Ferrari's first EV likely to cost over $500,000

ABU DHABI: Ferrari is all set to make an entry into the electric vehicle market by introducing its first zero-emission model, set for debut in late 2025. Although the design specifics have not been disclosed, Reuters has reported that the electric version will be available at the starting price of €500,000 (about AED 1,836,250).

Additionally, another EV from Maranello is expected to be in the early development stages, though complete details have not been revealed. However, the debut of the second EV is still far away as the first EV and Purosangue will utilize the expanded production capacity.

Leaked patents indicate that the upcoming two-seater EV will come with electric motors on each wheel. Along with this Ferrari is also developing its second EV. Additionally, this week Ferrari will open a new Italian plant that will be fully operational in three to four months, capable of producing ICE, EV, and hybrid cars.

Ferrari's decision to come up with the electric vehicle in late 2025 with a high price tag underscores the confidence of the brand in the stability of the luxury market, despite potential challenges such as price declines and reduced demand in mainstream EVs.

Expanded production may pose a threat to the exclusivity of Ferrari. To deal with this, the company is planning to limit per-model production and manufacture below 20,000 units. Yet, higher production is important to satisfy growing demand and address lengthy waiting lists, especially in emerging markets.

Also read: Ferrari introduces 12Cilindri with 830hp V12 engine