Ferrari said on Tuesday its first fully electric vehicle (EV) will reach customers in October 2026, marking a milestone for the luxury carmaker as it moves beyond its legacy of combustion engines. The announcement came as the company reported a 15% year-on-year rise in first-quarter core earnings and reaffirmed its financial guidance for 2024.
Chief Executive Benedetto Vigna said the EV model, a significant departure from Ferrari’s traditional roaring petrol-powered lineup, will be unveiled in three phases. While the company will present the “technological heart” of the EV at a capital markets day on October 9, the full vehicle will make its global debut in spring 2025. “Deliveries … will commence just months after that, in October 2026,” Vigna said during a call with analysts.
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The delivery timeline marks the first time Ferrari has provided a concrete schedule for its electric vehicle rollout. Although some observers interpreted the staggered unveiling as a potential delay, Ferrari’s timeline aligns with its typical approach of launching new models several months after their official debuts.
The Maranello-based company reiterated its commitment to a diversified product strategy that includes petrol, hybrid, and electric models. Hybrid vehicles, introduced in 2019, accounted for 51% of Ferrari’s total deliveries in 2023. The automaker also recently unveiled the 296 Speciale plug-in hybrid and its convertible version and plans to introduce six new models in 2024, including the EV.
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Ferrari maintained its 2024 guidance despite growing economic pressures and a trend of downgraded forecasts across the auto industry. The company continues to target earnings before interest, taxes, depreciation and amortization (EBITDA) of at least €2.68 billion ($3.04 billion) and an EBITDA margin of at least 38.3%.
However, Ferrari warned that U.S. tariffs introduced during the Trump administration could reduce its 2025 profit margins by 50 basis points. While competitors such as Mercedes, Ford Motor, and Stellantis have revised or withdrawn their guidance, Ferrari’s consistency was viewed as a sign of resilience. Analysts at Bernstein described the company’s stance as setting it apart in the industry.
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Ferrari’s first-quarter EBITDA rose to €693 million, slightly above the consensus forecast of €689 million in a Reuters poll. The growth was attributed to a strong product mix, including models like the SF90XX, the 12Cilindri, and the 499P Modificata. Higher customization demand and robust performance in markets such as the Americas also contributed to the result.
“We continue to enrich our product offering,” Vigna said, as the company looks to balance tradition and innovation in a rapidly evolving automotive landscape.