Ferrari is set to launch its first fully electric vehicle (EV) on October 9, marking a significant departure from its tradition of high-performance combustion engines, CEO Benedetto Vigna said on Tuesday. The luxury automaker also forecast at least a 5% increase in revenue and core earnings for 2024.
Vigna, speaking during the company’s earnings call, described the upcoming EV launch as “unique and innovative” but did not disclose further details. The model will be one of six new vehicles Ferrari plans to introduce this year. “We are confident in our ability to drive robust growth in 2025, ahead of most of our 2026 profitability targets,” he said.
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Ferrari, which began offering hybrid models in 2019, reported that hybrids accounted for 51% of its sales last year. The Italian automaker expects earnings before interest, taxes, depreciation, and amortization (EBITDA) to rise to at least âŹ2.68 billion ($2.77 billion) in 2025, up from âŹ2.56 billion in 2024.
Ferrari’s strong financial performance has been driven by demand for personalized car features, which contributed around 20% of total revenues last year. The company also saw increased deliveries to U.S. clients, though it has no plans to accelerate shipments ahead of potential tariffs.
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Vigna noted that China, where EVs are highly popular and subject to lower taxes than gasoline-powered cars, presents an opportunity for Ferrari’s upcoming EV. Any potential changes to the company’s sales cap in China, currently set at 10%, will be addressed at Ferrariâs capital markets day in October.