Despite global pressure on electric vehicle (EV) manufacturers to boost sluggish sales by lowering prices, Ferrari plans to price its first electric car, set to launch late next year, at an eye-watering €500,000 ($535,000) or more.
The Italian sports car manufacturer will open its new production facility, known as e-Building, in Maranello, Italy, on Friday, 21 June. The Italian President, Sergio Mattarella, is scheduled to attend the ceremony. The new plant is expected to increase Ferrari’s annual output from 14,000 cars to 20,000.
According to Reuters, citing a source close to the company, Ferrari’s new EV will start at €500,000, with additional features and customisations typically adding 15-20 percent to the cost. Currently, the average price of a Ferrari, including extras, is about €350,000.
While Tesla, the leading EV manufacturer, has repeatedly cut prices this year, American EV maker Fisker filed for bankruptcy earlier this week.
The report suggests Ferrari’s pricing strategy reflects its confidence that ultra-wealthy customers are ready for their EV. However, Ferrari has not confirmed this information.
The success of Ferrari’s Purosangue SUV model, launched in 2022, demonstrates the brand’s appeal beyond its traditional two-seat sports cars and grand tourers.
In April, during the company’s annual general meeting (AGM), CEO Benedetto Vigna told investors that the new facility would enable the company to expand its range of electrified cars in the coming years. The new factory will also produce petrol and hybrid cars.
“This state-of-the-art plant will ensure we have the flexibility and technical capacity to meet our needs for years to come,” Vigna said. “Here, we will handcraft the dedicated electric axles and batteries that will power future Ferraris.”
Vigna also highlighted the company’s innovation efforts, noting a significant increase in patent proposals in recent years.
“In 2023 alone, we have submitted 181 patent applications in Italy,” he added.
The source mentioned that a second EV model is also in development.
