Report: Ferrari’s first electric car costs more than $500,000

Italian luxury carmaker Ferrari is planning to produce its first electric car – which will reportedly cost more than $500,000.

Reuters reported On Wednesday, citing a source familiar with the matter, Ferrari was preparing to open a factory to produce the EV model and raise the company’s production by up to a third.

Ferrari plans to launch the electric car in late 2025, and the hefty price tag indicates that the automaker is confident that slowing demand and falling prices for mass-market electric cars are unlikely to impact the luxury car market.

According to the report, the price of at least $535,000 does not include additional features and customization that can add an additional 15% to 20% to the vehicle’s selling price. It is also much higher than the average sales price of Ferrari cars in the first quarter of this year, which amounted to about $376,000, as well as competing luxury electric car offerings.

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Ferrari plans to open the new factory on Friday in the car manufacturer’s hometown of Maranello, in northern Italy.

Once operational, the new factory is expected to allow Ferrari to increase production capacity to around 20,000 cars after delivering less than 14,000 cars last year.

While ramping up production could pose a risk by undermining the degree of exclusivity enjoyed by the Ferrari brand, the luxury automaker has branched out before with the Purosangue SUV that launched in 2022 and was a successful demonstration of how the company pushes its limits. Traditional two-seater sports cars.

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Ferrari’s new factory will be located in its hometown of Maranello, Italy. (Manuel Romano/Noor Photo via Getty Images/Getty Images)

“There is a growing demand for Ferrari cars, and they have scope to meet some of it without compromising exclusivity,” Fabio Caldato, portfolio manager at AcomeA SGR, which owns Ferrari shares, told Reuters.

Waiting lists for some Ferraris can exceed two years, and Caldato added that the list “doesn’t get shorter” and that “being on the waiting list is in itself a status symbol.”

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The Ferrari SF90 Stradale was the luxury automaker’s first hybrid sports car. (Courtesy of Ferrari/Fox News)

Ferrari’s new plant in Maranello will provide a new assembly line for gas-powered and hybrid vehicles, as well as components for hybrids and electric vehicles.

Reuters reported that the new factory is expected to operate at full capacity within three to four months. Its source said Ferrari was in the process of developing a second electric vehicle model, although they noted that the process was in the early stages and that the company may choose not to increase total production to 20,000 vehicles per year in the short term.

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Ferrari’s planned electric vehicle comes after the company launched the SF90 Stradale, a plug-in hybrid sports car, in 2019. The SF90 was the first Ferrari ever to have a hybrid electric vehicle architecture with an internal combustion engine combined with two electric motors. Motors.

Reuters contributed to this report.