dedicated electric axles and batteries that will power future Ferraris.”
Vigna had added that the company’s innovation effort was highlighted by the “significant increase” in the number of patents proposals in recent years.
“Just in 2023, we have submitted 181 patent applications in Italy,” he added.
The source added that a second EV model is also under development.
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