Ferrari (NYSE:RACE)’s maiden electric vehicle will cost a minimum of €500,000 with plans for the luxury carmaker to open a site to develop the new model, reports from Reuters revealed.
A new production plant is expected to help boost its manufacturing of the EV, hybrids and ICEs by as much as a third.
An EV version of the Italian supercar is expected to be released late in 2025, with management confident the super wealthy are ready to transition away from petrol engines.
Ferrari (NYSE:RACE)’s high price point comes when other EV makers are slashing prices due to growing competition from Chinese rivals, that can produce cheaper alternatives.
Personal features and add-ons typically cause the prices of Ferrari vehicles to increase by 15% to 20%.
It prices the upcoming model well above Ferrari’s first-quarter average model price of €350,000 and that of many luxury EV rivals.
Ferrari is set to open the new production plant in Maranello, northern Italy on Friday, with the ‘e-building’ expected to see production capacity rise to 20,000 vehicles eventually.
"There is an increasing demand out there for Ferraris, and they have room to meet part of it without compromising exclusivity," said Fabio Caldato, the portfolio manager at Ferrari investor AcomeA SGR.