Ferrari’s CEO, Benedetto Vigna, said that the company’s new electric vehicle (EV) manufacturing facility, known as the e-building, will be operational by next summer. Although Ferrari’s first EV is not set to hit the market for another two years, Vigna expressed confidence that the company’s profit margins will not be affected.
Vigna made these remarks during an interview at Bloomberg’s Italy Capital Markets Forum, where he stated, “We will be ready in June 2024” regarding the completion of the new electric supercar factory in Maranello, Italy. The facility is designed to produce electric motors, inverters, batteries, and will house an assembly line for EVs and hybrids.
Despite Ferrari’s electric vehicle not being released until the fourth quarter of 2025, Vigna dismissed the notion that the company is lagging behind in electrification. He emphasized that Ferrari intends to continue producing internal combustion engine (ICE) cars to honor its heritage.
While Ferrari currently offers four hybrid models, it has been slower than its competitors to fully embrace electric technology, citing the need to support its existing customer base. In contrast, Porsche, after unveiling the all-electric Taycan in 2019, is aiming for a significant increase in EV production this year and expects to achieve a 12% to 14% market share in EV sales. Porsche plans to introduce the Macan EV next year and an electric Cayenne model the year after, with the goal of expanding its operating margins by over 20%.
Interestingly, Vigna expressed confidence that the introduction of new EV models will not lead to a decline in Ferrari’s profit margins. Additionally, he stated that Ferrari is not interested in acquiring or partnering with other sports car manufacturers.
Ferrari’s projections indicate that electric models and hybrids will make up 60% of its product lineup by 2026. Furthermore, the company aims for a product mix of 40% pure electric, 40% hybrid, and 20% ICE vehicles by 2030.
Overall, Ferrari is making preparations for its foray into electric vehicles while assuring stakeholders that it will maintain its profit margins. The company’s strategy aligns with the industry trend towards electrification, albeit at a slightly slower pace compared to some of its competitors.