Gliding atop robotic transporters, a line of Ferrari frames maneuvers through a gleaming new factory in northern Italy. At each station, engineers in cherry-red uniforms add a component—an engine block, a dashboard, a steering wheel—as they transform the bodies into hybrid vehicles. Next: all-electric.
The stakes are high for Ferrari’s 200 million euro “e-building,” which opened last month and is nearly twice the size of Rome’s Colosseum. The factory is set to usher the 77-year-old sports car maker, known for the resounding drone of its gas engines, into the age of electrification.
But the effort comes at a precarious time for the auto industry. The transition to electric vehicles, which should have ushered in an era of climate-friendly transportation, has instead been hampered by costly investments and slowing global demand.
Other luxury automakers have struggled to go electric, with Mercedes-Benz and Lamborghini both lowering their ambitions. Tesla reported a slump in second-quarter sales on Tuesday, and Ford Motor said in April it would shift production to more hybrids as electric-vehicle losses mounted. A growing trade war between China and the West also threatens to dent growth. Despite the challenges, Ferrari sees an opportunity in the industry’s inevitable march toward electrification to reach a new consumer: the wealthy environmentalist. The company plans to unveil its first all-electric model in the fourth quarter of next year. As part of its strategy, the automaker has tapped LoveFrom — the agency founded by former Apple design chief Jony Ive and industrial designer Marc Newson — to fine-tune the car’s look.
There’s a lot of mystery surrounding the yet-to-be-named car, including its battery life and what it will sound like. The company hasn’t released any details about its looks, production run or price tag. But it could be one of the most expensive electric vehicles on the market, analysts say, and could top Porsche’s $286,000 Taycan Turbo GT.
Ferrari’s foray into electric will be notable for other reasons. Regulators may be pushing electric vehicles, but there’s still skepticism in the marketplace. Winning over internal combustion fans won’t be easy, even for Ferrari. And the industry is desperate for a carmaker, any carmaker, to prove that electric vehicles can be big moneymakers.
“It’s worth seeing if an electric Ferrari can maintain the price you associate with a Ferrari,” said Martino de Ambroggi, an auto analyst at Equita, an investment bank in Milan.
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First print: 08 Jul 2024 | 12:46 PM IST