Ferrari’s first electric car is set to cost at least 500,000 euros ($535,000), according to a source familiar with the matter, as the luxury automaker prepares to open a new plant that could increase group production by up to a third.
The Italian brand, known for its powerful petrol engines, has announced plans to launch an electric car in late 2023, demonstrating its confidence that ultra-wealthy drivers are ready for electric vehicles. The planned price tag exceeds the average sale price of around 350,000 euros, including extras, for a Ferrari in the first quarter of this year, and surpasses many rival luxury EVs.
In a less exclusive segment, Porsche’s electric Taycan starts at around 100,000 euros. Ferrari did not respond to a request for comment on the price of its first EV or its new plant, which is due to be inaugurated in Maranello on Friday.
The new factory, or e-building, represents a significant step for Ferrari, which delivered fewer than 14,000 cars last year. It will eventually allow production capacity to rise to around 20,000 vehicles per year, the source said.
Exclusivity is key to the brand’s cachet and high prices, so any increase in output comes with risks. However, Ferrari has shown with its Purosangue SUV, launched in 2022, that it can expand beyond its traditional two-seat sports cars and grand tourers successfully.
“There is an increasing demand out there for Ferraris, and they have room to meet part of it without compromising exclusivity,” said Fabio Caldato, a portfolio manager at AcomeA SGR, which holds Ferrari shares.
The new factory in Maranello will give Ferrari an additional vehicle assembly line, producing petrol, hybrid cars, and the new EV, plus components for hybrids and EVs. It will be fully operational in three to four months.
A second EV model is also under development, the source said, adding that Ferrari might not want to increase overall production to 20,000 vehicles per year, at least in the short term.
CEO Benedetto Vigna told Ferrari shareholders in April that the “state of the art plant will assure us of flexibility and technical capacity in excess of our needs for years to come.”
Rival Lamborghini plans to start selling its first EV model in 2028. Its CEO, Stephan Winkelmann, told Reuters it was more important to have the right product than to be first.
Mediobanca analyst Andrea Balloni said he expected Ferrari’s new EV to have a high price tag to help preserve margins, compensating for the development of new fully-electric technology and a larger number of externally sourced parts.
“I expect the new EV to be a niche model, accounting for just over 10% of annual sales,” Balloni said, adding that the core Ferrari client still preferred petrol models.