First Ferrari Electric Vehicle To Hit Market Next Year With Cost Over $500,000

The first Ferrari electric vehicle is all set to hit the market next year and it might cost over $500,000.

The brand Ferrari is associated with expensive, cool, and hyper-speed cars. On the other hand, the phrase electric vehicle (EV) is usually reserved for those us who don’t necessarily have overstuffed wallets. So it comes as a surprise that Ferrari, the iconic Italian automaker, has decided to enter the electric vehicle (EV) market next year. There was indeed some initial hesitation. However, the company is now ready to announce its first dedicated electric model. This iconic move has the potential to undo the image that the Ferrari brand has come to be known by.

The question is, will it be for the better or worse? Let’s find out all about the Ferrari electric vehicle in this article.

The First Ferrari Electric Vehicle Will Launch in 2025

The rumors have it that the first Ferrari electric vehicle will cost over $500,000 (approximately £550,000 / AU$750,000). This price tag places it in a league of its own, which is far more than the cost of competitors like the Porsche Taycan Turbo GT, which is tagged at around $230,000. Is this high price a testament to the quality of the product or it is just taking advantage of the expensive history of Ferrari? One thing is for sure: it will appeal to Ferrari’s affluent clientele.

The new Ferrari EV will be produced at its state-of-the-art facility in Maranello, northern Italy. This facility, dubbed the “e-building,” is purported to increase Ferrari’s production capacity from 14,000 to 20,000 cars annually. But the officials at the company are too smart for that. To maintain exclusivity and high demand, Ferrari will keep the production volume of its electric model low. This move was to be expected, looking at the brand’s strategy of luxury and exclusivity.

Details about the design of Ferrari’s electric vehicle are still undisclosed. But speculations are rife. It could take the form of a high-performance supercar or an SUV similar to the recent Purosangue. Ferrari’s entry into the electric vehicle market comes at an unpredictable time, from a business perspective. The competitors are also ramping up their EV productions. For example, Porsche’s Taycan Turbo GT, with nearly 1,100bhp and a Nürburgring record, costs significantly less than the upcoming Ferrari EV. And these two brands have always been vying for the top spot in the luxury vehicle industry.

Due to their marketing strategy and vision, owning a Ferrari has always been a symbol of status and wealth, sometimes more so than the actual functionality. It is a fact that the waiting list for Ferrari’s most exclusive models can exceed two years. This pattern will most probably remain the same with the new EV. Fabio Caldato, a portfolio manager at AcomeA SGR, stated that being on Ferrari’s waiting list is a status symbol in itself. This exclusivity might give this EV an edge, a vehicle that is almost the same as its competitor in almost every other benchmark.

As we mentioned, the rumored $500,000 price for Ferrari’s EV is steep. But it’s still relatively modest compared to some of Ferrari’s other products. Take for instance the limited edition SF90XX Spider starting at $932,000. Other high-end electric vehicles, like the Rimac Nevera and the Pininfarina Battista, can cost between $2.2 million and $3 million. It is as if Ferrari defines a class for itself in the industry.

With the production of the first Ferrari electric vehicle, it will break away from its image of ultra-luxury motor cars. The big question mark is whether its large clientele will accept this move and accept a product that challenges the roaring engines associated with the brand. The high-performance EV market is definitely no joke. Brands like Tesla and Porsche are setting new benchmarks each day. The challenge for Ferrari, then, is not to offer the same old EV any other company can produce, but to redefine this class with the unique Ferrari driving experience.

With the technology at hand, electric vehicles can easily achieve power and speed. The real challenge lies in refining the driving experience. Electric vehicles are heavier due to their batteries. This weight adversely impacts the handling and performance. Ferrari’s engineers can come out on top of the game by innovating a driving experience that is thrilling and authentic, even without the roar of a traditional engine.

Ferrari’s foray into the SUV market with the Purosangue did not diminish the brand’s prestige. In fact, demand for the Purosangue exceeds supply, even with prices around $400,000 / £400,000 / AU$800,000 with options. This success looks like a great sign for Ferrari’s upcoming electric vehicle. It might be that this electric vehicle is just what the fans have been waiting for.

Despite the challenges, Ferrari itself is optimistic about its future in the electric vehicle market. Reports on the internet say that Ferrari is already working on a second electric model. At the same time, the company is developing plug-in hybrids.