Despite criticism of the decision to commit to electric vehicles, a recent report from Reuters suggests that Ferrari’s first dedicated electric car will arrive late next year and is expected to cost more than $500,000 (about £550,000 / AU$750,000).
There’s no word on whether this EV will take the form of a high-performance supercar or an SUV, much like the recent Purosangue, which itself marks quite a departure for the coveted Italian manufacturer.
We do know that the model will be produced at Ferrari’s new factory in its home town of Maranello, in northern Italy. This new factory, also called the ‘e-building’, would allow Ferrari to increase capacity from 14,000 cars per year to 20,000.
However, the brand will keep production volume of the upcoming electric model low to ensure demand remains high – a classic sales tactic for luxury brands.
Unlike Porsche and Audi, Ferrari is highly unlikely to ever become a large-scale producer of electric cars, despite the fact that Porsche is offering its nearly 1,100-hp, 186-mph, Nürburgring record-breaking Taycan Turbo GT for around $230,000. 190,000 / AU$420,000) and without the unbearable wait times.
Customers purchasing Ferrari’s most exclusive models can expect to wait more than two years before taking delivery. Fabio Caldato, portfolio manager at AcomeA SGR, which owns Ferrari shares, told Reuters: “It’s not getting any shorter. Being on the waiting list is in itself a status symbol.”
Despite the hefty asking price of the upcoming EV, it still pales into insignificance when you consider that Ferrari’s limited edition SF90XX Spider starts at $932,000 (approximately £733,000 / AU$1.4 million) without any options ticked.
The even more exclusive Rimac Nevera costs around $2.2 million (about £1.7 million / AU$3.3 million) and limited edition versions of the 1,874bhp pure electric Pininfarina Battista could easily reach the $3 million mark – although both very limited edition vehicles are sold. Numbers.
Analysis: Will Ferrari fans pay for the EV experience?
The Italian brand is clearly confident it can continue its annual sales growth well into the EV era, as the same Reuters report suggests it is already working on a second electric model, as well as continuing its work with plug-in hybrids.
But will punters be willing to pay a premium just for the Ferrari badge? After all, the playing field is now more level than ever when it comes to electric vehicle performance, as it has been relatively easy to get the power from powerful electric motors and larger battery packs. Just look at what Tesla has done with its Plaid models, for example.
The key differentiator in the high-performance EV market comes from refining the driving experience, as battery-electric vehicles lack the theater of a V12 and are inherently heavy. Disguising this weight has left many automotive engineers scratching their heads and innovating furiously.
Hyundai’s current Ioniq 5 N set a major performance precedent as its technology delivered a more ‘authentic’ driving experience, while industry insiders suggest Porsche’s upcoming electric Boxster could be the driver’s first true EV when it hits the market next year comes.
That said, Ferrari’s foray into SUV territory has done nothing to tarnish brand perception, as demand for that model currently exceeds supply, despite prices easily reaching the $400,000 / £400,000 / AU$800,000 mark with tempting options added.