An inside source shared with Reuters that Ferrari’s first electric vehicle (EV) will cost at least $535,000. The luxury automaker is preparing to open a plant that will make the model, which could boost group production by up to a third.
Ferrari’s first EV is scheduled to be launched in the second half of 2025. The price tag is well above the average sale price of Ferrari cars and its EV competitors for the first half of 2024, set at a whopping $375,673. Porsche’s Taycan starts at around $107,335.
Ferrari adopted a policy of limiting annual sales to around 7,500 units. There is also a limit to the number of units sold for each model. For example, Ferrari’s top model, Ferrari Enzo, was developed with a limited production policy of only 355 units. Although additional production was later produced due to strong consumer demand, only 44 more units were produced. Unlike mass-produced brands, the model name changes as it evolves. That means that all vehicles launched are worth collecting.
The main purpose of such policies is to increase added value. The goal is not to improve the brand image and sell more Ferraris but to increase the value by making fewer Ferrari vehicles. That’s why Ferrari’s used vehicle prices are more expensive than new vehicles. The price of the Enzo, which was around $504,941 when it was launched, is now worth $1,442,689. It would be more expensive now. It is naturally accepted in Europe and the U.S., where classic car festivals are established.
However, Porsche’s sales volume in 2023 reached 14,000 units, and production capacity is expected to eventually increase to about 20,000 units. Exclusivity underpins the cachet of the brand along with its high prices. Therefore, any increase in output comes with risks.
However, waiting lists for some models can top two years. This is due to the number of potential wealthy customers increasing in emerging markets such as India and the Middle East.
Ferrari announced that it is also developing a second EV. On June 21, Ferrari announced it held the completion ceremony of the e-building, a new factory that will produce internal combustion engine vehicles, hybrids, and the company’s first EV in the future. The opening ceremony for this new factory, located in Maranello, Italy, was attended by Italian President Sergio Mattarella, Ferrari Chairman John Elkann, Vice Chairman Piero Ferrari, CEO Benedetto Vigna, and representatives of Ferrari employees.
Elkann said, “It is an honor to welcome Mattarella to the inauguration ceremony of the e-building, which combines the values of employee-centeredness and respect for the environment.” He also added, “Investing in the Maranello region is essential to confidently prepare for Ferrari’s future, and is also a commitment to Italian excellence and Ferrari’s commitment to our country.”
Ferrari is strengthening production flexibility through e-buildings based on a strategy that prioritizes quality over quantity when it comes to profits. Ferrari professes a technology neutrality principle that embraces and utilizes various technologies, as the production and development of internal combustion engine vehicles, hybrid vehicles, and new EVs will be carried out through this factory. This is to deliver Ferrari’s unique driving sensibility regardless of engine type.
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